Category Archives: Tax

Australia news live: PM to announce clean energy projects; property market losing heat but prices still going up

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Anthony Albanese to launch schemes in NSW and Victoria today; Domain says rate of price increases is cooling. Follow today’s news headlines live

Bowen derides Coalition’s ‘nuclear fantasy’

Chris Bowen, minister for climate change and energy, is speaking on ABC Radio National this morning.

If I was the energy minister of another country, I would consider the opportunities that I had in that country – but a country saying to Australia, with our excellent renewable resources, that we should go down the nuclear road when we have no nuclear industry, no nuclear expertise of the scale that we would need for a nuclear power industry, is like us going to Finland or Scandinavia and saying, ‘Listen, we know [you have] a lot of snow, but you should really try beach surfing.’ It just doesn’t make any sense.

We have to play to our strengths in Australia, and we have the best renewable resources in the world, and the opposition wants to stop us using them, and in turn, keep coal in the system for longer. They’re quite explicit about that while we wait for this nuclear fantasy to come on board. That would be terrible for emissions and fatal for energy reliability.

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London’s Aim shrinks to smallest since 2001 amid fears of tax relief changes

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UHY Hacker Young says 92 companies have delisted and only 10 floated on junior stock market in past year

The UK’s Alternative Investment Market (Aim) has shrunk to its smallest size in 23 years as business owners and investors anticipate an abolition of inheritance tax relief in the budget this week.

The accountancy group UHY Hacker Young calculated that 92 companies have delisted from Aim, London’s junior stock market, in the past year, reducing the total number of companies on Aim to 695.

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Reeves: ‘My budget will match greatest economic moments in Labour history’

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The chancellor says she will invest to reverse Tory decline, but stands accused of breaking party manifesto promises

Labour will launch a new era of public and private investment in hospitals, schools, transport and energy as momentous as any in the party’s history in this week’s budget, the chancellor, Rachel Reeves, has said.

In an interview with the Observer before the first budget by a female chancellor, Reeves draws comparisons with Labour’s historic reform programmes begun in 1945 by Clement Attlee, in 1964 under Harold Wilson and in 1997 under Tony Blair.

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Rachel Reeves has promised not to raise taxes, so how can she fill budget coffers?

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Chancellor said to be planning measures including raising employer NI contributions and capital gains tax rates. We consider the likelihood of each and the potential for a row

During the general election campaign, Paul Johnson of the Institute for Fiscal studies repeatedly accused both main parties of indulging in a “conspiracy of silence” over their economic policies. Neither Labour nor the Tories would admit, he complained, that if they won they would have to announce huge tax rises or spending cuts to restore the public finances to anything resembling good health.

On Wednesday, 118 days after Labour won the election, Rachel Reeves will prove Johnson right. In her first budget she will spell out plans to raise an eye-watering sum of about £40bn from tax rises and spending reductions to wipe the slate clean and to pump funds into public services. She will also confirm changes to debt rules that will release up to £50bn more to borrow for long-term investment in new national infrastructure.

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WiseTech shares surge after CEO stands down – as it happened

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Dutton and Shorten weigh in on Queensland state election

The federal opposition leader, Peter Dutton, and the NDIS minister, Bill Shorten, both spoke with the Today show earlier from Queensland, before the election.

He’s focused on the issues which affect Queenslanders: housing, health, cheaper transport and of course tackling youth crime. So we’ll find out soon enough who’s going to win.

The fact is that it’s time for a change in Queensland and law and order is out of control.

Well, yes, he did. He did three days ago and, despite that, the government’s scare campaign continues.

The scare campaign on a sensitive issue that has been run, quite frankly, crosses the line, and we’re better than that as Queenslanders … There won’t be changes to abortion laws and Queenslanders need to know that.

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Albanese rejects China’s claim that Australia plagued by ‘systemic racism’ – as it happened

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The Rail, Tram and Bus Union of NSW (RTBU) conducted a five-minute work stoppage early this morning, which is leading to delays across the network.

Sydney Trains says this has led to minor delays and “larger than normal gaps in services may be experienced”, according to an alert:

Trains stops and platforms may change at short notice and some trains may be cancelled. Extra travel time may be experienced in some cases and you may need to change to continue your trip.

The action was set to happen in select locations across the network to ensure we could ramp up stoppages whenever needed.

The rail agencies continue to bargain in good faith with the Combined Rail Unions for a new enterprise bargaining agreement. Sydney Trains are working to minimise the disruption to commuters as much as possible.

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Thorpe rebuffs Indigenous leaders’ criticism of protest – as it happened

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More on news media bargaining code and funding of media publishers

One of the committee’s key recommendations was a digital platform levy on companies like Meta and Google, which some have described as a tech tax to fund public interest journalism.

