Identification methods for proposed Australian social media ban under fire
'The government has just said to do it, they're assuming that tech companies are so good and so smart that they can make it happen,' Mr Long told Sky News host Chris Kenny.
'But here's the thing, they're relying on age assurance trials, which is essentially using face identification and things like that to determine someone's age.
'Their margin of error is up to 18 months.'
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The Advertiser
25 minutes ago
- The Advertiser
'Not right': Australia urged to wind back tax breaks
Australian workers could be locked out of home ownership unless property concessions are reined in, but any reform would require careful manoeuvring from the government. As the federal government seeks ways to reinvigorate the nation's languishing productivity, the Australian Council of Trade Unions has urged it to reform the tax system and make housing affordable. Tax concessions like negative gearing, which allows investors to claim deductions on losses, and the capital gains tax discount, which halves the amount of tax paid by those who sell assets owned for a year or more, have incentivised property investment and tied up capital that could otherwise be invested more productively, according to the union. "Working people can no longer afford to live near where they work and young people are locked out of the housing market and locked into high rents," ACTU secretary Sally McManus said. "It's just not right and has to change." The union has proposed limiting negative gearing and capital gains tax discounts to a single investment property, though those tax breaks would be grandfathered for five years on properties that already benefit, giving investors time to adjust. Independent economist Saul Eslake, who has spent decades advocating for the abolition of negative gearing and the capital gains discount, said the ACTU's proposal was "good policy". "One of the things about our tax system is it provides enormous incentives for people to invest in residential property - not so much in building more of it but in speculating that its price will go up," he told AAP. But reforms to property tax concessions have historically been political kryptonite for Labor. A previous proposal to limit negative gearing contributed to the party's narrow defeat at the 2019 election, which may not come as a surprise given about one in five taxpayers have at least one investment property and about half of them are negatively geared, Australian Taxation Office statistics have found. While Labor won the May election in a landslide victory, Australian political orthodoxy would suggest the government may not do much with its margin and instead seek to argue for an expansive mandate at the 2028 contest when it will be prepared to take some flack. "There's a lot of votes at risk," Mr Eslake said. "But what's the point of having political capital, if you're not prepared to spend it?" Treasurer Jim Chalmers appears keen to break from the political orthodoxy in pursuit of major tax reforms. However, this will come at a cost, Mr Eslake said. Australia's last big tax reform - the introduction of the GST - came during a time when the Howard government had maintained a significant surplus that could be drawn down on to ensure everyone was better off. The current government is staring down a decade of deficit, which means some people will have to be worse off. "(But) the government can afford to alienate people who would never vote for it in the first place," Mr Eslake said. He says this is the implicit attitude behind such Labor policies as its proposal to lift taxes on super balances above $3 million from 15 per cent to 30 per cent, which will impact about 0.5 per cent of savers. Dr Chalmers will convene a roundtable later in August that will focus on lifting living standards by improving productivity, building resilience and strengthening the budget. The union has also urged the government to implement a minimum 25 per cent tax rate for individuals who earn more than $1 million and a cap on the Fuel Tax Credit Scheme for big business to ensure companies cannot claim more than $20 million in those credits. But the Business Council of Australia has hit back, calling the proposals "ad hoc tax grabs". "You don't fix Australia's lagging productivity and investment by taxing businesses more and making Australia less competitive," chief executive Bran Black said. Australian workers could be locked out of home ownership unless property concessions are reined in, but any reform would require careful manoeuvring from the government. As the federal government seeks ways to reinvigorate the nation's languishing productivity, the Australian Council of Trade Unions has urged it to reform the tax system and make housing affordable. Tax concessions like negative gearing, which allows investors to claim deductions on losses, and the capital gains tax discount, which halves the amount of tax paid by those who sell assets owned for a year or more, have incentivised property investment and tied up capital that could otherwise be invested more productively, according to the union. "Working people can no longer afford to live near where they work and young people are locked out of the housing market and locked into high rents," ACTU secretary Sally McManus