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The Latest Breaking News from Matt Grudnoff

Australia’s economy was the envy of the world. Now it’s falling behind

After record-breaking streak of growth, Australia is lagging behind its peers amid cost-of-living and productivity woes.

Al Jazeera

Adam Bandt Got Slammed For Wanting To Tax Big Corporations By 40% — But Economists Love It

Adam Bandt unveiled the Greens' plan to tax super-profit corporations, called the Robin Hood Reforms. Here's what you need to know.

Pedestrian.tv

Gina Rinehart retains top spot on rich list as 200 wealthiest Australians see fortunes grow by 11%

Technology figures including Afterpay founders rise up AFR rich list rankings, reflecting ‘changing nature’ of Australian economy

The Guardian - AU

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Australian firms set up to promote agriculture get charity tax concessions despite billion-dollar revenue

Productivity Commission pushes to remove charity status for entities such as Co-operative Bulk Handling and Queensland Sugar Limited after inquiry into philanthropy

The Guardian - AU

We Figured Out How Coles And Qantas Made Record Profits This Year & Honestly We Hate It

Making this much money during a cost of living crisis honestly feels like chomping on a sour lemon.

Pedestrian.tv

Cost of stage-three tax cuts balloons to $313 billion

The cost of the stage-three tax cuts has blown out to $313 billion over 10 years, with more than half of the benefit set to flow to rich.

The New Daily

Stage 3 tax cuts to benefit rural Australia the least, analysis shows

Country Australians will benefit the least from the stage 3 tax cuts, a new analysis based on tax data shows.

ABC News

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Flights of fancy: why wealthy Australians are spending big on private jets

The chartered plane market is booming post Covid, offering speed and convenience to a privileged few – and generating tonnes of CO2

The Guardian - AU

Income inequality surges as richest group gets more than 90 per cent of the gains, Australia Institute finds

A new report suggests Australia is becoming more inequitable, with 93 per cent of pre-tax gains in the economy going to the top 10 per cent of earners.

ABC News

Australia’s richest captured 93% of economic growth between 2009 financial crisis and Covid, paper shows

Wealthiest 10% captured growth in company profits while most Australians watched their real wages shrink, Australia Institute finds

The Guardian - AU

Economic benefit going to rich ‘inequality on steroids’

A new report by the Australia Institute shows more than 90 per cent of economic benefits are going to the top 10 per cent of Australians.

The New Daily

PM urged to ‘reset tone’ of voice debate – as it happened

This blog is now closed.

The Guardian - AU

Economic benefit going to rich 'inequality on steroids'

A new report by the Australia Institute shows more than 90 per cent of economic benefits are going to the top 10 per cent of Australians.

AAP

Australia's love for utes and SUVs driving emissions

Australia is one of the world's biggest petrol consumers but could save $13 billion in petrol costs each year by adopting moderate changes, a new report says.

AAP

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ABC News

Government's plan to tax 'unrealised gains' a big worry for farmers as $3m threshold threatens retirement plans

Part of the federal government's changes to rules around superannuation involves a new tax on "unrealised gains", and it has farmers especially worried.

The Guardian - AU

Will Labor’s super changes force people to sell assets to pay their tax? Here’s what the experts say

Fears that asset rich but cash poor Australians will be hurt by the new regime are overblown, economists argue

Crikey

A ‘profit-price spiral’ is the biggest driver of inflation and interest rates in Australia

Priced-in corporate profits footed by consumers accounts for 69% of inflation beyond the RBA’s target, analysis finds.

Crikey

Will the RBA keep raising rates as your wages fall? Economists say yes

ABS figures show no evidence of the wage-price spiral so feared by the Reserve Bank, and Jim Chalmers says wages growth ‘isn’t the problem’.

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AAP

House hunters could look to border towns

First home buyers in Victoria and Queensland could enter the market sooner by looking over the border after NSW introduced significant property tax changes.

The Guardian - AU

Nearly 90% of Australians want government to step in on energy costs, poll finds

Survey shows strong support for lowering prices by limiting exports and imposing windfall profits tax on gas companies

AAP

Budget repair begins, tax reform is next

Labor has taken a big step towards budget repair but the harder work of serious tax reform has been deferred until further down the track.

The Guardian - AU

More than half of NSW MPs own more than one property

High ownership of multiple residences among state MPs has prompted accusations they are ‘blind’ to the escalating rental crisis

The Guardian - AU

Rent freeze: what will the Greens achieve if it comes into effect in Queensland?

Greens bill being introduced to parliament will seek to freeze residential rents across the state for two years

The Guardian - AU

Australia’s highest and lowest income suburbs: how does your postcode compare?

Western Australia’s Cottesloe and Peppermint Grove the top-earning area while five of the lowest are in regional NSW

ABC News

The 60 millionaires who paid no tax and the richest and poorest postcodes revealed

Sixty people earned more than $1 million but paid no tax in 2019-20, and the country's lowest incomes have been recorded in regional NSW, according to the ATO's latest taxation statistics.

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