So in parts of Europe, for example, there’s a 2% digital services tax. You could look at a public interest journalism levy.

The issue that we have fundamentally here is the … offshoring of the digital platform’s profits, where currently they pay very little tax because they argue that they don’t operate in Australia, even though they’re getting this enormous profit yield of the advertising on their platforms. So that’s another thing that has to be resolved within legislation in order to impose a tax.

But simply imposing a tax and feeding [it] into media organisations … won’t fix the issue if Meta continues to deprecate news content – that is, reduce the exposure of news content to its consumers.

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Thousands greet royals at opera house – as it happened

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The opposition leader, Peter Dutton, has been speaking with ABC RN about a range of issues – including Lidia Thorpe’s actions at King Charles’ parliamentary reception yesterday.

Dutton argued that “sometimes people make it all about themselves, and I think that’s what yesterday was.” He said it “didn’t advance anyone’s cause” and “add[s] to the self promotion … that she seeks.”

The vast majority of people have been very welcoming the king’s visit, and I think it’s been an opportunity to underscore the stability in our democracy, our rule of law, separation of powers, all of those institutions that we inherited from our British heritage.

That’s part of the success story of our country, and it’s a good reminder during his visit [that] if we change it, I think we want to be very careful about the system we’re changing to and whether or not we would be a safer, more secure, community and environment for decades to come or not.

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Big business calls for $10bn housing reform fund to reward Australian states that streamline supply

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Business Council of Australia also recommends phasing out stamp duty and fast-tracking migrant workers for building industry

The nation’s peak business body has called for a $10bn housing reform fund that will pay out to states that fix the regulation and planning bottlenecks contributing to the supply crisis.

The Business Council of Australia is also pushing for the nation-wide removal of stamp duty on homes, warning that it disincentivises people from moving to smaller dwellings and freeing up larger homes.

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The ‘active transport’ ideas from around the world that could make Australians healthier and our cities cleaner

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Policies such as cash payouts for bicycle commuters have knock-on effects including reduced pollution and better physical and mental health

It’s time for a major rethink of transport in Australia, experts say – and, while some new ideas may meet resistance, “these are not ideas from radical left Scandinavian pot-smoking greenies”, Prof Matt Burke says.

Policies lumped together as “active transport” include proposals to offer rebates for people who ditch their cars for public transport, or cash payouts for people who cycle to work.

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Rachel Reeves will tax businesses to plug £9bn black hole in NHS

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The chancellor is set to announce a revenue-raising budget designed to reset Britain’s public finances

Rachel Reeves is set to use one of the most pivotal budgets of recent times to call on businesses to pay more tax to help restore the NHS, amid warnings that the health service has been left with a £9bn hole in its finances.

The chancellor is expected to stake her reputation on a tax-­raising budget designed as a reset of the public finances. She has already had to deal with cabinet skirmishes over funding unveiled alongside the statement. However, Reeves is understood to believe that the public will accept a multibillion-pound hike in business taxes if it is linked to repairing the health system’s finances.

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Australia news live: Bondi beach reopens after tar-ball pollution; tornado warning for Victoria

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Waverley council says no remaining evidence of the debris could be found at Bondi, Bronte and Tamarama beaches. Follow today’s news live

Max Chandler-Mather continued, and told ABC News Breakfast:

I would argue in this instance in the context of one of the worst housing crises we have seen in generations … now is precisely the time where we need more than tinkering around the edges and we need substantial change.

There is a building consensus we need to scrap these tax handouts. Increasingly the biggest barrier is a prime minister [who has just] gone through multiple days of scandal for buying another property and being a property investor.

So I think there’s a real moment here the government should seize to make real substantial change to the lives of hundreds of thousands of renters, and the bottom line is the Greens are ready and willing to work with Labor to do it.

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Australia news live: Queensland LNP candidate alleges he was assaulted; Sydney Harbour Bridge closed after fatal crash

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New polling from the Australia Institute shows that Australians view the supermarkets as “public enemy No 1” in the cost of living crisis.

The Australia Institute’s Centre for Future Work surveyed 1,014 voters, and 83% said supermarkets deserve some blame – or a great deal of blame – for the soaring cost of living.

Australians are pointing the finger squarely at supermarkets as public enemy No 1 in the cost-of-living crisis … More people blame supermarkets for the cost-of-living crunch than governments or banks.

The public’s appetite for increased supermarket competition is unmistakable. Nearly two-thirds of voters see it as crucial for alleviating cost-of-living pressures … There’s likely to be political rewards for taking actions that increase supermarket competition.

