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Anthony Albanese stares down tough talks with Xi Jinping

Anthony Albanese stares down tough talks with Xi Jinping

News.com.au9 hours ago
The big moment of Anthony Albanese's state visit to China is upon him — a face-to-face with Xi Jinping.
The Prime Minister has had a cruisy two days being wooed by Chinese officials and business leaders in the glitzy beauty of central Shanghai.
He and his hosts have been keen to boast the boons of deep bilateral trade and tourism ties, emerging from meetings starry-eyed about the future of an economic partnership despite the spectre of an increasingly militaristic regional rivalry.
But when Mr Albanese meets the Chinese President on Tuesday, there will be no escaping the touchy topics.
The Chinese have already indicated they will raise the Port of Darwin, which is leased to Chinese logistics giant Landbridge Holdings.
A former state media propagandist-turned influencer warned of 'countermeasures' if the Albanese government follows through with its election vow to break the 99-year lease.
But speaking to reporters on Monday, Mr Albanese doubled down on the promise, saying his government has 'a very clear position' and that Mr Xi 'is very clear and knowledgeable of that'.
'We have a very clear position that we want the port to go into Australian ownership,' he said before departing for Beijing.
'We've been clear about it, we've been orderly about it, and we will go through that process.' Mr Albanese has been careful not to pre-empt how his meeting with the world's second-most powerful leader will go.
'I'll treat him with the respect that I would any leader of another country and not foreshadow everything today,' he said in his Monday remarks.
But he did give some hints on what touchy topics he might have of his own, such as the detention of detention of Australian writer and pro-democracy activist Yang Hengiun.
Mr Yang was given a suspended death sentence last year after spending five years behind bars on espionage charges – charges he denies.
'We always raise issues of Australian citizens, and if you look at my record, it's not too bad,' Mr Albanese boasted when asked about Mr Yang.
'I'll put my record there of successfully advocating for Australian citizens, some of which has been criticised when we've been successful.'
Human rights more broadly could also be on the agenda.
Aside from detaining Australians on trumped-up charges, Canberra has protested China's enslavement of Uighur Muslims in its Xinjiang province and demanded it implement recommendations made in a UN report.
Speaking on Chinese soil in the presence of Chinese officials, Mr Albanese simply repeated his China mantra, saying his government 'will co-operate wherever we can' and 'disagree where we must'.
'We disagree where we must and we put forward our position clearly where we have disagreements,' he said.
He flatly refused to say if he would mention the Chinese warships that carried out live-fire drills as they circumnavigated Australia earlier this year.
He also would not comment on whether he would bring up China's support for Russia in its years-long war on Ukraine.
There will be space for positives, though, with Mr Albanese eager to quell concerns of a future conflict through trade – an approach Europe took with Russia under Vladimir Putin.
He said it was 'important to recognise … that the economic relationship is obviously based on upon a stable and secure region'.
'We've seen the disruption that occurs when there is conflict in the world,' Mr Albanese said.
'That's why we need to make sure that we do everything we can to promote peace and security in the region.'
He added building people-to-people ties was key to keeping the peace.
It is a stark contrast to warnings from Washington that China could up-end regional peace by invading Taiwan as early as 2027.
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‘Never that high': Why so many Aussies have a tax debt this year
‘Never that high': Why so many Aussies have a tax debt this year

