Labor’s new Minister for Industry and Science Tim Ayres has told critics of the government’s super tax policy they can afford to manage the impact on their wealth, as some of Australia’s richest people including Gina Rinehart and Jack Cowin warned it will stymie investment.
The Minerals Council of Australia says the nation’s industrial relations laws and the rise of union power are incompatible with federal Labor’s new-found focus on productivity.
Jim Chalmers’ hopes of a recovery in the business sector have been dealt a blow after private investment recorded its biggest annual contraction since 2020, in a shock to economists.
Miners and critical minerals producers will be hit by Labor’s unrealised capital gains tax as self-managed superannuation funds will pull millions of dollars out of higher-risk businesses, warn resources company CEOs.
A US private equity firm with strong ties to the Trump administration is poised to make an offer to buy the Port of Darwin from its Chinese owner, in a test of Anthony Albanese’s resolve to bring the port back under Western control.
When it comes to resources, Australia is the Saudi Arabia of the southern hemisphere.
The Albanese government’s intervention in the gas market in 2022 is directly responsible for Australia’s appeal for investment falling substantially in recent years, a new report says.
The latest warnings have come from former Reserve Bank of Australia governor Philip Lowe and former Treasury secretary Ken Henry. Their message to Jim Chalmers is that taxing unrealised capital gains is not good policy and should be scrapped.
The Reserve Bank’s immediate past governor Philip Lowe and former Treasury secretary Ken Henry have spoken out for the first time against Labor’s planned tax on unrealised capital gains, declaring it’s not good public policy and that key recommendations to make the superannuation system fairer have been ignored.
With the new Labor government sworn in and cabinet now formed, critical economic decisions are being progressed – and one policy looms as a serious threat to Australia’s entrepreneurial spirit and economic stability: the so-called Better Targeted Superannuation Concessions Bill.
Australian small businesses carrying ATO debt have less than seven weeks before the General Interest Charge (GIC) on tax debt becomes significantly more expensive due to the removal of tax deductibility from 1 July 2025.
Jim Chalmers and Treasury are being warned their proposed unrealised capital gains tax could result in the loss of millions of dollars in tax revenues as capital would leave Australia, while one of the nation’s largest retailers, Gerry Harvey, has called the tax “stupidity of the highest order”.