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Millionaire business owners urge Rachel Reeves to raise £14bn from rise in capital gains tax

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Group of wealthy investors argue it would have no impact on investment in the UK and would raise vital funds for public services

Rachel Reeves has been urged by a group of millionaire business owners to raise £14bn from an increase in capital gains tax at this month’s budget, arguing it would have no impact on investment in Britain.

Ahead of the chancellor’s set-piece event on 30 October, the group of wealthy investors said increasing the tax rate on asset disposals would help to raise vital funds for public services and would not lead to slower economic growth.

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PMQs live: Keir Starmer faces Rishi Sunak in the Commons

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Latest PMQs comes as sources say chancellor is briefing ministers that £40bn will need to be found in the budget

Robert Jenrick has finished his speech, and he is now taking questions.

Q: Kemi Badenoch says she is Labour’s worst nightmare. Is she right?

I think that our party faces an existential challenge right now. Our party has no divine right to exist. That’s why we need to get the choice right in this leadership election, and that’s why I stand for ending the drama, ending the excuses, and actually delivering for the British people.

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Rio Tinto praised for ‘breaking ranks’ to back revamp of environment laws – as it happened

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Queensland leaders to lock horns again in election debate

After their deputies traded blows, the Queensland premier and opposition leader are set to face off again ahead of the state election, AAP reports.

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Australia news live: Hanson-Young calls for investigation of live music ticketing allegations; culprit flees botched ram raid with arm on fire

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The federal government has announced targeted financial sanctions and travel bans on five Iranian individuals it says is “contributing to Iran’s missile program.”

A statement from the foreign affairs minister, Penny Wong, said Iran’s missile program “poses a material threat to regional and international security”, with the 1 October attack on Israel a “dangerous escalation that increased the risk of a wider regional war.”

Australia will continue to hold Iran to account for its reckless and destabilising actions.

We’re holding ministers accountable when the premier of Tasmania refused to. This project – for people who don’t know – is $500m over budget, five years delayed.

It’s a completely debacle. Someone needed to take responsibility. The premier [was] saying he wouldn’t do that, the parliament decided it would act and, at the last moment, the deputy premier resigned.

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‘Easier to buy your 10th house than your first’: Unions NSW joins push to reform negative gearing and capital gains tax

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Exclusive: Survey finds 72% of 2,158 workers want Albanese government to rethink housing tax breaks – particularly renters and over-65s

Unions NSW has thrown its support behind reform of the negative gearing and capital gains tax concessions, arguing that the housing market is “fundamentally broken”.

The Unions NSW secretary, Mark Morey, is now calling on the Albanese government to reform the tax concessions and reinvest “profound savings” in housing, such as by expanding the Housing Australia Future Fund.

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Private faith schools in UK lobby for VAT exemption on fees under £7,690

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Group says government policy would force many to close and leave deeply religious families with no alternatives

Independent faith schools have held talks with ministers over a proposal to exempt small private establishments from VAT if their fees are far below those charged by elite schools such as Eton.

The group, representing more than 270 Jewish, Muslim and Christian independent faith schools that often rely on donations and volunteers to survive, say the government’s policy of adding 20% VAT to fees from this January would force many to close and leave deeply religious families with no alternatives.

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Australia news live: QLD LNP leader says end of coal before 2030s ‘fanciful’; patients at Sydney GP given less-effective vaccines

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The LNP leader, David Crisafulli, appears to be walking away from a commitment to 75% emissions reduction by 2035. Follow today’s news live

Rowland questioned on gambling ad ban

Michelle Rowland was also asked why it has taken 16 months for the government – as yet – to make no decision on gambling ads. The communications minister said the government has “been working diligently in this space” but action “should have been taken on this some 10 years ago”.

We’re working very closely with the states and territories because the vast majority of recommendations in our late colleague Peta Murphy’s report go to issues that go across commonwealth and state jurisdictions.

We’re also working very closely to ensure that there are no unintended consequences here and it’s actually effective.

We have every anticipation that we will be able to respond comprehensively this year and that’s what we’re working towards as a government.

We will be taking advice on the appropriate form in which that can be done. Legislation is obviously an option because there is an interactive gambling act at the commonwealth level, which enables some of these approaches to be implemented.

There will be penalty for the platforms just as they are now in the Online Safety Act … These penalties will be drafted and, as I said, we’re currently reviewing the Online Safety Act because the penalties as they stand … the maximum penalties are less than $1 million for some offences.

They are being challenged but, at the same time, the industry does understand the need to comply here and, by and large, does comply with the rules under the Online Safety Act.

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