Australian tax – ATO Ogratuit http://atoogratuit.com/ Tue, 20 Sep 2022 15:10:49 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://atoogratuit.com/wp-content/uploads/2021/06/icon-5-150x150.png Australian tax – ATO Ogratuit http://atoogratuit.com/ 32 32 Chris Bowen talks Australia’s climate change effort on the global stage https://atoogratuit.com/chris-bowen-talks-australias-climate-change-effort-on-the-global-stage/ Tue, 20 Sep 2022 12:30:00 +0000 https://atoogratuit.com/chris-bowen-talks-australias-climate-change-effort-on-the-global-stage/ Loading Bowen will use his speech to praise the US legislation and highlight Australia’s recently passed climate law, which includes a national emissions reduction target of at least 43% by 2030 compared to 2005. and reach net zero by 2050. “No challenge is greater than climate change, and our respective governments are completely aligned with […]]]>

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Bowen will use his speech to praise the US legislation and highlight Australia’s recently passed climate law, which includes a national emissions reduction target of at least 43% by 2030 compared to 2005. and reach net zero by 2050.

“No challenge is greater than climate change, and our respective governments are completely aligned with our approach to the greatest challenge we face,” the minister will say, in a veiled look at the inaction of the former government. Morrison.

“We believe we can be a renewable energy powerhouse, a superpower – pick your favorite superlative. Australia has the potential, with the right policies, to be that and create all the jobs that go with it.

The minister’s concerns over the challenge of climate change were echoed on Tuesday morning by UN Secretary-General António Guterres, who called on developed countries to tax the windfall profits of fossil fuel companies and blamed the giants of the energy to “feast on hundreds of billions of dollars in subsidies”. ” while the planet burns.

“These funds should be directed in two ways: to countries experiencing loss and damage from the climate crisis, and to people struggling to cope with rising food and energy prices,” Guterres said, speaking at the opening of the annual high-level meeting of the General Assembly. Meet.

Australian Foreign Minister Penny Wong will also attend the UN General Assembly this week, which will focus on the multiple challenges facing world leaders, from the war in Ukraine and modern slavery in the impact of rising food prices and concerns about global warming.

Biden will make a later than usual appearance at Wednesday’s rally, delayed by his return from Queen Elizabeth’s funeral in London.

Also in New York to talk renewable energy is Australian billionaire Andrew “Twiggy” Forrest, whose group Fortescue Metals plans to phase out the use of fossil fuels and achieve zero emissions in its iron ore operations by 2030.

The mining magnate – who met world leaders and industry captains last year to tout his vision for decarbonisation – unveiled details of his strategy on Monday and urged other companies to “take the first step” and to follow suit.

US President Joe Biden (centre) and First Lady Jill Biden arrive at the state funeral of Queen Elizabeth IICredit:Getty

The plan involves spending $6.2 billion (A$9.2 billion) to phase out petrol and diesel from its operations, cutting costs by $818 million a year. Most spending is expected to take place between 2024 and 2028 and includes the deployment of an additional 2-3 gigawatts of renewable power generation and battery storage, as well as a green mining fleet and locomotives.

Mark Hutchinson, managing director of Fortescue Future Industries, said The Sydney Morning Herald and age that the world was at “an inflection point” when it comes to replacing fossil fuels.

“Most industrial companies have projected it out to 2050, which is basically saying, ‘It’s somebody else’s problem; not mine,” Hutchinson said.

“Now the question their employees, customers and shareholders should be asking is, ‘If they can do it, why can’t you?’

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World leaders gather on the eve of Queen’s funeral; Labor urged to act on paid parental leave https://atoogratuit.com/world-leaders-gather-on-the-eve-of-queens-funeral-labor-urged-to-act-on-paid-parental-leave/ Sun, 18 Sep 2022 22:55:46 +0000 https://atoogratuit.com/world-leaders-gather-on-the-eve-of-queens-funeral-labor-urged-to-act-on-paid-parental-leave/ US President Joe Biden paid tribute to Queen Elizabeth II on the eve of her state funeral, saying Britain and the world were blessed to have such a worthy and dedicated servant on the throne for 70 years. Biden – who is among dozens of dignitaries and royals from Europe, Asia, Africa and the Americas […]]]>

US President Joe Biden paid tribute to Queen Elizabeth II on the eve of her state funeral, saying Britain and the world were blessed to have such a worthy and dedicated servant on the throne for 70 years.