said. "It's just not right and has to change." The union has proposed limiting negative gearing and capital gains tax discounts to a single investment property, though those tax breaks would be grandfathered for five years on properties that already benefit, giving investors time to adjust. Independent economist Saul Eslake, who has spent decades advocating for the abolition of negative gearing and the capital gains discount, said the ACTU's proposal was "good policy". "One of the things about our tax system is it provides enormous incentives for people to invest in residential property - not so much in building more of it but in speculating that its price will go up," he told AAP. But reforms to property tax concessions have historically been political kryptonite for Labor. A previous proposal to limit negative gearing contributed to the party's narrow defeat at the 2019 election, which may not come as a surprise given about one in five taxpayers have at least one investment property and about half of them are negatively geared, Australian Taxation Office statistics have found. While Labor won the May election in a landslide victory, Australian political orthodoxy would suggest the government may not do much with its margin and instead seek to argue for an expansive mandate at the 2028 contest when it will be prepared to take some flack. "There's a lot of votes at risk," Mr Eslake said. "But what's the point of having political capital, if you're not prepared to spend it?" Treasurer Jim Chalmers appears keen to break from the political orthodoxy in pursuit of major tax reforms. However, this will come at a cost, Mr Eslake said. Australia's last big tax reform - the introduction of the GST - came during a time when the Howard government had maintained a significant surplus that could be drawn down on to ensure everyone was better off. The current government is staring down a decade of deficit, which means some people will have to be worse off. "(But) the government can afford to alienate people who would never vote for it in the first place," Mr Eslake said. He says this is the implicit attitude behind such Labor policies as its proposal to lift taxes on super balances above $3 million from 15 per cent to 30 per cent, which will impact about 0.5 per cent of savers. Dr Chalmers will convene a roundtable later in August that will focus on lifting living standards by improving productivity, building resilience and strengthening the budget. The union has also urged the government to implement a minimum 25 per cent tax rate for individuals who earn more than $1 million and a cap on the Fuel Tax Credit Scheme for big business to ensure companies cannot claim more than $20 million in those credits. But the Business Council of Australia has hit back, calling the proposals "ad hoc tax grabs". "You don't fix Australia's lagging productivity and investment by taxing businesses more and making Australia less competitive," chief executive Bran Black said. Australian workers could be locked out of home ownership unless property concessions are reined in, but any reform would require careful manoeuvring from the government. As the federal government seeks ways to reinvigorate the nation's languishing productivity, the Australian Council of Trade Unions has urged it to reform the tax system and make housing affordable. Tax concessions like negative gearing, which allows investors to claim deductions on losses, and the capital gains tax discount, which halves the amount of tax paid by those who sell assets owned for a year or more, have incentivised property investment and tied up capital that could otherwise be invested more productively, according to the union. "Working people can no longer afford to live near where they work and young people are locked out of the housing market and locked into high rents," ACTU secretary Sally McManus said. "It's just not right and has to change." The union has proposed limiting negative gearing and capital gains tax discounts to a single investment property, though those tax breaks would be grandfathered for five years on properties that already benefit, giving investors time to adjust. Independent economist Saul Eslake, who has spent decades advocating for the abolition of negative gearing and the capital gains discount, said the ACTU's proposal was "good policy". "One of the things about our tax system is it provides enormous incentives for people to invest in residential property - not so much in building more of it but in speculating that its price will go up," he told AAP. But reforms to property tax concessions have historically been political kryptonite for Labor. A previous proposal to limit negative gearing contributed to the party's narrow defeat at the 2019 election, which may not come as a surprise given about one in five taxpayers have at least one investment property and about half of them are negatively geared, Australian Taxation Office statistics have found. While Labor won the May election in a landslide victory, Australian political orthodoxy would suggest the government may not do much with its margin and instead seek to argue for an expansive mandate at the 2028 contest when it will be prepared to take some flack. "There's a lot of votes at risk," Mr Eslake said. "But what's the point of having political capital, if you're not prepared to spend