Trump takes credit for lifting of beef ban, Coalition wants a review
While the government accepted the decision to end the biosecurity ban would bolster its case for the US to drop or lower the tariffs it has imposed on Australia, Trade Minister Don Farrell and Agriculture Minister Julie Collins said the decision was the result of a departmental review which began long before US President Donald Trump was elected.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
ABC News
a few seconds ago
- ABC News
US and EU strike trade deal days before White House deadline
The United States and European Union have unveiled a trade framework after a meeting between Donald Trump and European Commission President Ursula von der Leyen at the US president's Scottish golf course. The deal, which will impact approximately a third of global trade, includes a 15 per cent tariff on EU goods entering the US and EU commitments to purchase US energy and military equipment. But the agreement will calm fears of a spiralling trade war between the two economies, with the US president previously threatening 30 per cent levies on EU imports. The announcement came after Ms von der Leyen travelled to Scotland for talks with Mr Trump to push a hard-fought deal over the line. It also comes before a Trump administration deadline to impose tariffs on Friday. "It was a very interesting negotiation. I think it's going to be great for both parties," Mr Trump said at a press conference after the talks. Ms von der Leyen, sitting alongside Mr Trump following their hour-long talks, said the broad tariffs were "a good deal". "It will bring stability. It will bring predictability. That's very important for our businesses on both sides of the Atlantic," she said. As part of the deal, Mr Trump said Europe had promised to invest an extra $US600 billion ($915 billion) into the US and purchase another $US750 billion ($1.14 trillion) worth of energy. It is the latest in a string of agreements struck between the Trump administration and trading partners, including Japan, the UK, Indonesia and Vietnam. The EU has been hit by multiple waves of tariffs since Mr Trump reclaimed the White House. It is currently subject to a 25 per cent levy on cars, 50 per cent on steel and aluminium, and an across-the-board tariff of 10 per cent. Prior to Sunday's agreement, Washington had been threatening to hike across-the-board tariffs on EU imports to 30 per cent in a no-deal scenario. ABC/wires
ABC News
a few seconds ago
- ABC News
Cheaper medicines and HECS top parliamentary agenda as tax debate ramps up
The Albanese government will try to keep attention on its election promises as the new federal parliament returns for its second week, but will face further scrutiny about what new policies it plans to unveil at next month's economic roundtable. Labor will introduce legislation to cut the price of PBS medicines to $25 and will also seek to pass the HECS loan cuts introduced last week in what Anthony Albanese said was a deliberate prioritisation of cost-of-living measures. "What we've done very clearly in the first fortnight is concentrate on measures that make a difference to people's money in their pocket. We make no apology for that … That was the basis on which we were elected," he told the ABC's Insiders on Sunday. The $25-per-script price would start in the new year and reduce annual user costs by an estimated $200 million. The $7.70 script price for pension and concession card holders, frozen until 2030, would be unchanged. The policy was matched by the Coalition during the election campaign, so it is unlikely to be controversial, with the opposition also signalling it will likely support the HECS cuts. But there is no timeline for Labor to re-introduce its stalled proposal to double the earnings tax on superannuation balances for those with balances over $3 million, controversial because it would include the "unrealised" earnings of assets. Mr Albanese on Sunday dismissed the Treasury's advice that taxes would need to be raised to fix the budget, reported by the ABC earlier this month, and including an option identified by the department to "build on" the super tax. "Treasury, of course, will put forward advice to government from time to time. That's not government policy … Our starting point is the positions that we took to the election." But the government will face fresh questions this week about its plans to go beyond its election platform in the August roundtable led by Treasurer Jim Chalmers, who has already declared openness to tax changes as part of a reform package. Unions, business groups, and economists are already jostling to propose ideas for the three-day discussion forum to be held in late August before the next parliamentary sitting, where Mr Chalmers and Mr Albanese say they are open to any ideas. The Business Council (BCA) has this week revealed one of its main proposals, to increase the generosity of the tax credit for research and development spending, with the greatest concessions for Australian research commercialised in Australia. In a joint report with Australian companies Atlassian and Cochlear, who are among the biggest users of the tax credit with a combined $316 million spend in the most recent year of data, the BCA has called for an 18.5 per cent flat-rate incentive. "Empowering businesses to make research and development investments is critical to making our economy more productive and innovative, and for delivering greater prosperity for all Australians," the lobby's chief executive, Bran Black, said. "If we don't act now, then we will keep losing innovators, capital, and ideas to other nations." Support for lower company taxes, which appeared to be echoed in Treasury advice, was also on display at a pre-roundtable roundtable convened last Friday by independent MP Allegra Spender. Former treasury secretary Ken Henry