Income tax out-paced wages as rates and inflation started to bite
Working Australians' tax bills grew faster than their wages in the first full year of the Albanese government, as even the most well-heeled endured a dip in their incomes as the froth came off the nation's property market.
Data from the Australian Taxation Office released today, covering the 2022-23 financial year, reveal the hit many people suffered as their wages were eaten away by both inflation and the tax system, especially women who suffered most from the end of the low and middle income tax offset.
Across all workers, average income was $74,240, an increase of $1913 or 2.6 per cent over 2021-22. Women did the best with their average income growing by 3.3 per cent or $1992 to $62,046 compared to men whose average lifted 2.2 per cent to $86,199.
Much of that increase was eaten up by higher tax, partly due to the end of the low and middle income tax offset. The offset had been super-sized to $1500 by the Morrison government as it sought to cling to power, but it was always due to finish for the 2022-23 financial year.
By ending the offset, the average net tax paid by all workers increased by 4.2 per cent, or $946, to $23,562.
Women, many of whom had qualified for the low and middle income tax offset, suffered a 5.8 per cent or $1009 increase in their average net tax. For men, their average tax lifted by $1000 or 3.7 per cent to $28,206.
Inflation added to the pain, up by 6 per cent through the year.
The data precedes the government's re-worked stage 3 tax cuts that started to flow to all workers in the 2024-25 financial year. But it does mark the point at which per capita GDP and household consumption started to fall.
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Sky News AU
4 hours ago
- Sky News AU
New push to end controversial protections for NSW's Snowy Mountain brumbies
The future of NSW's Snowy Mountain brumbies may hang in the balance if a new bill is passed to repeal controversial protections for the invasive species. Independent Wagga Wagga MP Joe McGirr gave notice on Wednesday of his intention to introduce a Bill to repeal the Kosciuszko Wild Horse Heritage Act. The Act, introduced by former deputy premier John Barilaro, recognised the 'heritage' value of brumbies and mandated their population be reduced to 3000. While it will be years until a new target is set, Invasive Species CEO Jack Gough said even one horse in Kosciuszko would cause 'enormous amounts of damage'. 'The question is the scale of damage that we're prepared to accept,' Mr Gough said alongside Mr McGirr on Wednesday. 'Having 1/3 of the national park set up as an area that is essentially a horse paddock instead of a national park is not something that Australians want.' Mr Gough admitted it would be difficult to reduce the number of feral horses in Kosciuszko National Park to zero, but stressed the risk the brumbies posed. 'We know that the Australian landscape did not evolve with large, heavy, hard-hoofed animals that are cutting up that landscape,' he said. 'They are draining the peat moss and are causing enormous amount of damage to the homes of our native species.' In May, the NSW National Parks and Wildlife Service reported as few as 1500 brumbies may be left in the park following extensive aerial culling. While images released by the Park service showed recovery to the fragile alpine ecosystem, the method of reducing horse numbers has been controversial. Animal Justice Party MP Emma Hurst said there was 'no justification' for aerial shooting at Kosciuszko, and that the party would not be supporting Mr McGirr's bill. If it was passed, she expressed concern it would result in a 'push to kill any remaining animals that are there in the park'. 'The push to actually repeal this act, to open the doors to allow for that killing is mind boggling,' she said. Ms Hurst called on NSW Environment Minister Penny Sharpe to 'keep her word' about aerial shooting. Ms Sharpe told a budget estimates committee aerial shooting had 'ceased for now' in the horse retention area after the population reports were released. Further aerial shooting has taken place outside of the retention area from June 10 until June 30, targeting 'all feral animals'. In a statement, Ms Sharpe said the state government was close to reaching the legislated targeted of 3000 wild horses in Kosciuszko, two years ahead of deadline. 'We're now focused on population management,' she said. 'We will have a look at the Bill, as we do with all Bills.' Future of the Brumby Bill remains unclear If passed, the Mr McGirr's bill would create a transition period from January 1 until July 1, 2027, at which point the previous management plan would end. The Wild Horses Community Advisory Panel will also be dissolved, with the state government freed up to create a new management plan. On Wednesday, Mr Gough and Mr McGirr expressed their confidence that the Bill would be approved with support from Labor and Liberals. Mr Gough said the so-called Brumby Bill had 'no friends left' in either the upper or lower houses, including from the Liberals, Greens, and Labor. Ms Hurst was less certain, raising the possibility it may not be supported by Nationals Party or the Shooters, Fishers, and Farmers party. Australian Brumby Alliance President Nikki Alberts is part of a vocal minority in the community who stridently oppose the shooting of brumbies in the park. She also expressed fears that if the Heritage Act was repealed 'they'll go in and shoot them (the brumbies) all'. Ms Alberts said the Alliance had put forward a proposal for management of the brumby population, with a focus on rehoming. Currently, the NSW government employs a range of brumby management measures, including trapping and rehoming and early-days immunocontraceptives. Originally published as New push to end controversial protections for NSW's Snowy Mountain brumbies
