Gina Rinehart argues the federal government should offer tax breaks to help northern Australia grow. The Deputy Prime Minister Mr Barnaby Joyce is to be congratulated for bringing to Australians’ attention the needs and potential for the towns in the Pilbara to grow. Australia needs an investment boom in the wake of the pandemic, and given our trillion dollar debt, Australia needs practical initiatives like IDZ’s that will foster a boom in investment. Cutting tape and taxes and allowing Australians to get on with building their lives and our country with less government in the way is a vital part of this.
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Australian Mining Prospect Awards | Lifetime Achievement Award | Mrs Gina Rinehart AO
Hancock Prospecting’s executive chairman, the Hon Dr Gina Rinehart AO, was announced as the recipient of the Lifetime Achievement Award at the 2021 Prospect Awards. The Lifetime Achievement award recognises an individual who has contributed to the mining industry through their entire career. It is the most prestigious individual recognition award within the Prospect Awards and is determined through recommendations made by the judging panel. “On accepting this award I’d like to pay tribute to everyone in our industry. We are at our core nationbuilding, mining is the backbone of Australia,” Rinehart said. “When mining does well, so does Australia.” Hancock’s majority-owned Roy Hill was also recognised on the night, winning Australian Mine of the Year and Hard Rock Mine of the Year. “Let’s celebrate that mining contributes more to our nation than any other industry.”
Read moreTECH HUBS Africa: Can studying China’s first SEZ give insight into the continent’s economic recovery?
A remarkable example that benefited from the first high-tech fair was Tencent, China’s Internet giant headquartered in Shenzhen. In an in-person interview with Tencent’s Founder, Ma Huateng, and the company’s key management on 2 August 2019, Mr Ma shared with me and my research team that the “high-tech fair in 1999 helped make Shenzhen known to the outside world as a city developing in the technology direction. Tencent searched for funding opportunities at the first high-tech fair and attracted the interest of IDG Ventures China and PCCW.” Shenzhen’s developmental success as China’s first SEZ demonstrates one SEZ success ingredient: Shenzhen local government officials were seen as that city’s entrepreneurial pioneers.
Read moreSTZA hopes for incentives from new government
The visiting delegates were briefed about Special Technology Zones being developed by STZA across Pakistan and the special fiscal and monetary incentives, including but not limited to 10-year tax and duty holiday, and support being offered to domestic and foreign tech companies in the Special Tech Zones. “If companies such as Google enter Pakistan with a range of products, then startups would take further boost in the country. Moreover, jobs would also be created,” Hashmi added.
Read morePensioners could save rural economy: Pietzsch
The sole SA Nationals candidate Jonathan Pietzsch, standing for the seat of Barker, has called on a returned Coalition government to allow pensioners to work without the threat of losing their pension. He said a National Seniors survey showed one in five pensioners wished to continue working, but only 2.9 per cent were. He said this meant that Australia was missing out on hundreds of thousands of keen and skilled workers, which had a flow on effect to the economy.”Increasing the Pensioner Work Bonus in 2 levels, one for those working in the city, and another for those wishing to work in regional areas where the worker shortage is even more critical, is a viable way to address our immediate labour shortage and will pump billions back into the economy – it truly is a win/win/win,” Mr Pietzsch said.
Read moreRed dirt royalties keep WA in the black, but McGowan knows they won’t last forever
Royalties from iron ore to feed the steel mills of China have allowed Western Australia to emerge from the pandemic with a surplus while NSW and Victoria face years of growing debt. The mines in the Pilbara region will deliver Premier Mark McGowan $10.3 billion this financial year, allowing the resource state to record a $5.7 billion surplus and cut net debt for the third year running. The WA government earns more from iron ore than land tax, stamp duty and payroll tax combinedIron ore will deliver almost 90 per cent of WA’s royalty income, from mining and oil and gas extraction.
Read moreAn Insight Into SEZs
Special Economic Zones (SEZs) were established in many countries as testing grounds for the implementation of liberal market economy principles. While viewed as economic policy tools for enhancing the acceptability and credibility of industrial transformation policies, attracting domestic and foreign investment and also for the opening up of the economy, SEZs also seek to promote the value addition component in exports, generate employment, encourage import substitution as well as mobilise foreign exchange in the countries for Balance of Payments support.
Read moreUAE Corporate Tax law will continue incentives for free zone based entities
The UAE Ministry of Finance (MoF) has released a public consultation document inviting comments from stakeholders on the proposed legislation. A progressive step by the Ministry, which provides an opportunity for businesses to play a key role in formulating the UAE Corporate Tax law.
While there is no tax on individual income, income from activities carried out by individuals through a commercial license would attract the tax. Further, federal and emirate governments, their departments, and companies carrying out sovereign activities, companies engaged in the extraction of natural resources, charities, pension funds, investment funds (subject to conditions) would be exempt.
Read moreRising red tape under the Morrison government is strangling Australian business
Australia needs an investment boom in the wake of the pandemic. After two years (and counting) of missed opportunities, the government should deliver an aspirational Budget, and run a similarly spirited election, with bold initiatives that will foster a boom in investment. Cutting tape and taxes and allowing Australians to get on with building their lives and our country with less government in the way is a vital part of this. The Treasurer’s Thatcherite/Reaganite credentials remain to be seen. We can only hope for an improvement on last year’s Budget, which mentioned cutting tape twice, but providing subsidies 19 times.
Read moreThe Pilbara is a powerhouse of the Australian economy, so why have its major towns not thrived as well?
The vast Pilbara region in WA’s north has an annual economic output of more than $100 billion but in the coastal town of Port Hedland locals complain it’s a struggle to find a decent venue for dinner. Mr Carter said the lack of amenities was “absurd” given how much Port Hedland contributed to WA and the national economy. It’s an irony that has led many, including Deputy Prime Minister Barnaby Joyce, to ask why such a lucrative region is home to so few people and so few amenities.”We believe it’s untenable that in the 4,000 kilometres between Perth and Darwin don’t have a city of 100,000 people,” Barnaby Joyce told parliament this year.”We are investing in Port Hedland which, by tonnage is the biggest export port in the world … Port Hedland, though, has a population of merely 15,000 people. “We need areas such as this to become the Gladstones and the Newcastles of our north-west.”
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