US 'concerns' rise as Albanese spruiks tourism, trade in China visit

12 hours ago

Your web browser is no longer supported. To improve your experience update it here BREAKING Plane erupts in 'fireball' after crash in London Australia's iron exports to China are on the table today as Prime Minister Anthony Albanese continues his official visit, while questions continue to swirl around national security and Australia's military partnership with the US. It's day two of Albanese's visit, with a big business expansion top of the list. Albanese joined forces with former Socceroos star and current manager of Chinese club Shanghai Port Kevin Muscat yesterday to make the case for increased tourism to Australia. Prime Minister Anthony Albanese and his fiance Jodie Haydon arrive in Shanghai, China. (Dominic Lorrimer) "Increasingly, Chinese tourists are spending more than tourists from other destinations," Albanese said. This morning, the focus turns to iron ore, which is Australia's biggest export, and for which China is our biggest buyer. Australian iron ore exports to China topped $120 billion in 2024, according to United Nations figures, while the Australian Strategic Policy Institute said in November 2023 that Australia supplied 61 per cent of China's iron ore imports. Albanese with former Socceroo Kevin Muscat in Shanghai. (Dominic Lorrimer) However, China's focus on emissions reduction could threaten that economic buttress, as Australian ore refinement requires extra energy expenditure. That's at the centre of discussions today, with high-level industry bosses like Andrew "Twiggy" Forrest joining the prime minister and Chinese industry leaders to discuss how Australia can help "greenify" China's steel industry. However, national security and defence questions continue to resound at home, particularly after it emerged recently that the US could push to mandate Australian support over a potential Taiwan conflict as part of a revised AUKUS agreement. Albanese spruiked Australia as a tourist destination. (Dominic Lorrimer) National security expert Michael Shoebridge said Albanese was walking a tightrope on the issue, and that it was clear there was some level of concern in Washington DC about the alliance. "I think our whole defence strategy is we don't fight alone," Shoebridge told Today. "We work with partners and allies to prevent wars, but we'll fight together if a war happens. That's the whole strategy." Albanese has previously pushed back on US demands for an increase in defence spending. Albanese will meet with Chinese President Xi Jinping as part of his visit to China this week. federal politics
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Tax reform: Commonwealth Bank says Australia must stop relying so heavily on income tax

West Australian

30 minutes ago

West Australian

Tax reform: Commonwealth Bank says Australia must stop relying so heavily on income tax

The nation's biggest bank says Australia must break its addiction to taxing income and rein in 'unsustainable' government spending growth. The Commonwealth Bank warned that future generations would be left to pick up the bills as the country ages — unless the system is fixed — in a submission to a Productivity Commission reform inquiry. It comes amid growing debate about how to revitalise the country's economy ahead of a summit planned by Treasurer Jim Chalmers next month. Taxes have surged to be almost 30 per cent of the national economy thanks to booming company payments and ongoing bracket creep, where inflation pushes workers into higher-paying brackets. 'It will not be sustainable for the tax receipts from a proportionately smaller workforce to pay for the level of public services Australians demand, particularly as the population ages,' the $299 billion company said. 'Similarly, simply running structural budget deficits only passes the problem to future generations. 'Australia needs to find a way to lower its dependence on income taxes.' While the big four bank stopped short of recommending changes to the GST, the submission said there should be debate about 'appropriate levels and role' for taxes on consumption and wealth. But the bank did say that uncapped concessions for superannuation were unsustainable. Company tax cuts would not be a priority, the submission said, while cracking down on multinational tax avoidance should remain on the agenda. It pointed to research showing that about 80 per cent of household income growth over the past 30 years came from improved productivity — doing things smarter and better. The Master Builders Association wants the company tax rate cut from 25 to 20 per cent for small businesses and urged governments to help keep inflation under control. 'Company tax settings need to be competitive to support economic growth,' the lobby group said in its submission. 'The proposal would provide instant respite to Australian small businesses and let them focus on what they do best. 'Investment growth has been lacklustre in Australia, leading to reduced competition,higher prices and lower living standards.'

Why Twiggy's happy to cut the oranges for Team Australia

Sydney Morning Herald

43 minutes ago

Sydney Morning Herald

Why Twiggy's happy to cut the oranges for Team Australia

Shanghai: Prime Minister Anthony Albanese couldn't help but smirk when Andrew Forrest deployed his trademark humour at a press conference in Shanghai on Tuesday. 'Look, I just speak today as a passionate Australian person who's always been happy to cut the oranges out for our country, anytime,' the West Australian billionaire said. The man known as 'Twiggy', a mining tycoon turned climate saviour, had moments earlier been lavishing praise on the prime minister. Albanese was a busy man, Forrest remarked, and busy people were the best people to handle a tough job. The task on Forrest's mind? 'I asked our prime minister if he could work together with China to form a bilateral agreement where we escape the threats coming from AI [artificial intelligence] to employment, both in China and Australia,' Forrest said. A big ask in anyone's book. And the purpose of this request? '[To] generate a serious jobs boom in both China for green steel and particularly for Australia in green iron ore,' Forrest said. 'We forecast hundreds of thousands of new jobs ... Chasing that tail is incredibly important for all peoples, and for all peoples' children.' The link between artificial intelligence and green steel may need some clarification. But what is clear is Forrest's drive to build his company, Fortescue, and through that to drive change for a greener economy.

Albanese's ‘strange' response to US commitment in a China-Taiwan war questioned

Sky News AU

an hour ago

Sky News AU

Albanese's ‘strange' response to US commitment in a China-Taiwan war questioned

Strategic Analysis Australia Director Peter Jennings discusses Prime Minister Anthony Albanese's inability to answer questions on Australia's role in a potential China–Taiwan war. '[America] is really just asking, 'hey Australia, are you still with us … because you are behaving in a strange way if you are,'' Mr Jennings told Sky News host Peta Credlin. 'I think it's perfectly reasonable for the Americans to be asking those questions, seeing as it's their technology, they're proposing to sell to us. 'Unfortunately, the PM just seems to be incapable of saying that, and Albanese is now letting himself be played by the Pentagon."