Biden – who is among dozens of dignitaries and royals from Europe, Asia, Africa and the Americas who arrived in London for Monday’s funeral – said the Queen’s death at 96 years had left a giant hole on the world stage.

US President Joe Biden and First Lady Jill Biden look at the coffin of Queen Elizabeth II.Credit:Getty

“To all the English people, to all the people of the United Kingdom, our thoughts are with you,” Biden said after signing a book of condolences and viewing the queen’s coffin in Westminster.

“You were lucky to have had her for 70 years. We all were. The world is better for her.

The US President said he had comforted the Queen’s heir, King Charles, that the Queen would be ‘with him every step of the way, every minute, every moment’.

Hundreds of thousands descended on London to bid farewell to Britain’s longest-serving monarch, with people from all walks of life queuing for hours to file past his coffin.

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Biden followed other world leaders by appearing on a balcony overlooking the coffin in historic Westminster Hall, making the sign of the cross and placing his hand on his heart. French President Emmanuel Macron also appeared on the balcony.

The US President then joined Charles and other leaders for an evening reception ahead of the state funeral.

Reuters

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Swyftx Vs. Binance: Which Is Better? https://atoogratuit.com/swyftx-vs-binance-which-is-better/ Sat, 17 Sep 2022 05:00:37 +0000 https://atoogratuit.com/swyftx-vs-binance-which-is-better/ Ease of use Swyftx and Binance are designed for different categories of users, which is evident in their respective usability. Swyftx primarily aims to facilitate the buying and selling of cryptocurrencies with fiat currency (i.e. AUD, NZD and USD). Verified users can select a deposit method to top up their account with AUD, then use […]]]>

Ease of use

Swyftx and Binance are designed for different categories of users, which is evident in their respective usability.

Swyftx primarily aims to facilitate the buying and selling of cryptocurrencies with fiat currency (i.e. AUD, NZD and USD). Verified users can select a deposit method to top up their account with AUD, then use the list of supported cryptocurrencies to buy or sell.

Moreover, the exchange stands out with its exclusive demo mode; thus, beginners can practice buy and trade cryptocurrencies via play money without financial risk. It is a handy tool that other cryptocurrency exchanges should include.

However, users may struggle to find digital assets like Bitcoin, Ethereum or XRP to buy due to the poorly designed interface of Swyftx. The overall user experience on both desktop and mobile websites is a bit awkward as many customers said the dashboard was difficult to navigate, which is a downside compared to Binance.

Swyftx clunky interface. Image: Swyftx

Binance, on the other hand, caters to cryptocurrency traders who like to speculate on hundreds of crypto-to-crypto trading pairs using its advanced trading interface. Since Binance is a major exchange in terms of trading volume and liquidity, it is also suitable for experienced traders with sufficient trading knowledge to navigate the platform in all supported markets.

Binance’s advanced trading features. Picture: Binance

Binance is also a highly developed trading platform with better capabilities for crypto-to-crypto trading. The trading terminal uses Tradingview’s popular charts, which feature multiple chart templates, technical indicators, and drawing tools.

Additionally, Visa and Binance have collaborated to provide the free service Binance Crypto Card. You can spend your cryptocurrency at 60 million merchants worldwide and earn up to 8% cashback on qualifying transactions!

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ATO Reports Imminent Midrange Hyperconverged Outsourcing Tenders – Data Center – Servers & Storage https://atoogratuit.com/ato-reports-imminent-midrange-hyperconverged-outsourcing-tenders-data-center-servers-storage/ Wed, 14 Sep 2022 21:40:00 +0000 https://atoogratuit.com/ato-reports-imminent-midrange-hyperconverged-outsourcing-tenders-data-center-servers-storage/ The Australian Taxation Office will soon launch a tender for midrange and data center services, as well as separate hyperconverged infrastructure services, as part of the continuation of its strategic IT procurement program . The program was describe by CIO Ramez Katf in 2021 as being “all about modernizing [the ATO’s] IT outsourcing portfolio by […]]]>

The Australian Taxation Office will soon launch a tender for midrange and data center services, as well as separate hyperconverged infrastructure services, as part of the continuation of its strategic IT procurement program .