and ANU tax professor Bob Breunig, both of whom will attend Mr Chalmers's roundtable, told the forum that company taxes should be reconsidered to tax rents such as mining income more, but entrepreneurship less. Mr Breunig, a noted sceptic of tax incentives for research and development who has argued there is little evidence they spur on research that would not have occurred otherwise, instead proposed a tax deduction for investing in businesses. "If you invest in a company and you make a modest rate of return … that return would be tax-free … Kind of like a tax-free threshold for corporations," he suggested. The forum saw dozens of tax and budget proposals raised, with general agreement that budget sustainability would require some combination of spending cuts, higher taxes, and policies to support economic growth, consistent with Treasury advice. Suggested targets for raising taxes included the petroleum resources rent tax, further changes to super tax concessions, higher capital gains tax, and increasing the GST, although the treasurer and PM have appeared reluctant to consider that move. On the spending side, Michael Brennan of the e61 Institute identified what he called a "capital binge" on infrastructure projects, including at the state level. "There's a lot of value destruction going on in these mega-projects where the benefits are nothing like the value of the cash being [spent]," Mr Brennan said. Participants agreed the government should consider a large package doing multiple things at once, a "grand bargain" rather than "piecemeal" reform. "Tax reform cannot be done piecemeal," Mr Henry said. "This is the lesson that I take from Australia's tax reform adventures of the last 40 years. If it's going to be successful, it's going to have to be big." While Mr Chalmers has embraced suggestions he could pursue ambitious changes, Mr Albanese has seemed more reticent and on Sunday again emphasised the roundtable's focus on economic growth rather than tax changes, branding it a "productivity summit". "[It] is about how do we get that economic growth in the future? And what the productivity summit is about is identifying ways, including [industry investment program] Future Made in Australia. "How do we fix housing? How do we fix these issues in a way that is fiscally responsible?" The Coalition has sent early signals that it would likely oppose any tax reform package that increased the overall tax take, but is likely to be distracted again this week by internal disagreement about net zero. The WA Liberal Party's state council passed a motion calling to drop the net zero by 2050 target, effectively backed in the aftermath by the two most prominent federal frontbenchers from the state, conservatives Andrew Hastie and Michaelia Cash. "We recommitted to emissions reduction, but we will not do that like Mr Albanese legislating a net zero target by 2050," Senator Cash told Sky News on Sunday. "Let's be honest here, the WA Liberal Party have been very, very clear we will not crash the economy in doing so … And we will make sure we do not impose any unnecessary costs on them."
Perth Now
an hour ago
- Perth Now
Major step towards cutting maximum medicine cost to $25
Australians will pay no more than $25 for selected medicines for the first time in more than 20 years under a proposal to be brought before parliament. It will be the second cap on medicines on the Pharmaceutical Benefits Scheme (PBS) introduced by the Albanese government in three years, after it cut the maximum price of PBS prescriptions from $42.50 to $30. "The size of your bank balance shouldn't determine the quality of your health care," Prime Minister Anthony Albanese said. "My government will continue to deliver cost-of-living relief for all Australians." PBS medicines would be capped at $7.70 for pensioners and credit card holders until 2030. The bill's introduction is largely a formality, with its passage through the lower house all but assured thanks to Labor's massive 94-seat majority in the 150-seat House of Representatives. The election promise is the Albanese government's next priority after it introduced childcare safety and HECS debt reduction legislation. Federal Labor has been talking up plans to strengthen the PBS amid concerns the scheme will be targeted as a bargaining chip in US trade negotiations to ward off threatened pharmaceutical tariffs. Mr Albanese has repeatedly said the scheme was not up for negotiation. Australia eased its biosecurity restrictions on US beef imports last week, but the prime minister has denied the move was linked to US trade talks, noting it followed a 10-year review of Australian biosecurity rules. Beyond new legislation, conflict in the Middle East will likely prompt fierce debate on the parliamentary floor after Mr Albanese said Israel had breached international law by blocking the flow of food aid into Gaza. "Quite clearly, it is a breach of international law to stop food being delivered, which was a decision that Israel made in March," Mr Albanese said on ABC's Insiders program on Sunday. He stopped short of saying Australia would join France in recognising a Palestinian state, but said his government would decide at "an appropriate time". "Hamas can have no role in a future state," he said. "Hamas are a terrorist organisation who I find, their actions are abhorrent." Opposition foreign affairs spokeswoman Michaelia Cash said Mr Albanese failed to adequately condemn the role of the group in the ongoing conflict. The government is also likely to come under pressure regarding transparency when parliament resumes, after a Centre for Public Integrity probe revealed only a quarter of freedom of information request responses returned by the government in 2023-24 were un-redacted. By comparison, the Morrison government returned almost half of its FOI requests as complete documents in 2021-22.
