Labor Minister admits federal politicians will ‘not have to pay' super tax until retirement
Two leading Coalition frontbenchers have called on Labor to scrap taxing unrealised gains and index the threshold in its controversial superannuation proposal if the Opposition is to consider bipartisan support for the plan.
'That puts them in a different category to ordinary Australians, who, controversially, we know under this legislation, will be paying tax on money they don't have yet,' Mr Clennell said.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Sydney Morning Herald
40 minutes ago
- Sydney Morning Herald
Australia news LIVE: Burke vows to protect Australians from Middle East tension; Trump to hike tariffs on India amid Russia links
Latest posts Latest posts 6.47am Trump to hike tariffs on India for buying Russian oil By Michael Koziol US President Donald Trump says he will hike tariffs on India from their already-high level of 25 per cent due to the country's ongoing purchases of Russian oil amid the war against Ukraine. In a sign of the strained relations between the two countries, India quickly branded Trump's move 'unjustified and unreasonable', and said it would take all necessary measures to safeguard its economic security. The threat, which has not yet been acted on, underlines Trump's preference for using tariffs for geopolitical leverage, and comes as his deadline looms for commitments from Russia's Vladimir Putin on ending the war, which has now raged for three-and-a-half years. There have been mixed reports about India's intentions over the past week as the US stepped up pressure on the world's most populous nation to back away from its reliance on Russian crude oil, which now accounts for about a third of India's supplies. 6.44am Tesla grants Musk $46 billion stock award Tesla approved an interim stock award worth about $US30 billion ($46 billion) for chief executive officer Elon Musk, a massive payout meant to keep the billionaire's attention on the automaker as a legal fight over a 2018 pay package drags on. The new agreement includes 96 million shares of the automaker that will vest if Musk continues to serve in the top post for another two years, the company said in a regulatory filing. The restricted stock has an exercise price of $US23.34, equal to the price in the prior compensation plan. The move underscores Musk's grip on the company, even as it struggles with falling electric vehicle sales and a slumping stock price. The world's richest person has said he wants a greater stake in Tesla as he reorients it around futuristic pursuits including artificial intelligence and driverless vehicles. 6.39am What's making news today By Daniel Lo Surdo Hello and welcome to the national news live blog. My name is Daniel Lo Surdo, and I'll be helming our live coverage this morning. Here's what is making news today: Home Affairs Minister Tony Burke has vowed to protect Australians from the 'tinderbox' of tension stemming from debate about the Middle East, saying he was blocking visas for potentially divisive visitors at an unprecedented rate. In an interview with this masthead, Burke said he 'did not care' if he was accused of stymying debate about controversial issues in favour of protecting social cohesion. US President Donald Trump says he will hike tariffs on India from their already-high level of 25 per cent due to the country's ongoing purchases of Russian oil amid the war against Ukraine. India quickly branded Trump's move, a threat that has not yet been acted on, 'unjustified and unreasonable', and said it would take all necessary measures to safeguard its economic security. The Australian sharemarket is set to grow on Tuesday, after Wall Street recovered much of the sharp losses incurred following Trump's latest tariff announcement last week. Trump has been critical of the US Federal Reserve, which has kept interest rates unchanged amid concerns about the impact of Trump's tariff agenda on prices for American households.