The program was describe by CIO Ramez Katf in 2021 as being “all about modernizing [the ATO’s] IT outsourcing portfolio by developing market-aligned and more flexible bundled offerings”.

The program’s original schedule called for “a phased approach to market in 2022, followed by contract execution, service transition and transformation in 2023.”

He largely did not deviate from this; iTnews reported earlier this year that bidding for mid-range and hyperconverged infrastructure would be launched in a “third wave” scheduled for July or August.

The ATO has now issued advance notices for these tenders, indicating that the actual tenders will be published sometime in the middle to the end of this month.

Like previous approaches, it will offer midrange and data center services either”in general”, or with certain components subcontracted separately.

Midrange Platform Services cover “physical and virtualized platforms for hosting the application workload…up to and including the hypervisor, and including all aspects of managing the life cycle,” the ATO said.

Data storage for the ATO’s end-user, midrange and mainframe platforms is also covered, he said.

The hyperconverged infrastructure will be treated separatelythe ATO said, noting that it acts as a “discrete, self-contained “platform as a service” that provides the ATO with on-demand access to compute, storage and connectivity for the platform. mid-range form and end-user services”.

The ATO noted that although it has a cloud first policy which is also reduce dependence on physical and virtual mid-range servicesnot all workloads were suitable for cloud hosting.

“There remains a continued need for long-term onsite solutions,” the office said.

“The ATO is looking for platforms that offer the best technical capabilities aligned with how our application teams need to work with flexible business arrangements that provide the best value for money.”

The tax office also said it was open to non-hyperconverged “alternatives” as part of the process.

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Granath v Wright: 2022 Satoshi trial begins in Norway https://atoogratuit.com/granath-v-wright-2022-satoshi-trial-begins-in-norway/ Tue, 13 Sep 2022 03:00:59 +0000 https://atoogratuit.com/granath-v-wright-2022-satoshi-trial-begins-in-norway/ The Granath v. Wright lawsuit has begun in Norway, as Magnus “Hodlonaut” Granath attempts to convince the Oslo District Court that his Twitter outburst against Dr. Craig Wright did not constitute unlawful defamation. It was an unusual moment: After years of impersonal conflict, from nasty social media jabs to legal warnings to a lengthy trial […]]]>

The Granath v. Wright lawsuit has begun in Norway, as Magnus “Hodlonaut” Granath attempts to convince the Oslo District Court that his Twitter outburst against Dr. Craig Wright did not constitute unlawful defamation.

It was an unusual moment: After years of impersonal conflict, from nasty social media jabs to legal warnings to a lengthy trial introduction, Dr. Wright finally sat down across from his accuser who until now was best known as a mal-mouthed cat in a space suit. Under Hodlonaut’s grip, Granath called Dr. Wright a “mentally ill”, a “fraud”, a “con man” and more.

The attacks obviously stopped (and the tweets were deleted) once Dr Wright threatened legal action in the UK if they were not deleted and Granath did not recant, but in their place arose a movement of support for Granath among the BTC crowd, which invited a new wave of attacks on Dr. Wright. This includes the delisting of BSV among digital currency exchanges in a quasi-express response to Dr. Wright’s conflict with Granath. Throughout this time, Granath himself has managed to maintain near total anonymity – until today, when Magnus Granath will finally have to stand by his statements in court.

“A judgment in this case will not establish beyond a reasonable doubt whether Dr. Wright is Satoshi. Whether or not Dr. Wright is Satoshi will support the case, however,” the judge said in her opening remarks.

Indeed, due to the nature of Granath’s insults, the question of how Dr. Wright came to be known as Satoshi Nakamoto will be central throughout the trial. But this is not the most important.

Beyond that, the Granath team had the microphone all day as they delivered their opening arguments, essentially summarizing the case on which they would rely throughout the trial.

