Latest news with #Albanese
The Advertiser
3 hours ago
- Business
- 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.
Economic Times
3 hours ago
- Business
- Economic Times
Income Tax rise surpasses wage growth as rates and inflation hit working Australians, says ATO data
TIL Creatives On one hand, the working Australians saw a rise in their tax bills, while on the other, the very rich witnessed a drop in their incomes as the property prices, which saw an unusual high, returned to normal levels or declined. The tax bills of many working Australians increased faster than their wages during the financial year 2022-23, data from the Australian Taxation Office released on Friday, June 27, 2025, revealed. Meanwhile, the data also showed that 91 Australians who earned more than $1 million in total income paid no tax in ATO released the data covering the 2022-23 financial year, the first full year of the government led by Prime Minister Anthony Albanese. On one hand, the working Australians saw a rise in their tax bills, while on the other, the very rich witnessed a drop in their incomes as the property prices, which saw an unusual high, returned to normal levels or declined. The ATO data also revealed that the people were majorly impacted as their wages were consumed by both inflation and the tax system. Among the taxpayers who bore the brunt were women who suffered most from the end of the low- and middle-income tax offset. The income tax offset was a benefit given to Australian taxpayers to reduce the total tax burden. This amount was directly deducted from the total taxable income. The amount of offset depended upon the taxable income. The offset, which was discontinued by the Albanese government after it came to power in 2022, was brought in by the Scott Morrison government as a temporary measure to offset the cost of living pressure after the Covid-19 outbreak. The data also showed a decline in the number of landlords across Australia. However, those who had negatively geared properties increased in every state and territory, according to local media reports. Around 1,130,000 landlords who registered a loss were negatively geared. The median loss was $5,487, and the average was $9,346, ABC reported. As far as the 91 non-income tax-paying millionaires are concerned, they claimed $390 million worth of different deductions to reduce their tax bills to zero, according to an analysis of the data by the Australia Institute and the ABC. The major portion of the deductions came from 19 millionaires who donated a total of $291 million to tax-deductible charities, averaging about $15.4 million ATO data for the financial year 2022-23 also revealed that the country's highest earners live in Sydney's eastern suburbs, taking in Darling Point, Edgecliff, Rushcutters, and Point 2022-23, the average income of the working population across Australia was $74,240, which is an increase of $1913, or 2.6 percent, as compared to the 2021-22 financial year. Among the workers, the women's workforce managed to surpass men, with their average income growing by 3.3 percent, or $1992, to $62,046, compared to men, whose average lifted 2.2 percent to $86, big part of the rise in income, however, was taken away by higher taxes, partly due to the end of the low- and middle-income tax offset. After the offset benefit ended, the average net tax paid by all workers rose by 4.2 percent, or $946, to $23, to the Sydney Morning Herald, women, many of whom had fallen in the bracket of the low- and middle-income tax offset, suffered a 5.8 percent, or $1009, increase in their average net tax. As far as men are concerned, their average tax lifted by $1000, or 3.7 percent, to $28,206. Inflation, which was up by around 6 percent, added salt to the wounds.
Time of India
4 hours ago
- Business
- Time of India
Income Tax rise surpasses wage growth as rates and inflation hit working Australians, says ATO data
The tax bills of many working Australians increased faster than their wages during the financial year 2022-23, data from the Australian Taxation Office released on Friday, June 27, 2025, revealed. Meanwhile, the data also showed that 91 Australians who earned more than $1 million in total income paid no tax in 2022-23. The ATO released the data covering the 2022-23 financial year, the first full year of the government led by Prime Minister Anthony Albanese. On one hand, the working Australians saw a rise in their tax bills, while on the other, the very rich witnessed a drop in their incomes as the property prices, which saw an unusual high, returned to normal levels or declined. The ATO data also revealed that the people were majorly impacted as their wages were consumed by both inflation and the tax system. Among the taxpayers who bore the brunt were women who suffered most from the end of the low- and middle-income tax offset. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like War Thunder - Register now for free and play against over 75 Million real Players War Thunder Play Now Undo The income tax offset was a benefit given to Australian taxpayers to reduce the total tax burden. This amount was directly deducted from the total taxable income. The amount of offset depended upon the taxable income. The offset, which was discontinued by the Albanese government after it came to power in 2022, was brought in by the Scott Morrison government as a temporary measure to offset the cost of living pressure after the Covid-19 outbreak. The data also showed a decline in the number of landlords across Australia. However, those who had negatively geared properties increased in every state and territory, according to local media reports. Around 1,130,000 landlords who registered a loss were negatively geared. The median loss was $5,487, and the average was $9,346, ABC reported. Live Events As far as the 91 non-income tax-paying millionaires are concerned, they claimed $390 million worth of different deductions to reduce their tax bills to zero, according to an analysis of the data by the Australia Institute and the ABC. The major portion of the deductions came from 19 millionaires who donated a total of $291 million to tax-deductible charities, averaging about $15.4 million each. The ATO data for the financial year 2022-23 also revealed that the country's highest earners live in Sydney's eastern suburbs, taking in Darling Point, Edgecliff, Rushcutters, and Point Piper. During 2022-23, the average income of the working population across Australia was $74,240, which is an increase of $1913, or 2.6 percent, as compared to the 2021-22 financial year. Among the workers, the women's workforce managed to surpass men, with their average income growing by 3.3 percent, or $1992, to $62,046, compared to men, whose average lifted 2.2 percent to $86,199. The big part of the rise in income, however, was taken away by higher taxes, partly due to the end of the low- and middle-income tax offset. After the offset benefit ended, the average net tax paid by all workers rose by 4.2 percent, or $946, to $23,562. According to the Sydney Morning Herald, women, many of whom had fallen in the bracket of the low- and middle-income tax offset, suffered a 5.8 percent, or $1009, increase in their average net tax. As far as men are concerned, their average tax lifted by $1000, or 3.7 percent, to $28,206. Inflation, which was up by around 6 percent, added salt to the wounds.