The Advertiser
6 hours ago
- The Advertiser
Hunter not a new contributor to national defence industry
Australia faces the most complex strategic circumstances since the end of World War II. That's why it is more important than ever before that we have the right military capabilities. It is essential for deterrence, and it's essential for our national security. The Albanese government has increased defence funding to record levels, and that includes record levels towards acquiring new capabilities for the ADF. This is the biggest peacetime increase in defence spending in Australia's history. In the lead up to the election, even the Greens recognised the importance of defence capability, when they announced a formally costed policy to fund new military programs to make weapons, including missiles, locally. Right here in Australia. We welcome the Greens' support for the government's plans to increase local defence manufacturing as part of creating a future made in Australia. It creates jobs, supports local economies and builds the skills we need to strengthen our sovereign defence industrial base. That's why we have funded the factory at Astra Aerolab in the region, which is expected to generate more than 500 jobs in the construction phase and almost $100 million in economic benefits for our local area. Construction of this factory represents a leap forward for Australia's defence industry that highlights the government's commitment to a future made in Australia. If the Greens stand by their defence policy, they should be getting behind this initiative and backing local manufacturing and the creation of highly skilled, well-paid local jobs. The Hunter has been a significant contributor to our sovereign defence industrial base for decades, and defence supports the jobs of more than 10,000 people in the region. The region is home to a number of dynamic small to medium enterprises that deliver critical components and services to the Australian Defence Force. It's connected to the nation through the east-coast transport corridor, and connected to the world by the Port of Newcastle. With a world-class university, a skilled workforce and an amazing lifestyle, the Hunter Valley's future is brighter than ever before, especially for those in the defence industry. The Hunter is home to an outstanding group of businesses ranging from the largest defence companies to the smallest local suppliers, which support crucial capabilities including the E-7 Wedgetail, the Hawk 127 Lead-in Fighter and the F-35 Joint Strike Fighter. While the Hunter region is rightly proud of the deep expertise of the local aerospace industry, it is far from the only defence industry to be found here. Cardiff company Nupress is already partnering with Kongsberg to make mechanical components for the Naval Strike Missile. In the Hunter, Van Munster Boats produces the Bluebottle uncrewed surface vessel. Bluebottles use solar, wind, and wave energy to ensure persistent intelligence, surveillance and reconnaissance above and below the water. They are already being used by the navy, the Australian Border Force, and Australian Maritime Parks. There have been defence businesses in the airport precinct for many years because it's well located, close to one of our most important air force bases (RAAF Williamtown), meaning it's secure and can be protected. The point is that the establishment of the Kongsberg factory near Newcastle airport is nothing new. It's also important to note that no explosive material will be stored or produced on site. The Greens know this. The missiles will be produced for Australian purposes. The Greens' claim that they will be exported to Israel is a flat-out lie. The Greens know this. Australia has not exported weapons to Israel since the Gaza conflict began, and for at least the past five years. We all want to raise our children in a stable, peaceful, and prosperous environment. If we believe in defending the country, we need to equip our defence force to do so. We welcome a sensible, level-headed conversation about defence industry, national security and local jobs, but we could do without the scare-mongering and fallacies offered by the opportunistic and misleading Greens party. Australia faces the most complex strategic circumstances since the end of World War II. That's why it is more important than ever before that we have the right military capabilities. It is essential for deterrence, and it's essential for our national security. The Albanese government has increased defence funding to record levels, and that includes record levels towards acquiring new capabilities for the ADF. This is the biggest peacetime increase in defence spending in Australia's history. In the lead up to the election, even the Greens recognised the importance of defence capability, when they announced a formally costed policy to fund new military programs to make weapons, including missiles, locally. Right here in Australia. We welcome the Greens' support for the government's plans to increase local defence manufacturing as part of creating a future made in Australia. It creates jobs, supports local economies and builds the skills we need to strengthen our sovereign defence industrial base. That's why we have funded the factory at Astra Aerolab in the region, which is expected to generate more than 