News.com.au

time12 minutes ago

  • News.com.au

‘Never that high': Why so many Aussies have a tax debt this year

If you are one of the Aussies who has copped a bill after lodging their tax return this year, then you are not alone, with an accountant revealing she has witnessed a significant rise in the number of debts being issued. We are now half way through July and the number of people taking to social media after being told they owe money to the Australian Taxation Office (ATO) has been steadily rising. The tone of their posts range from disappointed to outright furious, but it is clear a significant number of Australians are really unhappy this tax time. Tax Invest Accounting director and tax agent Belinda Raso told she has seen an explosion in people being hit with tax debts, with numbers rising since the end of the low and middle income offset in 2022. Previously, Ms Raso said, people who received a tax bill predominantly knew they were going to be getting one. For example, people who forgot to tell their employer about their HECS-HELP loan, claimed the tax free threshold twice, people with side hustles or those with a positively geared investment property, would be unsurprised by the arrival of a tax bill. But now plenty of unsuspecting Aussies are being hit with unexpected debt. 'Since 2023, I'm not exaggerating, I'm looking at 20 to 30 per cent of clients that are ending up with the tax debt. It was never that high,' the tax agent said. Ms Raso shares a lot of content on social media around tax time and has this year been inundated with messages from people who have no idea why they have received a tax debt. On TikTok alone she says she can get about 20 messages a day from people who owe the ATO money. 'I could be speaking to 30 or 40 people daily that are not even clients, that are begging for help,' she said, adding that she always works to help these people as much as she can. 'It is so prevalent and it's just ordinary Aussies that are employees, and they're wondering, 'Why the hell? What's going on?'' Looking at the comments on some of Ms Raso's videos, you can see just how many people are struggling with tax bills this year. 'My estimate says a $1.9k debt. Can't work out for the life of me why, there's no way I can pay that,' one person said. Another commenter said they got a $1500 bill despite having the same job as previous years where they received refunds. 'Nothing has changed. I made a bit more money this year worked more. But how do I get $1000 returned last year, and now I owe $1500?' they asked. Another said: 'I have two jobs only claim tax free threshold on one and now I owe $1800!' A quick scroll on TikTok will also show dozens of videos of young people expressing lament after their dreams of a healthy tax refund were dashed. One user, Kenneth, said he spent 'five hours, 47 tabs, three breakdowns doing (my) tax return, just to find out I owe $4000 to the ATO'. In the caption of the video he added: 'The only return I got was emotional damage.' Another young worker shared an image showing she owed almost $5800 to the ATO, asking 'wtf is this' and 'no one speak to me'. A nurse made a video revealing his $3404 debt, while another TikToker, Elaya, was hit with a $1733 bill. Another user revealed they owed close to $9000, writing, 'Any accountants wanna help me?' Ms Raso said there are a few main reasons people are copping debts this year, with one of the key culprits being the rise in people taking on multiple jobs. Australian residents are entitled to the tax-free threshold, which means you pay no tax on the first $18,200 of your income. However, it can only be claimed for one job, and for any additional jobs Aussies must inform their employer they will not be claiming the threshold. But the accountant warned that for people with multiple jobs, this is often not enough to avoid being hit with a tax bill at the end of the financial year. 'If your main job is earning $45,000 or more per year, when you tell that employer at your second job that you don't want to claim the tax free threshold, you go to that first tax rate, which is sitting at 16 per cent plus Medicare levy, that automatically defaults to that,' Ms Raso explained. 'So the employee has done the right thing, the employer has done the right thing, but if you're earning $45,000 or above in that main job, you're already sitting at 30 per cent tax rate, plus 2 per cent Medicare levy, so straight up, you've got a 14 per cent difference.' Ms Raso said this hasn't been as significant an issue previously, because fewer people were working multiple jobs and there was the buffer of the low and middle income tax offset. The tax agent sees thousands of people a year and says she is having conversations on this subject almost every day. She said it is 'distressing' when people are having to get second or third jobs just to get by and they think they are doing the right thing in terms of their tax, only to be hit with a bill. 'No one's done anything wrong, but there is no option for them to actually get that extra tax withheld,' Ms Raso said. 'For most people, our tax system is complicated enough. If they have to go and manually work out another 14 or 15 per cent, that's unfair.' Another common issue has to do with HECS-HELP debt. The repayment income threshold is currently sitting at $56,156, meaning you'll only start seeing payments come out of your pay if your salary ticks over that amount. But, if you are earning under the threshold for both jobs, then neither employer will be withholding those repayments. However, the ATO looks at your total taxable income, so if your combined income is above the threshold and you haven't been making repayments, you are going to be hit with a debt. Another situation Ms Raso sees revolves around salary sacrifice, novated leasing and reportable fringe benefits. She said many people don't realise that those reportable fringe benefits get grossed up by 1.88 times, which is going to impact how your HECS-HELP repayments are calculated, with them being repaid at a higher rate. Ms Raso said those are the three main reasons for tax bills she sees every year, and warned people who cop a debt this year are likely to find themselves in the same situation next year, unless they figure out why. 'If it's not addressed, the same thing is going to happen next year. And if you're one of the people that go may not have had a tax debt this year, but have gotten a second job, you'll end up in that situation next year,' she said.

Overseas arrivals into Australia fuel new concerns over housing supply
Overseas arrivals into Australia fuel new concerns over housing supply

