Business can't fool itself about Chalmers' roundtable
The former Qantas chief executive told The Australian Financial Review on Tuesday how the scales fell from his eyes on the first day of the September 2022 Jobs and Skills Summit. Corporate leaders had not been invited to participate in a genuine dialogue about Australia's economic future, he realised. They had been roped in to give the impression that businesses supported Labor's pre-ordained union-friendly re-regulation of the workplace system.
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7NEWS
33 minutes ago
- 7NEWS
The Issue with Tim Lester: 7NEWS sits down with the Ukraine's ambassador to Australia Vasyl Myroshnychenko
For Vasyl Myroshnychenko, going home is always going to be a hell of a trip. 'Overnight, it was just a massive drone and missile attack,' he says, telling how he was jarred in and out of sleep by explosions. 'So it was one of those tough nights.' The 44-year-old has been Ukraine's Ambassador in Australia since March 2022, taking the job in the days after Vladimir Putin's forces invaded his country. In the years since, Myroshnychenko has been a regular traveller between his work in Canberra and his long-term home in Kyiv. I spoke with him by video call in his Kyiv apartment, in the middle of his ninth trip back as Ambassador. With each trip, there's news on the war's toll. This time, Myroshnychenko learns about a hometown classmate who vanished two years ago. A DNA test on remains, recently discovered, has only just confirmed his death. His burial was held two days before my conversation with the Ambassador. 'And he's got two kids, his wife left behind. And there are numerous stories like that,' he said. For Myroshnychenko, it's critical Australians care about Ukraine's fight to turn back the Russian invasion. 'You're invested in the deterrence,' he said. 'Russians are conducting joint naval military exercises with Indonesia. 'They requested Indonesia … grant them access to an airfield in Papua. 'How far is Papua from Cairns? It's just around the corner. 'They wanted to have their strategic bombers.' He's referring to the controversy that erupted in April, mid-federal election campaign in Australia, with claims Russia had asked Indonesia to base long-range military aircraft at a military airfield in Papua, North of Darwin. Indonesia quickly reassured the Albanese Government that any such request would be turned down. The underlying concern — around Russia's long term plans in Australia's region — was left unaddressed. For Myroshnychenko, Russia's behaviour in Ukraine tells us all we need to know about its intentions. Worse, he argues, it is leading the way to anarchy. 'If Russia can get away with what they've done because they've got nuclear weapons, because they're a permanent member of the UN Security Council, guess what? Everybody else can do it,' he said. 'What kind of world are we going to live in? Is it a world of a jungle where the might is right? Can Australia survive in the world of a jungle?' On the state of the war, the Ambassador says he's optimistic. 'I believe Ukraine is winning,' he said. Myroshnychenko points to Ukraine's now infamous 'Operation Spider Web'. About 117 remote-controlled drones were smuggled into Russia over an 18-month period and launched toward prized Russian strategic bombers parked at airbases across the country. The raid damaged or destroyed roughly one-third of Russia's long-range strike fleet. 'This is asymmetric warfare. This is what Australia should learn from Ukraine,' Myroshnychenko said. As Ambassador, Myroshnychenko is regularly promoting deeper contacts between Ukraine's and Australia's militaries. 'I hope you never have to fight, but if you do … because you are a smaller country … most likely your enemy will be much bigger, right?' he said. 'War is a mother of innovation. War is driving that change, is driving the transformation, one way or another,' he says. It's the silver lining Myroshnychenko sees in his country's deadly fight with Russia. 'You can assist us, but you can also benefit from us.' For more from Tim Lester and his interview with Vasyl Myroshnychenko, you can watch their full conversation for The Issue in the video above or subscribe to the podcast here.