West Australian
40 minutes ago
- West Australian
Nationwide protests planned after pro-Palestine Harbour Bridge march
Protest laws could be repealed or expanded following a march across an iconic national landmark, as activists plan for more demonstrations. The pro-Palestine movement, boosted by a march across the Sydney Harbour Bridge which made news across the nation and around the world, hopes to build on its momentum. The march across the bridge and back in pouring rain came after opposition from police, and a court's overruling approval that has politicians worrying about the rare occurrence becoming common. Further protests are planned on August 24 in Sydney, Melbourne, Canberra, Adelaide and Perth with hopes more can be organised in other cities. Ahead of the state's parliament resuming on Tuesday, NSW Premier Chris Minns says his Government is examining whether a legal precedent has been set by the Supreme Court judgment that allowed the protest to proceed. 'No one should believe it's open season on the bridge,' he told reporters on Monday. But new laws might be needed to stop future bridge protests. Mr Minns was 'not ruling anything out' but said any legislation could not be rushed. Federal Opposition Leader Sussan Ley encouraged the premier to look at 'what might happen next'. 'Because we can't continue to have these protests that shut down such an important area of a major city,' she told reporters. In her determination declining to prohibit the march, Justice Belinda Rigg said the bridge would have been closed to traffic regardless of whether the protest was authorised or not. Prime Minister Anthony Albanese said demonstrations were an important part of democracy and highlighted the peaceful nature of the Sydney march. 'Australians want people to stop killing each other, they want peace and security ... they don't want conflict brought here,' he said. Mr Minns has faced some internal dissent from other Labor MPs over protest legislation. NSW Greens MP Sue Higginson has also flagged plans to seek the repeal of laws limiting protest, first introduced by the previous coalition government but expanded under Labor. Palestine Action Group organiser Josh Lees, defendant of the court action NSW Police took in an unsuccessful attempt to have the demonstration ruled unlawful, says nationwide protests are being planned for August 24. 'We want to build on this massive momentum we have now,' he told reporters. Despite concerns of regular marches across the bridge, Mr Lees said the group has no plans for a repeat crossing any time soon and accused the premier of having an anti-protest agenda. 'His stance is pretty clear and he's passed a raft of anti-protest legislation already,' Mr Lees said. 'We're going to have to keep fighting for our rights to demonstrate.'
The Age
40 minutes ago
- The Age
Australia news LIVE: Burke vows to protect Australians from Middle East tension; Trump to hike tariffs on India amid Russia links
Latest posts Latest posts 6.47am Trump to hike tariffs on India for buying Russian oil By Michael Koziol US President Donald Trump says he will hike tariffs on India from their already-high level of 25 per cent due to the country's ongoing purchases of Russian oil amid the war against Ukraine. In a sign of the strained relations between the two countries, India quickly branded Trump's move 'unjustified and unreasonable', and said it would take all necessary measures to safeguard its economic security. The threat, which has not yet been acted on, underlines Trump's preference for using tariffs for geopolitical leverage, and comes as his deadline looms for commitments from Russia's Vladimir Putin on ending the war, which has now raged for three-and-a-half years. There have been mixed reports about India's intentions over the past week as the US stepped up pressure on the world's most populous nation to back away from its reliance on Russian crude oil, which now accounts for about a third of India's supplies. 6.44am Tesla grants Musk $46 billion stock award Tesla approved an interim stock award worth about $US30 billion ($46 billion) for chief executive officer Elon Musk, a massive payout meant to keep the billionaire's attention on the automaker as a legal fight over a 2018 pay package drags on. The new agreement includes 96 million shares of the automaker that will vest if Musk continues to serve in the top post for another two years, the company said in a regulatory filing. The restricted stock has an exercise price of $US23.34, equal to the price in the prior compensation plan. The move underscores Musk's grip on the company, even as it struggles with falling electric vehicle sales and a slumping stock price. The world's richest person has said he wants a greater stake in Tesla as he reorients it around futuristic pursuits including artificial intelligence and driverless vehicles. 6.39am What's making news today By Daniel Lo Surdo Hello and welcome to the national news live blog. My name is Daniel Lo Surdo, and I'll be helming our live coverage this morning. Here's what is making news today: Home Affairs Minister Tony Burke has vowed to protect Australians from the 'tinderbox' of tension stemming from debate about the Middle East, saying he was blocking visas for potentially divisive visitors at an unprecedented rate. In an interview with this masthead, Burke said he 'did not care' if he was accused of stymying debate about controversial issues in favour of protecting social cohesion. US President Donald Trump says he will hike tariffs on India from their already-high level of 25 per cent due to the country's ongoing purchases of Russian oil amid the war against Ukraine. India quickly branded Trump's move, a threat that has not yet been acted on, 'unjustified and unreasonable', and said it would take all necessary measures to safeguard its economic security. The Australian sharemarket is set to grow on Tuesday, after Wall Street recovered much of the sharp losses incurred following Trump's latest tariff announcement last week. Trump has been critical of the US Federal Reserve, which has kept interest rates unchanged amid concerns about the impact of Trump's tariff agenda on prices for American households.