it?" Treasurer Jim Chalmers appears keen to break from the political orthodoxy in pursuit of major tax reforms. However, this will come at a cost, Mr Eslake said. Australia's last big tax reform - the introduction of the GST - came during a time when the Howard government had maintained a significant surplus that could be drawn down on to ensure everyone was better off. The current government is staring down a decade of deficit, which means some people will have to be worse off. "(But) the government can afford to alienate people who would never vote for it in the first place," Mr Eslake said. He says this is the implicit attitude behind such Labor policies as its proposal to lift taxes on super balances above $3 million from 15 per cent to 30 per cent, which will impact about 0.5 per cent of savers. Dr Chalmers will convene a roundtable later in August that will focus on lifting living standards by improving productivity, building resilience and strengthening the budget. The union has also urged the government to implement a minimum 25 per cent tax rate for individuals who earn more than $1 million and a cap on the Fuel Tax Credit Scheme for big business to ensure companies cannot claim more than $20 million in those credits. But the Business Council of Australia has hit back, calling the proposals "ad hoc tax grabs". "You don't fix Australia's lagging productivity and investment by taxing businesses more and making Australia less competitive," chief executive Bran Black said. Australian workers could be locked out of home ownership unless property concessions are reined in, but any reform would require careful manoeuvring from the government. As the federal government seeks ways to reinvigorate the nation's languishing productivity, the Australian Council of Trade Unions has urged it to reform the tax system and make housing affordable. Tax concessions like negative gearing, which allows investors to claim deductions on losses, and the capital gains tax discount, which halves the amount of tax paid by those who sell assets owned for a year or more, have incentivised property investment and tied up capital that could otherwise be invested more productively, according to the union. "Working people can no longer afford to live near where they work and young people are locked out of the housing market and locked into high rents," ACTU secretary Sally McManus said. "It's just not right and has to change." The union has proposed limiting negative gearing and capital gains tax discounts to a single investment property, though those tax breaks would be grandfathered for five years on properties that already benefit, giving investors time to adjust. Independent economist Saul Eslake, who has spent decades advocating for the abolition of negative gearing and the capital gains discount, said the ACTU's proposal was "good policy". "One of the things about our tax system is it provides enormous incentives for people to invest in residential property - not so much in building more of it but in speculating that its price will go up," he told AAP. But reforms to property tax concessions have historically been political kryptonite for Labor. A previous proposal to limit negative gearing contributed to the party's narrow defeat at the 2019 election, which may not come as a surprise given about one in five taxpayers have at least one investment property and about half of them are negatively geared, Australian Taxation Office statistics have found. While Labor won the May election in a landslide victory, Australian political orthodoxy would suggest the government may not do much with its margin and instead seek to argue for an expansive mandate at the 2028 contest when it will be prepared to take some flack. "There's a lot of votes at risk," Mr Eslake said. "But what's the point of having political capital, if you're not prepared to spend it?" Treasurer Jim Chalmers appears keen to break from the political orthodoxy in pursuit of major tax reforms. However, this will come at a cost, Mr Eslake said. Australia's last big tax reform - the introduction of the GST - came during a time when the Howard government had maintained a significant surplus that could be drawn down on to ensure everyone was better off. The current government is staring down a decade of deficit, which means some people will have to be worse off. "(But) the government can afford to alienate people who would never vote for it in the first place," Mr Eslake said. He says this is the implicit attitude behind such Labor policies as its proposal to lift taxes on super balances above $3 million from 15 per cent to 30 per cent, which will impact about 0.5 per cent of savers. Dr Chalmers will convene a roundtable later in August that will focus on lifting living standards by improving productivity, building resilience and strengthening the budget. The union has also urged the government to implement a minimum 25 per cent tax rate for individuals who earn more than $1 million and a cap on the Fuel Tax Credit Scheme for big business to ensure companies cannot claim more than $20 million in those credits. But the Business Council of Australia has hit back, calling the proposals "ad hoc tax grabs". "You don't fix Australia's lagging productivity and investment by taxing businesses more and making Australia less competitive," chief executive Bran Black said.