Granath must convince the court that his tweets did not have a defamatory meaning (although the parties seem to largely agree that they were) or alternatively, that they were not illegal or otherwise justified. As a result, most of its airtime was spent telling their story about Dr. Wright’s claim to Satoshi Nakamoto’s name.

By Granath lawyers, Dr Wright adopted the identity of Satoshi Nakamoto in order to evade a tax investigation in Australia, which only concerns Bitcoin insofar as Dr Wright used it to justify tax positions erroneous. From there they say he lied and worked his way up in order to justify that first lie.

There is of course much more to the story of the Australian Taxation Office (ATO) – Dr. Wright testified under oath in Kleiman v. Wright that he has been the victim of relentless pursuit by the ATO since he created bitcoin either because they didn’t understand it or because they were deeply hostile to the idea of ​​digital currency. This is supported by the fact that the day after Dr. Wright was unwittingly revealed to be Satoshi by WIRED and Gizmodothe ATO raided his home in Australia – a curious move if their interest in Dr Wright was simply due to a poor tax return.

The lawyers also read a long list of Dr. Wright’s tweets, many of which are just as rude as Hodlonaut’s (perhaps a little more). The intended effect was to show that Granath’s attacks on Dr. Wright were not outside the normal level of discourse exemplified by Dr. Wright himself – although it is worth mentioning here that the fact of anonymously calling someone a mentally ill con man is quite different than using colorful Australian slang. denounce someone. It should also be mentioned that Granath launched a campaign inviting others to attack Dr. Wright in addition to himself, and did so from the anonymity of his Hodlonaut profile.

These are undoubtedly points that Dr. Wright’s attorneys will pick up on when they begin their own opening statements tomorrow. CoinGeek will cover the rest of the trial live from the courtroom.

The trial is scheduled to end on Thursday, September 22. CoinGeek will provide daily live coverage of the trial in Oslo.

Watch Granath vs Wright Satoshi Norway Live Trial Coverage Day 1:

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New to Bitcoin? Discover CoinGeek bitcoin for beginners section, the ultimate resource guide to learn more about Bitcoin – as originally envisioned by Satoshi Nakamoto – and blockchain.

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Piyush Goyal says Indo-Pacific Economic Framework Ministerial meeting inclusive and fruitful – do you know why? https://atoogratuit.com/piyush-goyal-says-indo-pacific-economic-framework-ministerial-meeting-inclusive-and-fruitful-do-you-know-why/ Sun, 11 Sep 2022 10:51:52 +0000 https://atoogratuit.com/piyush-goyal-says-indo-pacific-economic-framework-ministerial-meeting-inclusive-and-fruitful-do-you-know-why/ Representing India at the Indo-Pacific Economic Framework (IPEF), Minister of Trade and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Shri Piyush Goyal said that fruitful discussions had taken place during the IPEF ministerial meeting. He also addressed the issue of India’s withdrawal from the fourth pillar of the IPEF which deals with trade-related […]]]>

Representing India at the Indo-Pacific Economic Framework (IPEF), Minister of Trade and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Shri Piyush Goyal said that fruitful discussions had taken place during the IPEF ministerial meeting.

He also addressed the issue of India’s withdrawal from the fourth pillar of the IPEF which deals with trade-related activities and said that the contours of the framework – particularly on the required commitments on environment, labour, of digital commerce and public procurement – are still emerging.

He added that we need to see what benefits member countries will derive and whether conditionalities on aspects such as the environment may discriminate against developing countries which have the imperative to provide low cost energy and affordable to meet the needs of our growing economy,” said the Minister. said.

Meanwhile, Goyal also said that on three of the four pillars related to supply chains, taxation, anti-corruption and clean energy, India was comfortable with the outcome and the text and endorsed the statement.

Commenting on data privacy and the digital ecosystem, he said that India is strengthening its own digital framework and laws, especially in relation to privacy and data and therefore the India, while continuing to embark on the commercial path of IPEF, will wait for the final outlines to emerge.

Goyal also met with Australian Trade Minister Don Farrell on the sidelines of the IPEF meeting in Los Angeles yesterday.

