Latest news with #Australia'sEconomicOutlook
Sky News AU
06-07-2025
- Business
- Sky News AU
Australia's Economic Outlook
Sky News Australia, in partnership with The Australian, hosts the fourth annual Australia's Economic Outlook business luncheon at Crown Sydney, where Prime Minister Anthony Albanese delivers the keynote address.
Sky News AU
04-07-2025
- Business
- Sky News AU
'Ridiculous, stupid, insane': Leading fund manager lashes Labor's tax on unrealised gains proposal as PM remains certain on plan
Wilson Asset Management founder Geoff Wilson has fiercely opposed Labor's controversial plan to tax unrealised gains, branding it 'ridiculous,' 'stupid,' and 'insane'. The proposal by the Albanese government to double the tax rate on super accounts above $3m and target unrealised gains on assets came under the microscope at The Australian's Australia's Economic Outlook on Friday. Prime Minister Anthony Albanese, who presented the keynote address at the event, remained steadfast on the superannuation tax proposal. 'The proposal that was put forward, we put forward in the last term. It would affect just a very small number (of people),' Mr Albanese said, regarding Labor's proposed super tax changes. Questioned about whether he would consider indexing the tax or removing the tax on unrealised gains, the Prime Minister declined. Following Mr Albanese's appearance at the event on Friday, Mr Wilson told Sky News he agreed with sentiments expressed by the Prime Minister in his speech that businesses should be the primary source growth in the economy. But Mr Wilson described the current economic environment for Australian businesses as 'incredibly tough' and urged the Albanese government to 'not overtax and overregulate'. 'And that's the problem I think all Australian companies have got at the moment,' he said. 'Effectively, we don't want any more pleasantries. Our small, medium-sized and even large companies in Australia need some action by this government. We are one of the highest-taxed OECD countries.' Mr Wilson said he hoped to see reductions in both income and corporate tax within the government's tax reform plans, before he took aim the controversial unrealised tax gains proposal. 'One of the things that needs to be off the table is the ridiculous, or stupid, or insane tax on unrealised gains, which really is incredibly negative for medium long-term productivity,' he said. 'Any small growth company in Australia that's looking for patient capital from the superannuation sector, and there's $1.1 trillion in self-managed super funds, that's going to evaporate if this tax comes in.' AustralianSuper chief executive Paul Schroder, who also spoke at this year's Australia's Economic Outlook, also pushed back against the tax plan. Questioned by Sky News' Business Editor Ross Greenwood if he thought the tax was bad policy, Mr Schroder did not give an explicit answer. However, Mr Schroder did say AustralianSuper "prefers less changes than more changes" and that he "would never do anything to anyone else who's trying to make good super".
Sky News AU
04-07-2025
- Business
- Sky News AU
AustralianSuper CEO Paul Schroder pushes back against Labor's unrealised gains tax during Australia's Economic Outlook
The boss of Australia's largest superannuation fund has pushed back against Labor's controversial plan to to double the tax rate of super accounts above the $3m threshold and target unrealised gains on assets. The Albanese government's proposal has drawn backlash from business leaders, economists and an array of politicians who argue the tax will hurt business growth and eventually capture ordinary Australians. AustralianSuper CEO Paul Schroder was questioned about the tax during a Q&A at Sky News and The Australian's Australia's Economic Outlook. Sky News' Business Editor Ross Greenwood pressed the boss on whether he felt this was bad policy, but Mr Schroder did not explicitly reply. However, he did say AustralianSuper "prefers less changes than more changes". He also said he "would never do anything to anyone else who's trying to make good super". Prime Minister Anthony Albanese was also pressed about the superannuation tax earlier on in the event, but he remained certain. 'The proposal that was put forward, we put forward in the last term. It would affect just a very small number (of people),' Mr Albanese said of Labor's proposed super tax changes. Asked if he would consider indexing the tax or removing the tax on unrealised capital gains, Mr Albanese declined. A new report from Wilson Asset Management shows Labor faces an almost $20b blow from its controversial proposal to tax unrealised gains in a self-inflicted setback against its productivity agenda. It says an array of companies that are either small growth businesses or startups will forego $19.73b in tax revenue to the government over four years as fewer firms reach profitable maturity. The report states there are 611,823 companies in Australia that turn over less than $2m per year and would need financing through a self-managed super fund or via personal contributions. If each small company contributed an average of $15,015.91 in tax per year to the government, the total tax revenue would be $9.19b of annual corporate tax from these companies. WAM estimates the taxing of unrealised gains would lead to a potential 53.7 per cent decline in tax revenue from innovative companies, bringing the corporate tax from these small companies down to $4.93b per year. This brings the total losses to $19.73b over four years due to Labor's decision to target unrealised gains. Alongside the unrealised gains tax, other areas of tax reform were also touched on during the forum. Mr Schroder demanded reform for small businesses which struggle with a complex array of taxes. 'If you're a business in Australia, there's about 100 different taxes you have to pay,' he said. 'How stupid is that.' He said the government needed to introduce tax reform that bolstered productive small-medium size businesses.
