Treasurer Scott Morrison has announced that his “preliminary decision” is that the purchase of the Kidman pastoral empire by a Chinese-dominated buyer “is contrary to the national interest”.
The federal budget deficit from now through to 2018-19 is likely to be $129 billion, $21 billion worse than in the December official budget update, according to Deloitte Access Economics.
Scott Morrison has warned the banks not to pass on to customers the $120 million user-pays charge imposed on them to finance a strengthened Australian Securities and Investments Commission.
Prime Minister Malcolm Turnbull has given banks a bollocking for unethical behaviour, suggesting they have not repaid the support they received during the global financial crisis.
The federal opposition says that reducing penalty rates in the retail and hospitality sectors would widen the gender pay gap across the economy and hit consumption.
Cabinet secretary Arthur Sinodinos has made a strong pitch for giving priority to a company tax cut in the coming budget as the best way to boost growth, with a significant flow on for workers.
In a major victory for small business and the Nationals over big business, the government has agreed to write an ‘effects test’ into competition policy.
Treasurer Scott Morrison, already under fire for not having tax policy out, has got into a stoush with former prime minister Tony Abbott over how much work was done before the leadership change.
Treasurer Scott Morrison has “rescaled” the tax debate to hold out the prospect of “modest” tax relief that may prevent average wage earners moving into the second highest tax bracket.
The Australian Council of Social Service has called for the tax treatment of private trusts to be tightened, which it says could save $1.5 billion in 2017-18.
Bill Shorten has unveiled tax changes that will tighten negative gearing and capital gains tax provisions, saving $565 million over the forward estimates and $32.1 billion over a decade.
Malcolm Turnbull has said the budget will contain the government’s tax policy, and questioned whether the benefits of increasing the GST would be worth the difficulties of doing so.
A Labor government would crack down on employers who exploit workers with harsher penalties and other measures, opposition leader Bill Shorten has promised.
Australia should not be complacent about maintaining its top credit rating, which depends on achieving budget repair and a more diverse economy, Treasury secretary John Fraser has said.