“Our trade and investment ties have been strengthened with the signing of the Economic and Trade Cooperation Agreement. We discussed ways to further boost bilateral trade and cooperation under IPEF,” he tweeted.

The Minister held talks with the Coordinating Minister for Economic Affairs of Indonesia, Airlangga Hartarto, on the sidelines of the ministerial meeting.

“We discussed expanding bilateral trade and investment under IPEF, giving new impetus to economic cooperation between India and Indonesia,” the minister tweeted.

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The electric car is not a savior – Central Queensland Today https://atoogratuit.com/the-electric-car-is-not-a-savior-central-queensland-today/ Fri, 09 Sep 2022 22:00:22 +0000 https://atoogratuit.com/the-electric-car-is-not-a-savior-central-queensland-today/ Senator Matt Canavan says electric cars aren’t the environmental saviors many claim. Opinion with Senator Matt Canavan This week, the battery of an electric car died near a coal mine in West Virginia. Six coal miners helped push the car to the mine to recharge. It was an apt metaphor given that most EVs are […]]]>

Senator Matt Canavan says electric cars aren’t the environmental saviors many claim.

Opinion with Senator Matt Canavan

This week, the battery of an electric car died near a coal mine in West Virginia. Six coal miners helped push the car to the mine to recharge.

It was an apt metaphor given that most EVs are charged with coal via the power grid anyway.

I have nothing against electric cars which have certain advantages over traditional internal combustion engine vehicles. They can accelerate much faster given the more immediate transfer of power from the battery compared to mechanical pistons. This is very fun.

But they are not the environmental saviors that many claim. Electric cars consume much more energy due to the large number of metals and materials needed to make their batteries. A recent Volvo study concluded that an electric car produced 70% more emissions during manufacture than an equivalent internal combustion car.

Electric cars may generate less carbon emissions over their lifetime, but a lot depends on how the electricity is created. Because Australia relies primarily on coal-fired power, you have to drive an electric car a long distance to offset all the higher emissions from building them.

According to this study by Volvo, Australians would have to drive an electric car for more than 110,000 kilometers before an electric car produces less carbon emissions compared to a normal petrol car. Given that the average Australian travels 13,000 kilometers in a car, an electric car would generally not make a positive contribution to the environment until it was over eight years old.

Why then is there so much focus on subsidizing electric cars? For many, electric cars have become the latest method of signaling their virtue. An electric car may not cool the planet, but it warms the hearts of the well-heeled, guilty of their generous lifestyle.

The new Labor government introduced legislation to make them even more affordable for the wealthy. For starters, you need to have a high income to even afford an electric car. The cheapest in Australia starts at $40,000, but most will set you back over $50,000.

Labor legislation before Parliament would exempt an electric vehicle from paying benefits tax. This means that if your employer buys you an electric vehicle, you can get it tax-free.

However, the benefit of this tax relief will mainly go to the wealthy. On a $50,000 vehicle, the tax savings for someone on $200,000 will be about $5,000 per year. If you’re in the lowest tax bracket, your savings will be 80% lower at just $1,000.

So Labor policy does next to nothing to improve the affordability of electric cars, but it allows the new Labor government to engage in the same game of virtue signaling as a new electric car.

Labor laws do little to help those of us in areas where long distances make electric cars impractical. Electric cars are unable to tow anything like a boat, caravan or trailer.

The Los Angeles Times reported that “the electric automobile will quickly and easily overtake all other[s]”. He made this prediction in 1901.

Demand for electric cars will likely increase, but they won’t completely replace petrol and diesel cars anytime soon. There is no environmental reason to take the taxes paid by low-paid workers to subsidize the inefficient consumption habits of the wealthy.

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Summit Notes | The Spectator Australia https://atoogratuit.com/summit-notes-the-spectator-australia/ Wed, 07 Sep 2022 19:00:38 +0000 https://atoogratuit.com/summit-notes-the-spectator-australia/ The death last week of Mikhail Gorbachev was a fitting precursor to the Jobs and Skills Summit, Australia’s bid for perestroika. Representatives from Big Australia: Big governments, big business, big unions, big universities and big industry associations gathered in Canberra for a demonstration of central planning with Australian characteristics. It remains a disturbing reflection of […]]]>

The death last week of Mikhail Gorbachev was a fitting precursor to the Jobs and Skills Summit, Australia’s bid for perestroika. Representatives from Big Australia: Big governments, big business, big unions, big universities and big industry associations gathered in Canberra for a demonstration of central planning with Australian characteristics. It remains a disturbing reflection of the important role of the Commonwealth government in the lives and jobs of all Australians that such a summit could attract so many.

