Economy
Barnett lauds ‘historic’ WA future fund
WA Premier Colin Barnett has labelled the state’s new $1 billion future fund “historic” and says it is the first time a state budget has looked to secure benefits for the next generation and beyond.
Then again, prepare for rebound
Major global banks are advising clients to prepare for a stockmarket rally and a resurgence of the euro if Greece is forced out of the monetary union, betting that world authorities will flood the international system with liquidity.
Abbott rejects Combet's climate ‘egging’
Opposition Leader Tony Abbott has rejected claims he's "over-egged the pudding" with his warnings on the climate tax.
Paradise lost, Greeks dust off passports
As the Greek political process becomes more farcical by the day, its people are taking a deep breath and opting out of the Mediterranean paradise that has drained all but the most stoic nationals of their hope for the future.
Letting go of the euro might be better for everyone
Two decades ago, when Europe’s leaders worked out the details of their grand vision for a single currency, most economists figured out that the euro would be fatally flawed.
Ordinary vision in extraordinary times
Barrett | There was once a serious secessionist movement in WA – now the only thing the state is seceding from is good public debate.
SMEs want payroll reform
The West Australian government has given small businesses a one-off break from payroll tax next year, but many business owners and industry groups would rather see a long-term cut to the 5.5 per cent tax rate.
Flat housing stamps out duty cash
Western Australia’s predicted stamp duty revenue has been slashed by $836 million over the next four years thanks to the state’s flat housing market.
Iron ore income to hit $4.26bn
Increasing production volumes should more than offset a weakening in the iron ore price and drive another jump in mining royalties in Western Australia over the next two years, according to budget forecasts.
Two states, two economies
Mitchell | They are the two extremes of Australia’s “two-speed” economy, and the budgets of Western Australia and Tasmania tell the story.
National briefs
The competition watchdog has warned that the major supermarkets and petrol retailers are in its sights as it lobbies for increased powers to combat any misuse of their market clout.
Economists prop up Gillard’s higher debt ceiling
Economists have defended the government’s decision to lift the debt ceiling by $50 billion, saying a financial buffer is important to preserve the status of Australia’s bond market as a safe haven during tough times.
WA sets up $4.7bn fund
Western Australia expects to have locked away $4.7 billion in a new sovereign wealth fund by 2032, detailed with yesterday’s budget, thanks to the mining boom.
New laws to halt Hardie-style shyness to pay tax
The ATO’s special tax adviser Des Maloney has warned that changes to the tax laws should rule out the kind of argument that allowed James Hardie to trump the ATO in a dispute over a $248 million bill.
ATO cracks down on tax, super cheats
More than 1100 people and 400 companies have been nabbed by the tax man for cheating their tax and superannuation obligations in the nine months to March 31.
WA budget | At a glance
The key points of the 2012 West Australian budget.
WA budget | Winners & losers
Winners and losers from the 2012 West Australian budget.
WA sets up $4.7bn future fund
Updated | WA will launch a mining royalty-fuelled future fund that is forecast to grow into a $4.7 billion cash box by 2032, as part of a pre-election budget designed to spread the benefits of unprecedented wealth.
Giddings fails to make the cuts
Tasmanian Premier Lara Giddings’ budget shows the state has failed to meet its own targets to repair public finances.
Key points | Tasmanian state budget
The important facts and figures from the 2012-13 Tasmanian state budget.
Tasmanian deficit $283m despite higher taxes
Tasmania will endure economic growth of less than half the national average in 2012-13 and unemployment of 7.5 per cent, as its government delivers another big budget deficit.
Budget took Europe outlook into account: Swan
Treasurer Wayne Swan does not perceive a need to update budget forecasts because of recent events in Europe, saying Treasury has already accounted for a bleak outlook.
Rule out James Hardie tax argument, says ATO official
Companies should not be able to dodge tax on a restructure or merger by claiming that if they knew they faced a tax bill they would have done nothing, a senior official of the Australian Taxation Office has said.
2.7m Australians struggle to pay off credit
More than 2.7 million Australian consumers are finding it hard to meet their credit commitments, and many are likely to try to overcome difficulty by applying for more credit.
Coalition govt would bring down rates: Abbott
Updated | Opposition Leader Tony Abbott has again pledged that a government he led would bring down interest rates.
Average weekly earnings growth accelerates
Average weekly earnings rose 1.1 per cent in the three months through February, after gaining 0.5 per cent in the previous three-month period, the Australian Bureau of Statistics reveals.
National briefs
Tax commissioner Michael D’Ascenzo has warned against schemes using New Zealand trusts to evade tax, by providing services for a fee marked well above cost.
Warning from US to our unions
US labour economist Lawrence Mishel was among friends at the ACTU national congress, warning the unionists to fight hard against any push by business for greater flexibility in workplace laws.
ACTU wage push in pipeline
The union movement will demand substantial rises in the minimum wage and women’s wages, press employees’ rights not to work on public holidays and push for tighter labour migration agreements.
Mining leads wages higher by 0.9 pc
Wages grew at a faster pace than economists estimated in the first quarter, led by miners’ pay as the resources boom continued.
