Australia’s economy will take an $8 billion dollar hit in 2025 as a result of Donald Trump’s tariffs, the Reserve Bank estimates in updated economic forecasts. Inflation is also expected to come in lower than it otherwise would have, the RBA’s Statement on Monetary Policy revealed. The...
Treasurer Jim Chalmers wants to ensure Australia’s lowest paid workers don’t go backwards, but stresses a real wage rise must not harm the economy. In its formal submission to the Fair Work Commission’s annual review of minimum and award wages, the federal Labor government said those...
Instant tax deduction On 13 April, the government announced a $1,000 instant tax deduction, so that taxpayers won’t need receipts to claim a deduction of less than $1,000 for work-related expenses in their tax return. This change is subject to passage of legislation and does not apply...
Have you purchased or are you purchasing a business asset this financial year? The instant asset write-off limit is $20,000 for the 2024-25 income year. If your business has an aggregated annual turnover of less than $10 million and uses the simplified depreciation rules, you may be...
Australians are being assured the nation is well-placed to avoid a recession as the Reserve Bank expresses alarm over Donald Trump’s trade war “rollercoaster”. Forecasts released by the Reserve Bank of Australia have painted a bleak picture of the economic blowback from a scenario in which...
Young workers earn 70 per cent of an adult wage but a union is demanding the federal government change this given the cost of living pressures. Under the “adult age, adult wage” campaign, the Shop, Distributive and Allied Employees Association (SDA) is lobbying for workers aged...
Regulating the reckless use of artificial intelligence, speeding up approvals for renewable energy projects, and changing privacy and corporate tax laws will be targeted in a push to boost the Australian economy. The Productivity Commission named 15 areas for urgent reform on Monday as part of...
Slow project approvals, energy storage gaps and investment uncertainty are proving hurdles to cutting greenhouse gas emissions from heavy industry. For the Hunter, a region eyeing off green industrial exports as global demand for its coal wanes, the transition has not been all smooth sailing. Government support...
Women’s health research in Australia has been given a record financial boost, paving the way for better diagnosis and treatment of a debilitating and historically ignored condition. UNSW Sydney will establish the Ainsworth Endometriosis Research Institute, thanks to a record-breaking $50 million philanthropic donation by the...
Australia’s sole budget carrier has cashed in on the lack of competition in the nation’s aviation sector. Within the Qantas Group’s whopping $1.5 billion earnings before tax in the first half of 2024-25, Jetstar jacked up prices to record an operating margin of 18 per cent. That...