The last time such a summit took place was around 40 years ago, when Australia was a different place with a different economy facing different challenges. Today however, Australia is a significantly changed nation and home to a much larger, more complex and dynamic economy in a much more integrated and globally unstable world.

At the end of the summit, Prime Minister Albanese announced eight summit outcomes which were a mix of spending commitments, industrial relations, regulatory changes and immigration policy improvements. But in the mind of Upton Sinclair, who said, “It’s hard to get a man to understand something when his salary depends on him not understanding it,” the economic elephants in the room were ignored.

According to ABS data, total spending by Australian, Commonwealth, state and local governments increased by 34%, from $722 billion in 2018 to $969 billion in 2021. Meanwhile , the Australian economy grew by a meager 4% over the same period. It should come as no surprise that the cumulative public deficits during this period totaled $281 billion, or about $70 billion a year. In the ten years to June 2021, total Australian public debt has almost tripled, from 13.1% of GDP to 38.1% of GDP.

Additionally, according to ABS data, the number of public sector employees across all three levels of the Australian government was 2.1 million in June 2021. This number does not include those whose jobs exist thanks to the government. For example, the vast network of government service providers and the batteries of compliance officers embedded within companies, as well as the accountants, lawyers and consultants who support them. Out of a total workforce of 13.2 million, this translates to around one in six employed people in Australia working for the government.

A relevant consideration in Australia which is experiencing labor and skills shortages is the 20-year project to expand Australian government and re-regulate the economy. Economic reform seemed to end in 2001 and has since reversed. Australia’s slowing economy is the price of too much of Australia’s productive human and financial resources not being employed in production.

When summits such as the Jobs and Skills Summit are organised, it is normal that the most attention is given to the people in the room. But equal, if not greater, attention must be given to those who are not present. As Maritime Union chief Christy Cain noted at the summit, “if you’re not at the table, you’re on the menu.” Given that the most notable unrepresented participants were the young and yet to be born, it should come as no surprise that it will be the next generation who will pay the highest price for a slow growing, less dynamic and more tightly managed. This is in addition to the decline in academic performance they will experience.

Stemming from the summit, the stage is also being set for a reinvigorated debate on the repeal of stage three tax cuts to fund governments’ growing spending commitments.

The stage three tax cuts were legislated as part of the 2019 budget. To be precise, the stage three tax cuts are not exactly a tax cut. They are a partial return of parenthesis creep. Bracket creep is the silent tax increase applied when workers move up a tax bracket as a result of a salary increase. In most cases, these salary increases do not necessarily reflect an increase in purchasing power because they compensate for inflation.

In 1975, Malcolm Fraser promised to introduce bracket indexing on the grounds that “it will make the government more honest with your money. They (the government) will no longer be able to count on the secret tax increase of inflation. Fraser introduced indexing in 1976, but it was dropped in 1982. Why was it dropped? Maybe because the government doesn’t really want to be honest with taxpayers’ money, because it’s politically advantageous to tax quietly and then claim credit for returning the funds through tax cuts or election hog .

The political argument advanced for repealing the third-stage tax cuts is that they mainly benefit the highest earners. Rather, it may be that high-income earners could spend their income in unapproved ways.

Australia’s vast middle-class welfare state has jurisdiction to take money from high-income earners and return it for approved expenditure (minus administration costs). There is no better example than childcare subsidies, including for the same high earners, given the Labor Government’s proposal to raise the ceiling on subsidies to earning households up to $530,000 per year.

The Australian economy and our political debates increasingly reflect Clive James’ observation that “the problem with Australians is not that so many of them are descended from convicts, but that so many many of them descended from prison officers”. Rather than unleash Australia’s economy to realize its full potential, Big Australia seeks to manage the results to its advantage and is then surprised when a complex 21st century economy fails to respond as its central plans suggest.