7NEWS
3 hours ago
- 7NEWS
Australian farmers desperate for answers over unrealised capital gains tax as Jim Chalmers works to overhaul super
Should you be required to pay tax on money that you haven't earned yet? That's the question being asked around a new tax brought in as part of the federal government's changes to superannuation. Treasurer Jim Chalmers is looking to overhaul the way super is taxed, changing concessions for super balances over $3 million. But the sticking point for farmers and farming families is the new tax on unrealised capital gains. This new tax will mean if an asset held in super goes up in value, the account holder will be required to pay tax on that increase. With the threshold for this change set at $3 million, it is being sold as a 'rich people tax' but that doesn't show the whole picture. Jack Neilson, a cattle farmer from western Queensland, said the new tax was going to hurt hard-working Australians — 'especially in agriculture'. 'Jim Chalmers needs to realise he's not just catching the yacht-owning yuppies with this $3 million rich people tax that they are trying to sell it as,' Neilson said. Neilson pointed to the difficulties in getting young people into agriculture, calling it a 'minefield'. 'What a lot of farming families do is that, mum and dad, the operators put the actual property into a self-managed super fund,' he said. 'That way it is then leased to the next generation so that the next generation gets going and starts their farming careers, essentially, and mum and dad still make, a little bit of an income.' Nationals Leader David Littleproud told farmers were doing what they could to keep their property in their family. 'Farmers' properties are their superannuation,' he said. 'And that's why when self-managed super funds came in, many farming families put their properties into these self-managed super funds, because that was a way — a vehicle — for them to be able to bring the next generation through.' The unpredictable nature of income as a farmer has raised questions about the practicality of paying tax on unrealised gains as an increase in the value of the land doesn't directly point to an increase in income for a farmer. Katie Nash, a farmer and rural advocate, has also questioned the policy. 'If the land value goes up but the income stays the same, how are they supposed to pay the tax without selling the farm?' she said. 'How are they supposed to survive that?' However not everyone is sympathetic to the situation. Graeme Samuel AC, a professor at Monash University's Business School in Melbourne, said putting property into super wasn't about inheritance — but tax avoidance. 'For those that are caught with unrealised gains, what I'd say is question number one: how did you get into this position in the first place? Why did you put these assets into a super fund? And be honest about it, don't give us the myth that it's all about providing for the next generation, because that's what family discretionary trusts are designed to do,' he said. The National Farmers' Federation estimates around 3,500 farmers will be directly impacted by the new tax. And they maintain that where income is made, tax should be paid. But when the gains are unrealised, they argue the tax just doesn't seem fair or justified. President of the National Farmers Federation David Jochinke said the law was going to force families to sell up. 'It just baffles me why we're even talking about something where we haven't got either the capacity to pay, or it's going to force family farms to have to sell an asset that not only the parents require for their retirement,' he said. 'It also takes away from that family farming unit, which we all know needs to stick together — especially in tough times — to survive.' Jochinke wants the government to reconsider the legislation. 'The principle of having to pay a tax on an uncystallised asset is completely wrong and what we consider un-Australian,' he said. 'Let's actually have a talk about how we can manage superannuation when the assets crystallise, when farmers have got the cash to pay. And that's what we're just calling for. Let's make this a common sense piece of legislation, not a ridiculous one.' Sarah Tulloch, a farmer from NSW who has seen first-hand the impact of the pressures farmers, said she was worried about adding another pressure on the industry. 'They will lose a lot more than just their properties. There's farmers committing suicide daily just with what they've got going on at the moment with droughts and floods,' she said. 'To add this extra pressure, for people who are already doing it tough ... yeah, it's just not going to have good consequences.' Treasurer Jim Chalmers has repeatedly said he is committed to an overhaul on super taxation, saying it will make a meaningful difference in funding other priorities. reached out to the federal government in response to the concerns from farmers and farming families. 'We listen respectfully to the NFF and farmers but this is a modest change, introduced in a methodical way, that won't affect the vast majority of Australians,' a spokesperson said. 'Our changes only apply to about half a per cent of people with more than $3 million in super, who will still get generous tax concessions, just slightly less generous ones. The changes are all about making our superannuation system fairer and more sustainable.'
Sky News AU
3 hours ago
- Sky News AU
‘Horrific by any standard': Suffering in Gaza must be addressed
Former Howard government minister Peter McGauran discusses the suffering in Gaza and how it cannot continue. The Prime Minister on Friday issued his most firm statement yet on the conflict in the Palestinian enclave, amid growing international concerns of a starvation crisis in the Gaza Strip. 'There is no pressure that Albanese can apply to Hamas directly,' Mr McGauran told Sky News Australia. 'There should be more engagement with Israel, but the megaphone diplomacy won't work.'
