The government is not looking to make changes to stage-three tax cuts, despite a growing push in a cost of living crisis. Labor backbenchers are due to meet with Treasurer Jim Chalmers and Finance Minister Katy Gallagher later this week, where they are expected to air concerns that the government’sContinue Reading
A leading economist has branded Australian housing a “misery machine” while reiterating calls for cuts to immigration until construction can catch up with demand. Chris Richardson appeared on ABC’s QandA on Monday night where an audience member posed the question of whether migration levels should be linked to the capacityContinue Reading
One of Australia’s leading economists has urged the federal government to delay stage three tax cuts, warning that moving ahead with the proposed timeline will further inflate prices. The controversial tax cuts will give Australians earning more than $200,000 a yearly tax break of up to $9000 from next year.Continue Reading
LONDON: UK Treasury chief Jeremy Hunt says the government can afford to lower some taxes now that inflation is falling, but that any cuts will come along with a squeeze on welfare benefits. British media have reported that there will be relief for businesses and wealthy property-owners in Hunt’s autumnContinue Reading
Younger Australians helped propel the Labor Party and Anthony Albanese into power at the last election, but new research shows Generation Z and Millennials have lost faith in the government. A survey conducted by youth advocacy group Think Forward found younger generations see the tax system as being “rigged” againstContinue Reading
Nearly one third of the largest companies in Australia paid no income tax in 2021-22, according to the Australian Taxation Office (ATO). It’s not unusual for large companies to pay no income tax in a given year, since income tax is paid on profit, not revenue, and not every companyContinue Reading
It’s the Melbourne Cup rate rise that the big banks are betting on, but one leading economist has broken ranks to urge the Reserve Bank to hold fire. Interest rates are set to rise on Melbourne Cup Day according to most experts, with predictions rates will stay “higher for longer”.Continue Reading
One Nation’s Pauline Hanson has blasted a suggestion that the government should consider inheritance taxes for the rich, declaring the idea “left-wing”. Incoming Productivity Commission boss Danielle Wood controversially urged the federal government to have a “sensible conversation” about inheritance taxes on Monday, while acknowledging the policy is “political dynamite”.Continue Reading
A financial planner’s advice for Aussies to minimise their tax after the government’s stage three tax cuts has sparked a war of words online. James Wrigley, principal at First Financial in Melbourne, shared his thoughts on the changes kicking in from July 1, 2024, in a viral TikTok video onContinue Reading
Fury among everyday Aussies is continuing to rise as more people complete their tax returns and realise the nice cash boost they were relying on isn’t going to be landing in their bank accounts. Social media is full of Australians venting their anger and frustrations after being told they oweContinue Reading