In 1992 64% of the top 1% had been there the year before. By 2017 that proportion had grown to 73%.
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The 2020 budget explained in 7 charts: the major cuts and spends, the new tax rates, and that almighty debt.
New Zealand will spend NZ$12.1 billion – or 4% of its GDP – to support businesses, increase benefits for seniors and low-income families, pay people in self-isolation, and boost health care capacity.
Unveiled in his budget reply on Thursday night, Shorten said this would be the “most important investment in Medicare since Bob Hawke created it”.
Shorten will say that under his government some 10 million people would receive the same or bigger tax cut, with nearly three million low paid workers getting a bigger tax cut.
The budget – the first brought down by Treasurer Josh Frydenberg – doubles the tax relief that average earners were due to receive within weeks, from $530 in last year’s budget to $1,080.
The living wage – a renamed and more generous minimum wage - would directly benefit about one in ten workers – some 1.2 million people, Labor says.
But the ALP has not put a figure on the amount it believes would be appropriate.
In an address to the AFR’s business summit, Morrison says: “The need to
restore trust with customers, employees, suppliers and the wider
community is preoccupying boardrooms across Australia.”
In a statement late Thursday, NAB said Thorburn would finish at the end of this month while Henry would leave the board once a new CEO had been appointed.
In a letter to Morrison, Shorten said both houses should be recalled on March 5-7 and March 12-14. The sitting calendar has only 10 sitting days before the election.
Justice Hayne’s philosophy is diametrically opposed to the one the Coalition came into office with, yet it has embraced it and announced action.
Shadow treasurer Chris Bowen will pitch to many workers’ discontented with their lot, declaring in his first economic speech of the year that these people are being denied “a fair go”.
The Conversation has assembled a forecasting team of 19 academic economists from 12 universities across six states. Together, they assign a 25% probability to a recession within two years.
As it approaches the election, the government’s economic pitch on its
record is being linked to the argument that the Coalition is the best
manager in uncertain times.
The Conversation played host to really important new ideas in 2018. Some will take years to develop. Others will never come to fruition. But they’re important.
The budget line known as “decisions taken but not yet announced” points to $9 billion of unannounced tax cuts.
Frydenberg and Porter said ASIC’s increased enforcement activity was expected to lead to “more prosecutions by the CDPP and more civil
corporate misconduct cases before the Federal Court.”
NSW Liberal Treasurer Dominic Perrottet said after the meeting that “all states and territories put forward the strong view” the bill must include this.
Rather than introducing still more laws to regulate banks there is a case for stripping down the ones we have got to make their aims crystal clear, Commissioner Hayne says in his interim report.
Phil Gaetjens, who has served as chief of staff to two Liberal treasurers, will now run the Treasury department, after the early resignation of the current secretary, John Fraser.
The ACCC says the electricity market is facing its most challenging time, with the present situation being unacceptable and unsustainable.
The government’s plan released by Treasurer Scott Morrison on Thursday, would ensure the fiscal capacity of all states and territories was “at least the equal of NSW or Victoria, whichever is higher”.
The decision, announced in response to questions at a news conference on Tuesday, doesn’t appear to have gone through shadow cabinet. Nor did Shorten mention it when he addressed caucus that morning.
The estimates have been prepared by the independent PBO, at the request of the Greens. The opposition has repeatedly sought annual figures, but the government resisted the demands.