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Commodities boom outpaces Australian dollar https://atoogratuit.com/commodities-boom-outpaces-australian-dollar/ Tue, 06 Sep 2022 05:21:00 +0000 https://atoogratuit.com/commodities-boom-outpaces-australian-dollar/ “But what we’ve seen recently is a big supply story…prices have been kept much higher than they would have been due to supply issues…more recently we’re seeing this ESG story and a chronic underinvestment in coal and gas. The high prices we see are more related to supply than demand, which means it’s less positive […]]]>

“But what we’ve seen recently is a big supply story…prices have been kept much higher than they would have been due to supply issues…more recently we’re seeing this ESG story and a chronic underinvestment in coal and gas. The high prices we see are more related to supply than demand, which means it’s less positive for the currency.

Bromhead attributed the long-term decoupling to three reasons: a lack of new investment, wealth moving overseas and shifting budget priorities.

First, he said the mining boom was closely linked to rising commodity prices and new investment in the sector. This, in turn, used a lot of labor and raised wages, tightening the economy and putting pressure on rates. However, new investments have plummeted.

“We had this unprecedented level of capacity expansion during the mining boom…all the projects were built, so what’s happening now is we don’t have the same mining investment responsiveness changes in commodity prices,” he said.

“If you look at a line of Australian mining investment, it has done next to nothing as commodity prices have soared.”

Second, Mr. Bromhead points to the wealth and revenue generated by mining projects being moved offshore. “About three-quarters or more of the revenue and wealth we generate through these mining projects goes offshore,” he said.

“Generally one of the benefits you would see is that when the BHPs and the Rios make all that money, that dividend stream would go into the pockets of Australians who can go and spend it. It’s been diminished because that dividend stream … does not enter into the balances of retirement pensions.

Finally, Mr. Bromhead underlined a change in budgetary priorities. He notes a shift from mining boom taxes spent on baby bonuses and big tax cuts for Australian businesses to governments tightening their belts to limit the deficit as Australia recovers from the COVID-19 pandemic.

The Australian dollar lost 6.4% in August against the US dollar as the central bank’s aggressive rate hike and slowing growth in China put it on track for a 1.6 month loss %. The Aussie has lost US4¢ so far this year.

Meanwhile, the DXY US Dollar Index is expected to post a 2.6% gain this month, after hitting a 20-year high this week.

The ANZ expects the Australian dollar to regain ground by December, hitting US70¢. However, he says the high value of the US dollar is putting currencies around the world under the pump.

“Clearly the G10 FX is currently the flip side of the US dollar coin…it’s a US dollar index story, it’s a dollar destruction story, it destroys everything in its path,” he said. said Mr. Bromhead.

NAB head of FX strategy Ray Attrill believes the Australian dollar is “bogged in the US65¢ to US70¢ range” through the end of the year, and will test the low of this fork.

As the Aussie dollar tests new lows, Bromhead says there are benefits for Australian miners, especially gold miners, with US dollar balance sheets.

“If you’re BHP, you can sell your iron ore in USD, but pay your shareholders and operating expenses in AUD,” he said. “The lower the AUD goes, the more AUD you earn.”

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Growing calls for federal government to increase paid parental leave after 2022 National Jobs and Skills Summit https://atoogratuit.com/growing-calls-for-federal-government-to-increase-paid-parental-leave-after-2022-national-jobs-and-skills-summit/ Sat, 03 Sep 2022 21:25:13 +0000 https://atoogratuit.com/growing-calls-for-federal-government-to-increase-paid-parental-leave-after-2022-national-jobs-and-skills-summit/ There are growing calls for the federal government to act on a policy idea that received resounding support at the Jobs and Skills Summit – to help close the gender wage gap. Finance Minister Katy Gallagher said the women had “succeeded” at the two-day event. However, some question why the government did not include an […]]]>

There are growing calls for the federal government to act on a policy idea that received resounding support at the Jobs and Skills Summit – to help close the gender wage gap.

Finance Minister Katy Gallagher said the women had “succeeded” at the two-day event.