500 jobs in the construction phase and almost $100 million in economic benefits for our local area. Construction of this factory represents a leap forward for Australia's defence industry that highlights the government's commitment to a future made in Australia. If the Greens stand by their defence policy, they should be getting behind this initiative and backing local manufacturing and the creation of highly skilled, well-paid local jobs. The Hunter has been a significant contributor to our sovereign defence industrial base for decades, and defence supports the jobs of more than 10,000 people in the region. The region is home to a number of dynamic small to medium enterprises that deliver critical components and services to the Australian Defence Force. It's connected to the nation through the east-coast transport corridor, and connected to the world by the Port of Newcastle. With a world-class university, a skilled workforce and an amazing lifestyle, the Hunter Valley's future is brighter than ever before, especially for those in the defence industry. The Hunter is home to an outstanding group of businesses ranging from the largest defence companies to the smallest local suppliers, which support crucial capabilities including the E-7 Wedgetail, the Hawk 127 Lead-in Fighter and the F-35 Joint Strike Fighter. While the Hunter region is rightly proud of the deep expertise of the local aerospace industry, it is far from the only defence industry to be found here. Cardiff company Nupress is already partnering with Kongsberg to make mechanical components for the Naval Strike Missile. In the Hunter, Van Munster Boats produces the Bluebottle uncrewed surface vessel. Bluebottles use solar, wind, and wave energy to ensure persistent intelligence, surveillance and reconnaissance above and below the water. They are already being used by the navy, the Australian Border Force, and Australian Maritime Parks. There have been defence businesses in the airport precinct for many years because it's well located, close to one of our most important air force bases (RAAF Williamtown), meaning it's secure and can be protected. The point is that the establishment of the Kongsberg factory near Newcastle airport is nothing new. It's also important to note that no explosive material will be stored or produced on site. The Greens know this. The missiles will be produced for Australian purposes. The Greens' claim that they will be exported to Israel is a flat-out lie. The Greens know this. Australia has not exported weapons to Israel since the Gaza conflict began, and for at least the past five years. We all want to raise our children in a stable, peaceful, and prosperous environment. If we believe in defending the country, we need to equip our defence force to do so. We welcome a sensible, level-headed conversation about defence industry, national security and local jobs, but we could do without the scare-mongering and fallacies offered by the opportunistic and misleading Greens party. Australia faces the most complex strategic circumstances since the end of World War II. That's why it is more important than ever before that we have the right military capabilities. It is essential for deterrence, and it's essential for our national security. The Albanese government has increased defence funding to record levels, and that includes record levels towards acquiring new capabilities for the ADF. This is the biggest peacetime increase in defence spending in Australia's history. In the lead up to the election, even the Greens recognised the importance of defence capability, when they announced a formally costed policy to fund new military programs to make weapons, including missiles, locally. Right here in Australia. We welcome the Greens' support for the government's plans to increase local defence manufacturing as part of creating a future made in Australia. It creates jobs, supports local economies and builds the skills we need to strengthen our sovereign defence industrial base. That's why we have funded the factory at Astra Aerolab in the region, which is expected to generate more than 500 jobs in the construction phase and almost $100 million in economic benefits for our local area. Construction of this factory represents a leap forward for Australia's defence industry that highlights the government's commitment to a future made in Australia. If the Greens stand by their defence policy, they should be getting behind this initiative and backing local manufacturing and the creation of highly skilled, well-paid local jobs. The Hunter has been a significant contributor to our sovereign defence industrial base for decades, and defence supports the jobs of more than 10,000 people in the region. The region is home to a number of dynamic small to medium enterprises that deliver critical components and services to the Australian Defence Force. It's connected to the nation through the east-coast transport corridor, and connected to the world by the Port of Newcastle. With a world-class university, a skilled workforce and an amazing lifestyle, the Hunter Valley's future is brighter than ever before, especially for those in the defence industry. The Hunter is home to an outstanding group of businesses ranging from the largest defence companies to the smallest local suppliers, which support crucial capabilities including the E-7 Wedgetail, the Hawk 127 Lead-in Fighter and the F-35 Joint Strike Fighter. While the Hunter region is rightly proud of the deep expertise of the local aerospace industry, it is far from the only defence industry to be found here. Cardiff company Nupress