AU Financial Review
41 minutes ago
- AU Financial Review
ASX to fall, $A rallies as investors fret over US economy outlook
The Australian sharemarket is poised to open the week in the red after weaker-than-expected US jobs data raised concerns about the health of the world's largest economy. The catalyst was the July US non-farm payrolls report, which showed the economy added only 73,000 jobs, well below the 100,000 economists had forecast. More significantly, data for the prior two months was revised down by a combined 258,000, dragging the three-month average to just 35,000, the weakest stretch of jobs growth since 2010, excluding the peak months of the pandemic.
West Australian
2 hours ago
- West Australian
ASX-listed gold miners arrive at Diggers & Dealers with more than $7.5b of cash and bullion to play with
Local gold miners are making the annual pilgrimage to Kalgoorlie while carrying piggy banks bursting at the seams. The Diggers & Dealers Mining Forum begins in the gold heartland on Monday after a record year for the precious metal. Gold miners were already flying high at last year's Diggers & Dealers and since then bullion's value in Australian dollar terms has surged another 38 per cent to $5120 an ounce. ASX-listed producers of the precious metal are now flush with funds — collectively holding more than $7.5 billion of cash and bullion at June 30. How those riches will be spent, or not spent, is set to dominate conversation among the 2000-plus attendees at the three-day conference. 'Perhaps they could be used for further acquisitions although prices now paid to obtain such new assets are very high,' Surbiton Associates director Sandra Close said. 'The concern is that the larger the cash reserves become, the more the company may become a tempting takeover target.' Dr Close, who has been a gold industry analyst for three decades, said there was 'another rather obvious solution'. 'I am sure that shareholders would love to see higher dividends.' A wave of consolidation has already swept through the gold industry over the past 18 months, with about $9 billion of mergers between Red 5 and Silver Lake Resources, Westgold Resources and Karora Resources, and Ramelius Resources and Spartan Resources. Gold mines and early-stage developments have also been snapped up at a premium left, right and centre across WA. South Africa's Gold Fields in May shook hands with Gruyere mine partner Gold Road Resources to buy its half stake in the Goldfields project for $3.7b in cash and shares. A day prior to this handshake, Northern Star Resources wrapped up its all-stock deal to take control of De Grey Mining and its prized Hemi development in the Pilbara for $6b. Northern Star has the biggest pile of cash and bullion among miners listed on Australia's bourse. It held $1.9b at June 30, well ahead of Ramelius in second place at $810m. Evolution Mining had $760m, Vault Minerals $686m, Greatland Gold $575m and Regis Resources $517m as the other local miners with liquid asset balances over half a billion dollars by the end of FY2025. While gold chiefs are poised to chest-beat at Kalgoorlie's Goldfields Arts Centre's lectern, their battery metals counterparts will cut forlorn figures for the second year in a row. Some, like IGO's Ivan Vella, have decided not to front. WA's once-thriving nickel industry is one mine closure away from complete collapse, lithium remains in the doldrums and no local rare earth element explorers of note had a bumper year. Uranium has also lost its glow. The radioactive commodity became a hot topic at last year's Diggers & Dealers after former Coalition leader Peter Dutton gatecrashed the conference to spruik his nuclear energy policy. Mr Dutton's election failure in May and weakening uranium prices over the past 12 months have largely killed the hype. A notable absence at this year's forum will be the presence of any of the three biggest miners in the State — BHP, Rio Tinto and Fortescue. Fortescue presented last year via Kristen Pelc, a corporate development manager, and BHP had a booth — infamously an empty one after announcing a month prior to the conference that is sprawling Nickel West arm would into care and maintenance.