Daily Telegraph

time28 minutes ago

  • Daily Telegraph

Overseas arrivals into Australia fuel new concerns over housing supply

Australia has recorded another month of record long-term overseas arrivals – fresh off the back of announcements that the country is falling further behind critical housing requirements for the coming years. New ABS Overseas Arrivals and Departures data for May 2025 released Tuesday showed net permanent and long-term arrivals in May 2025 were 33,230. This was the highest May net arrival number on record, surpassing the previous record of 31,310 in 2023 by 6 per cent, according to analysis of the figures by policy think tank the Institute of Public Affairs. Net permanent and long-term arrivals in the year to May 2025 were 245,890 – also the highest on record, IPA analysis revealed. Many of the arrivals were international students. MORE: Hidden cost bleeding Aussies of $71 a day MORE: Aus suburbs where your home makes more than you It should be noted that these figures are different to the ABS measure of permanent migration intake, but do point to the amount of strain being put on the housing market – especially the rental market. The figures come as housing approval data indicated the country was already 55,000 homes behind target just one year into the National Housing Accord plan to build 1.2 million new homes by the end of the decade. The shortfall will mean recent arrival numbers could put further strain on the current supply of housing, experts said. IPA deputy executive director David Wild said recent migration was 'excessive' and was 'exacerbating the housing and rental crises being experienced by Australians and new migrants alike'. 'Migration has played a significant role in pummelling Australia's economic productivity (and) creating extended periods of negative per capita economic growth,' Mr Wild said. Mr Wild's comments have followed leaked Treasury advice showing the federal government's National Housing Accord target of building 1.2 million homes between 2024 and 2029 will not be met. 'Despite the fact that the federal government has failed to deliver on a single target under its Accord, it continues to ramp up migration intakes, at a time when the nation is simply not building the houses it needs to accommodate a rapidly rising population,' Mr Wild said. 'Migration-induced demand injected into the housing market, combined with sluggish supply – due to red tape and competition from bloated government infrastructure projects – have created a perfect storm of too many new people and not enough new homes.' PPD Real Estate economist Dr Diaswait Mardiasmo said overseas long-term arrivals figures underlined why the planning system for new housing needed to be turbocharged. 'Projects are taking quite a while to be approved, due to red tape and other factors, and still quite expensive to ensure that it comes out of the ground,' she said. 'These figures stress the need for more housing, and correct type of housing at that, to accommodate more people into the country.' Dr Mardiasmo said renters would be most affected by the influx of new arrivals. 'Most international migrants who come to the country are likely to be renters – therefore this will put more stress on the rental market,' she said. Mr Wild clarified that the issue was down to numbers and how prepared the country was to accommodate growth. 'Australia is a tolerant and welcoming society. However, migration intake must be properly planned,' he said. The IPA pointed to the federal government's net overseas migration budget forecast for FY25 (335,000 arrivals). The think tank claimed this figure has already been exceeded by 88,990 net permanent and long-term arrivals, with another month of data still to be published. Mr Wild said there would be economic implications: 'Australians are already struggling with rapidly rising house prices and rents.'

Rising debts put lives and economy on hold
Rising debts put lives and economy on hold

Daily Telegraph

time28 minutes ago

  • Daily Telegraph

Rising debts put lives and economy on hold

Debts have nearly doubled for Aussie homeowners in the last decade, according to new data from financial comparison site Mozo. The data reveals that the average home loan size has jumped from $389,939 to $659,922, leaving homeowners spending $71 per day more on their mortgages than 10 years ago. Aussies are also taking out fewer loans, despite incredible population growth over the decade. ABS statistics showed 4,957 less new owner-occupier loan commitments for dwellings had been taken out in the March quarter of this year than the March quarter of 2015. MORE: Stubborn homeowners get huge payout National home loan size, 2015-2025, via Mozo. MORE: Full list: Aus suburbs where your home makes more than you Mozo personal finance expert Rachel Wastell said Australian borrowers are now navigating a mortgage market that looks nothing like it did 10 years ago. 'Borrowers aren't just feeling the impact of 13 rate hikes in under two years, they're carrying the weight of a decade of rising home loan sizes and relentless repayment pressure,' she said. 'Loan sizes are bigger, repayments have nearly doubled, and now people are paying the price.' MORE: Ex-Today host's new move after Portelli disaster Mozo Money personal finance expert and spokesperson Rachel Wastell. Across the states, some borrowers have been hit much harder than others. Tasmania and South Australia have more than doubled their average home loan sizes since 2015, with Tasmania recording the fastest growth in loan sizes nationally (111 per cent over ten years). While NSW's decade-long growth was more subdued in percentage terms, the dollar-value increase – $327,699 – is the largest jump of any state. 'Even if rates fall dramatically, that won't change the fact Australians are now carrying significantly more debt than they were 10 years ago,' Ms Wastell said. MORE: Wild sum Aussie renters are losing each year National monthly mortgage payments 2015-2015, via Mozo. She added that for families trying to manage rising living costs, this can mean putting off major life milestones. 'Not just renovations or home upgrades, but decisions like having kids or changing jobs may need to be rethought as the financial buffer just isn't there anymore,' she said. According to Ray White head of research Vanessa Radar, the loss of disposable income has a ripple effect on the nation's economy. 'As Australians struggle with larger debt obligations, they are more inclined to reduce spending which in turn has a slowing impact on the broader economy,' she said. 'Uncertainty and low sentiment sees decision making pushed out and this 'treading water' effect puts pressure on the economy moving forward.'

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