is already partnering with Kongsberg to make mechanical components for the Naval Strike Missile. In the Hunter, Van Munster Boats produces the Bluebottle uncrewed surface vessel. Bluebottles use solar, wind, and wave energy to ensure persistent intelligence, surveillance and reconnaissance above and below the water. They are already being used by the navy, the Australian Border Force, and Australian Maritime Parks. There have been defence businesses in the airport precinct for many years because it's well located, close to one of our most important air force bases (RAAF Williamtown), meaning it's secure and can be protected. The point is that the establishment of the Kongsberg factory near Newcastle airport is nothing new. It's also important to note that no explosive material will be stored or produced on site. The Greens know this. The missiles will be produced for Australian purposes. The Greens' claim that they will be exported to Israel is a flat-out lie. The Greens know this. Australia has not exported weapons to Israel since the Gaza conflict began, and for at least the past five years. We all want to raise our children in a stable, peaceful, and prosperous environment. If we believe in defending the country, we need to equip our defence force to do so. We welcome a sensible, level-headed conversation about defence industry, national security and local jobs, but we could do without the scare-mongering and fallacies offered by the opportunistic and misleading Greens party. Australia faces the most complex strategic circumstances since the end of World War II. That's why it is more important than ever before that we have the right military capabilities. It is essential for deterrence, and it's essential for our national security. The Albanese government has increased defence funding to record levels, and that includes record levels towards acquiring new capabilities for the ADF. This is the biggest peacetime increase in defence spending in Australia's history. In the lead up to the election, even the Greens recognised the importance of defence capability, when they announced a formally costed policy to fund new military programs to make weapons, including missiles, locally. Right here in Australia. We welcome the Greens' support for the government's plans to increase local defence manufacturing as part of creating a future made in Australia. It creates jobs, supports local economies and builds the skills we need to strengthen our sovereign defence industrial base. That's why we have funded the factory at Astra Aerolab in the region, which is expected to generate more than 500 jobs in the construction phase and almost $100 million in economic benefits for our local area. Construction of this factory represents a leap forward for Australia's defence industry that highlights the government's commitment to a future made in Australia. If the Greens stand by their defence policy, they should be getting behind this initiative and backing local manufacturing and the creation of highly skilled, well-paid local jobs. The Hunter has been a significant contributor to our sovereign defence industrial base for decades, and defence supports the jobs of more than 10,000 people in the region. The region is home to a number of dynamic small to medium enterprises that deliver critical components and services to the Australian Defence Force. It's connected to the nation through the east-coast transport corridor, and connected to the world by the Port of Newcastle. With a world-class university, a skilled workforce and an amazing lifestyle, the Hunter Valley's future is brighter than ever before, especially for those in the defence industry. The Hunter is home to an outstanding group of businesses ranging from the largest defence companies to the smallest local suppliers, which support crucial capabilities including the E-7 Wedgetail, the Hawk 127 Lead-in Fighter and the F-35 Joint Strike Fighter. While the Hunter region is rightly proud of the deep expertise of the local aerospace industry, it is far from the only defence industry to be found here. Cardiff company Nupress is already partnering with Kongsberg to make mechanical components for the Naval Strike Missile. In the Hunter, Van Munster Boats produces the Bluebottle uncrewed surface vessel. Bluebottles use solar, wind, and wave energy to ensure persistent intelligence, surveillance and reconnaissance above and below the water. They are already being used by the navy, the Australian Border Force, and Australian Maritime Parks. There have been defence businesses in the airport precinct for many years because it's well located, close to one of our most important air force bases (RAAF Williamtown), meaning it's secure and can be protected. The point is that the establishment of the Kongsberg factory near Newcastle airport is nothing new. It's also important to note that no explosive material will be stored or produced on site. The Greens know this. The missiles will be produced for Australian purposes. The Greens' claim that they will be exported to Israel is a flat-out lie. The Greens know this. Australia has not exported weapons to Israel since the Gaza conflict began, and for at least the past five years. We all want to raise our children in a stable, peaceful, and prosperous environment. If we believe in defending the country, we need to equip our defence force to do so. We welcome a sensible, level-headed conversation about defence industry, national security and local jobs, but we could do without the scare-mongering and fallacies offered by the opportunistic and misleading Greens party.