Sky News AU
23-06-2025
- Business
- Sky News AU
Anthony Albanese to be joined by slew of business leaders at Australia's Economic Outlook, hosted by Sky News and The Australian
Today, Sky News and The Australian unveiled the dynamic speaker line-up for the annual business luncheon – Australia's Economic Outlook – to be held on Friday July 4. The event will feature prominent business leaders, Chief Executive Officer of Crown Resorts, David Tsai, and Managing Director of Uber Eats ANZ, Ed Kitchen, who will join The Australian's Associate Editor Eric Johnston for a powerhouse panel unpacking key economic trends impacting the future of Australian business. The agenda also includes a fireside chat between Chief Executive Officer of AustralianSuper Paul Schroder and Sky News Business Editor Ross Greenwood,where the pair will discussthe challenge of navigating increased geopolitical volatility and what this could mean for Australian investors. Now in its fourth year, the event sold out in less than 24 hours following the announcement that the Prime Minister of Australia, The Hon Anthony Albanese MP will return to deliver the keynote address for the third consecutive year. Following this address, Sky News Political Editor Andrew Clennell will host a live Q&A discussion with the Prime Minister to debate the major economic and political issues impacting Australian businesses and households. Laura Jayes, Sky News' AM Agenda anchorand leading political journalist returns to host the proceedings. Stream the event live and in full on Sky News Extra or download the Sky News Australia App to watch live.
Sky News AU
22-05-2025
- Business
- Sky News AU
Prime Minister Anthony Albanese to deliver keynote address at Sky News event as cost-of-living crisis dominates Australian economic agenda
Following his historic re-election that secured Labor a record number of seats, the Prime Minister of Australia, The Hon Anthony Albanese MP, will deliver the keynote address at the fourth annual Australia's Economic Outlook. Presented by Sky News and The Australian, the highly sought-after business luncheon will be held on Friday 4 July 2025 at Crown Sydney. The Prime Minister will outline his immediate priorities and long-term economic strategies to ensure a thriving future for the nation. He will then join Sky News Political Editor Andrew Clennell for a wide-ranging discussion to unpack the most topical business and economic issues, including the impact of the Federal Government's cost-of-living relief measures, and how its renewable energy transition plans will fare on business and households, international trade tariffs and more. Secure your tickets to Australia's Economic Outlook event, to be held on July 4 at Crown Sydney, here. On Friday 4 July at 12.30pm AEST, Sky News and The Australian present the fourth annual Australia's Economic Outlook business luncheon featuring special guest The Hon Anthony Albanese MP, Prime Minister of Australia. Keynote speech by Prime Minister Anthony Albanese Following the Labor Government's recent re-election and entering his second term as Australia's Prime Minister, Anthony Albanese will deliver a keynote address sharing his government's plan for Australia's future prosperity. This is the third time that Prime Minister Anthony Albanese takes to the stage at Sky News Australia's flagship annual economic outlook event. Anthony Albanese was sworn in as Australia's 31st Prime Minister on 23 May 2022. He previously served as Deputy Prime Minister and Leader of the House of Representatives. As Infrastructure Minister and Communications Minister, he delivered nation-building projects, connecting the country through thousands of kilometres of roads and rail, and rolling out the high-speed fibre National Broadband Network. Anthony was first elected to the Australian Parliament as the member for the Sydney seat of Grayndler in 1996. In 2019, he was unanimously elected as the Leader of the Australian Labor