However, some question why the government did not include an increase in paid parental leave in the 36 immediate initiatives announced on Friday, when the issue was repeatedly raised at the summit.

Unions and business groups have both called for an increase in Commonwealth-funded paid parental leave from 18 to 26 weeks to help close the gender pay gap.

The Australian Council of Trade Unions has suggested that the categories of ‘primary’ and ‘secondary’ carer be reduced to ‘parent’ to encourage couples to share the load.

President Michele O’Neil has said Australia is behind when it comes to family support.

“Australia has the second worst government-funded paid parental leave scheme in the developed world,” she said.

“In 2022, women shouldn’t have to give up having a family and men shouldn’t fail to get involved in raising their children because paid parental leave is insufficient.”

Advocacy groups like The ParentHood have also backed calls for a raise and executive director Georgie Dent has warned the cost of inaction will be higher.

“By enabling parents to have the flexibility to share care responsibilities without having to worry about their finances, increasing paid parental leave to adequate levels can enable hundreds of thousands of women to re-enter the labor market. work (according to the ACTU report), and contribute to the economic growth of the country,” she said.

Government urged to act

A growing number of non-status have thrown their support behind an increase in paid parental leave.

Independent MP Kylea Tink argues that the government should act, at the latest by 2024.

“The fact that we haven’t seen 26 weeks of shared paid parental leave comes across as one of the key reforms [from the summit] is disappointing,” she said.

MP Kylea Tink argues that paid parental leave is the fastest way to close the gender pay gap.(Provided: Kylea Tink)

“It’s something we know we can do to change the gender dial in Australia and for that reason I think it’s something as a parliament that we should try to prioritise.

“We know from international experience that the quickest way to close any gender pay gap is to introduce shared paid parental leave.”

Fellow crossbenchers Zali Stegall and Allegra Spender also want increased paid parental leave, as well as incentives for parents who share the leave.

Prime Minister Patrick Gorman defended the government’s decision not to include the policy as a priority in the 13-page jobs and skills summit outcome document.

“With a trillion dollars of debt left behind by the previous government, not all good ideas can be implemented immediately,” he said.

“It’s not something we can prioritize at this point.”

Earlier in the week, Treasurer Jim Chalmers said any changes depended on budgetary circumstances.

“There are instances where you have to weigh things against other priorities,” he said.

“And as things stand, it will be difficult to make it work in October, but if and when the circumstances allow it, and the budget allows it, there are some of these ideas that I would like to pick up and use. .”

Independent Senator David Pocock said that argument doesn’t hold water.

“The government cannot have it both ways,” he said.

“You can’t say we want to support women, we want to adopt sensible proposals that are agreed upon at the jobs and skills summit, but at the same time we can’t allow.

“The community wants this to happen, the unions want this to happen, the companies want this to happen, the balls are in the government’s court.”

pay to change

In the run-up to the October budget, government ministers have repeatedly said that spending needs to be restrained due to budgetary circumstances.

However, MPs and senators from all benches have argued that paid parental leave is a necessity that has broader economic benefits.

The Grattan Institute estimated that it would cost about $600 million per year to expand the program to 26 weeks.

The government made new, smaller spending commitments following the summit, including allowing pensioners to earn more without affecting their payments.

Senator Pocock said the government could find the money for paid parental leave by not pursuing tax cuts planned for 2024.

“You can’t keep saying we can’t afford it when you refuse to reconsider $243 billion in tax cuts for the wealthiest…mostly wealthy men,” he said.

David Pocock speaks to reporters.
ACT Senator David Pocock said the government ‘can’t have it both ways’. (ABC News: Matt Roberts)

But Kylea Tink said the planned tax cuts should stay and the government should look to generate more cash.

“To deliver this tax benefit, we need to tackle revenue generation,” she said.

“These opportunities to address revenue generation were looking at taxation of multinational corporations, taxing super profits and looking at how wealth is taxed.”

The previous government made slight changes to the paid parental leave scheme, combining primary and partner pay, and it is still due to be introduced in March next year.

Deputy Opposition Leader Sussan Ley did not want to weigh in on the debate over the need for a further increase in support.

“These proposals should all be crafted with sensible political discussion,” she said.

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