West Australian
9 hours ago
- Business
- West Australian
US, Trump expected to ramp up pressure on Australia to boost defence spending after NATO pledges
The US will continue to put pressure on Australia to boost its defence spending after a pledge from European leaders, a former ambassador says. NATO member nations have agreed to spend five per cent of their economic output on defence, and security more broadly, following demands by US President Donald Trump. The US has called on Australia to massively increase the defence budget by tens of billions of dollars to 3.5 per cent of gross domestic product. But Mr Albanese is standing firm and has maintained Australia will decide its spending. Former ambassador to the US Arthur Sinodinos said the best strategy for Australia was to engage with the US on extra capabilities that would best complement the two countries' aims for the Indo-Pacific. 'The pressure from the US for allies and partners in the Indo-Pacific to increase defence spending will continue, particularly in the light of commitments made at the recent NATO summit,' he told AAP. Mr Albanese is trying to secure his first face-to-face meeting with Mr Trump, after planned talks on the sidelines of the G7 summit earlier in June were cancelled due to the escalating conflict between Israel and Iran. Analyst Andrew Carr said the federal government was very aware the Trump administration represented a more 'vindictive' ally in Washington. 'Access to Australian facilities has often been to the Americans far more important than Australia's own military capabilities,' he said. 'If we're being seen to kind of 'play ball' on a whole range of political intelligence, basing and other areas, then the spending is going to be a small part of that story.' The Pentagon's 30-day review of its nuclear submarine deal with Australia under the AUKUS partnership is under way. Mr Sinodinos said there was strong support for the security pact within the state department and Congress. Defence analysts believe Mr Trump is unlikely to scrap the $368 billion submarine program altogether but might demand a bigger contribution from Australia for the US submarine industrial base. Australia has already made a first $800 million down-payment of a total $4.7 billion for its plan to acquire nuclear-powered submarines.
Perth Now
9 hours ago
- Business
- Perth Now
US pressure on defence ‘will continue', ex-ambassador warns
The US will continue to put pressure on Australia to boost its defence spending after a pledge from European leaders, a former ambassador says. NATO member nations have agreed to spend five per cent of their economic output on defence, and security more broadly, following demands by US President Donald Trump. The US has called on Australia to massively increase the defence budget by tens of billions of dollars to 3.5 per cent of gross domestic product. But Mr Albanese is standing firm and has maintained Australia will decide its spending. Former ambassador to the US Arthur Sinodinos said the best strategy for Australia was to engage with the US on extra capabilities that would best complement the two countries' aims for the Indo-Pacific. 'The pressure from the US for allies and partners in the Indo-Pacific to increase defence spending will continue, particularly in the light of commitments made at the recent NATO summit,' he told AAP. Mr Albanese is trying to secure his first face-to-face meeting with Mr Trump, after planned talks on the sidelines of the G7 summit earlier in June were cancelled due to the escalating conflict between Israel and Iran. Analyst Andrew Carr said the federal government was very aware the Trump administration represented a more 'vindictive' ally in Washington. 'Access to Australian facilities has often been to the Americans far more important than Australia's own military capabilities,' he said. 'If we're being seen to kind of 'play ball' on a whole range of political intelligence, basing and other areas, then the spending is going to be a small part of that story.' The Pentagon's 30-day review of its nuclear submarine deal with Australia under the AUKUS partnership is under way. Mr Sinodinos said there was strong support for the security pact within the state department and Congress. Defence analysts believe Mr Trump is unlikely to scrap the $368 billion submarine program altogether but might demand a bigger contribution from Australia for the US submarine industrial base. Australia has already made a first $800 million down-payment of a total $4.7 billion for its plan to acquire nuclear-powered submarines.