Party. He will then join Sky News Political Editor Andrew Clennell for a wide-ranging discussion on the country's economic prospects and legislative agenda. The event will include some of the biggest names in business as they discuss current and future economic trends and the challenges and pathways to maintain and grow our nation's fiscal health. Secure your tickets to Australia's Economic Outlook event, to be held on July 4 at Crown Sydney, here. Meet your hosts Australia's Economic Outlook will feature a line-up of political and business experts, including Sky News Political Editor Andrew Clennell, Sky News Business Editor Ross Greenwood, Associate editor of The Australian Eric Johnson, and host of Sky News' AM Agenda Laura Jayes. More information about Australia's Economic Outlook 2025 Following his historic re-election that secured Labor a record number of seats, the Prime Minister of Australia, The Hon Anthony Albanese MP, will deliver the keynote address at the fourth annual Australia's Economic Outlook. Presented by Sky News and The Australian, the highly sought-after business luncheon will be held on Friday 4 July 2025 at Crown Sydney. The Prime Minister will outline his immediate priorities and long-term economic strategies to ensure a thriving future for the nation. He will then join Sky News Political Editor Andrew Clennell for a wide-ranging discussion to unpack the most topical business and economic issues, including the impact of the Federal Government's cost-of-living relief measures, and how its renewable energy transition plans will fare on business and households, international trade tariffs and more. Paul Whittaker, Chief Executive Officer of Sky News Australia said: 'Following the Albanese Government's resounding second term win, we are honoured to welcome back Prime Minister Anthony Albanese to the Australia's Economic Outlook event. 'Much was promised during the election campaign, from tax cuts for all Australians, to an $8.5 billion boost to Medicare, and a doubling down on the transition to renewable energy. While the recent RBA announcement of the year's second interest rate cut, reducing the official cash rate to its lowest level in two years, is welcome relief for homeowners amid easing inflation, Australia's economic growth continues to be sluggish, as the national debt soars to record levels. The crucial Australia's Economic Outlook will bring together business and political decision-makers to discuss these challenges and determine whether the outlook points to decades of deficits, or if the government's economic vision will lead to greater prosperity.' Secure your tickets to Australia's Economic Outlook event, to be held on July 4 at Crown Sydney, here. Michelle Gunn, Editor-in-Chief of The Australian added: 'With the Prime Minister outlining his government's agenda following a historic election win, this year's event promises to be one of the most compelling yet. 'The Australian is proud to partner with Sky News to provide an unmissable platform for meaningful debate at a pivotal moment for the country's economy.' The event will be hosted by leading political journalist and Sky News' AM Agenda anchor Laura Jayes, and feature business and political panels steered by The Australian's Associate Editor Eric Johnston and Sky News Business Editor Ross Greenwood. Further details regarding the line-up of speakers, including business experts and political leaders, joining the discussion panels will be announced in the coming weeks. With thanks to our sponsors Australia's Economic Outlook is presented by Crown and Uber, and supported by TechnologyOne. Presenting partners Supported by Catch up on last year's Australian Economic Outlook event Sky News hosts the Hon Anthony Albanese, Deputy Governor of the RBA, Andrew Hauser and leaders from Australian business for the 2024 Australia's Economic Outlook event at the Crown Sydney. 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