The federal government’s tax take is poised to hit its highest level in 15 years thanks to soaring resource sector profits and inflation pushing workers into higher tax brackets. Veteran budget watcher Chris Richardson expects the May 9 budget to reveal tax revenue as a share of the economy will reach 23.8 per cent next financial year, which will be the highest level of collections since 2008.
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Playing the Game
Get them young and maybe you’ll get them for life — that appears to be Gina Rinehart’s latest play to shore up an appreciation of mining. The billionaire has unveiled a novel counter to the shrill opposition against the industry, launching a kids app to massage the notion that resources are not only necessary to sustain modern living, but they also offer a fabulous career. Margin Call downloaded the game – Roy Hill Mine Tales – and attempted its basic challenges: dynamite was laid, ore was loaded onto a truck, the minerals were crushed, washed with a hose, and, in a final boss challenge, they had to be sucked up and directed into the hull of a barge, probably destined for China.“All I would say is those kids might have a bright future working for the best mining company in Australia, the biggest prize of all.”
Read moreNews Australians are ready, willing, and able to work – let them!
Currently, only 3 per cent of pensioners work in Australia, compared to 25 per cent in New Zealand. This is not because pensioners in Australia do not want to work. Research has shown that around one in five want to work, but do not, because of unfair tax and red tape barriers.The solution is to follow New Zealand’s approach by removing all red tape on pensioners, students, and veterans. This would mean that these Australians could earn as much income as they would want, without losing their pension payments or welfare benefits. Of course, they would still pay income tax like every other Australian worker. Removing all red-tape and barriers for Australian pensioners, veterans, and students to get back into the workforce, without suffering significant financial penalties, is a simple and effective policy measure that is good for them and good for our nation. More Australians working means higher government revenue through income tax, GST, and payroll tax, which can be reinvested into infrastructure and used to pay down our debt.
Read more‘Intervention’ risks boom
“At a time when we need more investment to unlock the nation’s vast critical minerals potential, Australia’s investment environment is deteriorating at speed. You cannot keep throwing punches at Australian businesses and expect to maintain the same level of economic growth and job creation,” Ms Constable said in an opinion piece ahead of an appearance at Seven West Media’s Resources Technology Showcase.
Read moreBoom is ‘not our birthright’
This new mining boom is not our birthright. A steady stream of excessive interventions by governments have put Australia’s chances of reaping an incredible, long-lasting dividend from this new mining boom at genuine risk. These include heavy-handed industrial relations laws that impinge on productivity and threaten jobs. There is a genuine risk of Australia’s critical minerals remaining in the ground, as companies and investors prioritise foreign resources developments where costs are lower, policy settings more stable, and returns are higher. We need to seize the opportunity and not squander it. Because when Australian mining does well, Australians do well.
Read moreWe cannot let opportunity ‘pack its bags’
Commentary by WAN Editor-in-Chief Anthony De Ceglie courtesy of the West Australian.
Read moreFIKILE MAJOLA: New approach to development of special economic zones
The literature is replete with case studies that illuminate how special economic zones (SEZs) have been instrumental in catalysing industrial development. It also holds great appeal in a country’s quest to crowd-in private sector investment through both domestic and foreign direct investment flows. SEZs have become an important policy tool of choice for governments seeking to accelerate industrialisation, development and growth.
Read moreInvestments in special economic and free zones top OMR14bn
The special economic zones, the free zones and industrial zones are set to start a new stage of growth following the packages of incentives, facilities and tax and customs exemptions witnessed last year. Investors are interested in special economic zones, free zones and industrial zones as they accommodate various projects at the time. Last year saw completion of infrastructure facilities supportive to investments at the special economic zone Duqm, mainly Duqm Port.
Read moreGina Rinehart on work, loyalty and 30 years in mining
Australia’s richest person has provided a rare insight into her initial struggles, motivations and ambitions after celebrating 30 years at the helm of what is now the country’s biggest private company.
Read moreRemove investment shackles, bosses tell Chalmers
Jim Chalmers’ plan to turbocharge public-private partnerships is being undermined by regulatory uncertainty, uncompetitive tax rates, low growth and cross-jurisdictional red tape that industry leaders say must be fixed to unleash investment across the country.
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