The Advertiser
6 hours ago
- The Advertiser
Australians warned to not jump the gun on tax return
Australians are being warned to exercise patience when lodging their tax returns and be wary of tax-time loans this end of financial year. Some 142,000 people had amendments or their returns investigated by the tax office in 2024 after jumping the gun before it was marked 'tax ready'. These were returns lodged in the first 2 weeks of July 2024. Waiting a few extra weeks gives the tax office ample time to pre-fill important information. "We pre-fill information from your employer, banks, government agencies and health funds into your tax return to help you get it right the first time – regardless of whether you use a registered tax agent or lodge yourself," ATO Assistant Commissioner Rob Thomson said. That little bit of extra time reduces the likelihood of mistakes or omissions which can lead to taxpayers having to submit an amendment - causing delays and issues. The Tax Practitioners Board has also voiced concerns over tax time loans and how they might harm vulnerable members of the community. This involves a tax practitioner, or associated lender, providing a short-term loan or advance on an estimated tax refund to a client. Consumers could be hit with higher fees not fully transparent to the client, a failure of the practitioner in exercising reasonable care and unlawful behaviour when engaging in the practice. "Tax practitioners must carefully consider their legal and ethical obligations and inform their clients of the potential risks when engaging in or recommending tax time finance," board chair Peter de Cure said. The Australian government introduced tax cuts from July 1, 2024 that will reduce the 19 per cent tax rate to 16 per cent and drop the 32.5 per cent rate to 30 per cent. An increased threshold for which the 37 per cent tax rate applies has gone from $120,000 to $135,000, with another jump for those in the 45 per cent rate from $180,000 to $190,000. More changes are on the way from 2026 when every taxpayer will receive an extra cut of up to $268 from July 1 and up to $536 every year from July 2027, compared to 2024–25 tax settings. The ATO collected $577.4 billion in revenue in the 2022-23 financial year with just over half of that stemming from individual income tax ($298 billion). Work-related expenses resulted in half of deductions claims by individuals with 10.3 million Aussies claiming a total of $28.3 billion - an average of $2739 per person. Australians are being warned to exercise patience when lodging their tax returns and be wary of tax-time loans this end of financial year. Some 142,000 people had amendments or their returns investigated by the tax office in 2024 after jumping the gun before it was marked 'tax ready'. These were returns lodged in the first 2 weeks of July 2024. Waiting a few extra weeks gives the tax office ample time to pre-fill important information. "We pre-fill information from your employer, banks, government agencies and health funds into your tax return to help you get it right the first time – regardless of whether you use a registered tax agent or lodge yourself," ATO Assistant Commissioner Rob Thomson said. That little bit of extra time reduces the likelihood of mistakes or omissions which can lead to taxpayers having to submit an amendment - causing delays and issues. The Tax Practitioners Board has also voiced concerns over tax time loans and how they might harm vulnerable members of the community. This involves a tax practitioner, or associated lender, providing a short-term loan or advance on an estimated tax refund to a client. Consumers could be hit with higher fees not fully transparent to the client, a failure of the practitioner in exercising reasonable care and unlawful behaviour when engaging in the practice. "Tax practitioners must carefully consider their legal and ethical obligations and inform their clients of the potential risks when engaging in or recommending tax time finance," board chair Peter de Cure said. The Australian government introduced tax cuts from July 1, 2024 that will reduce the 19 per cent tax rate to 16 per cent and drop the 32.5 per cent rate to 30 per cent. An increased threshold for which the 37 per cent tax rate applies has gone from $120,000 to $135,000, with another jump for those in the 45 per cent rate from $180,000 to $190,000. More changes are on the way from 2026 when every taxpayer will receive an extra cut of up to $268 from July 1 and up to $536 every year from July 2027, compared to 2024–25 tax settings. The ATO collected $577.4 billion in revenue in the 2022-23 financial year with just over half of that stemming from individual income tax ($298 billion). Work-related expenses resulted in half of deductions claims by individuals with 10.3 million Aussies claiming a total of $28.3 billion - an average of $2739 per person. Australians are being warned to exercise patience when lodging their tax returns and be wary of tax-time loans this end of financial year. Some 142,000 people had amendments or their returns investigated by the tax office in 2024 after jumping the gun before it was marked 'tax ready'. These were returns lodged in the first 2 weeks of July 2024. Waiting a few extra weeks gives the tax office ample time to pre-fill important information. "We pre-fill information from your employer, banks, government agencies and health funds into your tax return to help you get it right the first time – regardless of whether you use a registered tax agent or lodge yourself," ATO Assistant Commissioner Rob Thomson said. That little bit of extra time reduces the likelihood of mistakes or omissions which can lead to taxpayers having to submit an amendment - causing delays and issues. The Tax Practitioners Board has also voiced concerns over tax time loans and how they might harm vulnerable members of the community. This involves a tax practitioner, or associated lender, providing a short-term loan or advance on an estimated tax refund to a client. Consumers could be hit with higher fees not fully transparent to the client, a failure of the practitioner in exercising reasonable care and unlawful behaviour when engaging in the practice. "Tax practitioners must carefully consider their legal and ethical obligations and inform their clients of the potential risks when engaging in or recommending tax time finance," board chair Peter de Cure said. The Australian government introduced tax cuts from July 1, 2024 that will reduce the 19 per cent tax rate to 16 per cent and drop the 32.5 per cent rate to 30 per cent. An increased threshold for which the 37 per cent tax rate applies has gone from $120,000 to $135,000, with another jump for those in the 45 per cent rate from $180,000 to $190,000. More changes are on the way from 2026 when every taxpayer will receive an extra cut of up to $268 from July 1 and up to $536 every year from July 2027, compared to 2024–25 tax settings. The ATO collected $577.4 billion in revenue in the 2022-23 financial year with just over half of that stemming from individual income tax ($298 billion). Work-related expenses resulted in half of deductions claims by individuals with 10.3 million Aussies claiming a total of $28.3 billion - an average of $2739 per person. Australians are being warned to exercise patience when lodging their tax returns and be wary of tax-time loans this end of financial year. Some 142,000 people had amendments or their returns investigated by the tax office in 2024 after jumping the gun before it was marked 'tax ready'. These were returns lodged in the first 2 weeks of July 2024. Waiting a few extra weeks gives the tax office ample time to pre-fill important information. "We pre-fill information from your employer, banks, government agencies and health funds into your tax return to help you get it right the first time – regardless of whether you use a registered tax agent or lodge yourself," ATO Assistant Commissioner Rob Thomson said. That little bit of extra time reduces the likelihood of mistakes or omissions which can lead to taxpayers having to submit an amendment - causing delays and issues. The Tax Practitioners Board has also voiced concerns over tax time loans and how they might harm vulnerable members of the community. This involves a tax practitioner, or associated lender, providing a short-term loan or advance on an estimated tax refund to a client. Consumers could be hit with higher fees not fully transparent to the client, a failure of the practitioner in exercising reasonable care and unlawful behaviour when engaging in the practice. "Tax practitioners must carefully consider their legal and ethical obligations and inform their clients of the potential risks when engaging in or recommending tax time finance," board chair Peter de Cure said. The Australian government introduced tax cuts from July 1, 2024 that will reduce the 19 per cent tax rate to 16 per cent and drop the 32.5 per cent rate to 30 per cent. An increased threshold for which the 37 per cent tax rate applies has gone from $120,000 to $135,000, with another jump for those in the 45 per cent rate from $180,000 to $190,000. More changes are on the way from 2026 when every taxpayer will receive an extra cut of up to $268 from July 1 and up to $536 every year from July 2027, compared to 2024–25 tax settings. The ATO collected $577.4 billion in revenue in the 2022-23 financial year with just over half of that stemming from individual income tax ($298 billion). Work-related expenses resulted in half of deductions claims by individuals with 10.3 million Aussies claiming a total of $28.3 billion - an average of $2739 per person.
