Latest news with #CommitteeforEconomicDevelopmentofAustralia
Perth Now
21 hours ago
- Business
- Perth Now
ATO data reveals earnings in WA's top postcodes
New figures have showed just how much cash is earned in Perth's wealthy western suburbs as Western Australia's powerhouse economy pays dividends. Topping WA's charts were leafy-green Cottesloe and Peppermint Grove, where residents enjoyed an average income of $213,621 in 2022-23, tax office data released Friday showed. The luxury locale slipped from the country's second-richest postcode to ninth place after earnings dropped 28 per cent. Yet average income was almost five times the farming region of Cranbrook in the Great Southern, which ranked as the poorest postcode. If you'd like to view this content, please adjust your . To find out more about how we use cookies, please see our Cookie Guide. The names at the top of WA's wealthiest places remain largely unchanged and centre on the so-called golden triangle — including Mosman Park, City Beach, Dalkeith and Nedlands. 'There's no surprise when you look at which suburbs are top of the income pile,' Committee for Economic Development of Australia chief economist Cassandra Winzar said. 'WA has had a really good run of economic growth recently that's flowed through to higher wages for many people . . . really good investment returns and business profits.' But she warned that the benefits had not been distributed evenly. Lower income earners were hit hard by inflation — especially for basics like rents — and there was a risk inequality would grow, Ms Winzar said. The western suburbs look set to remain entrenched at the top of the list thanks to eye-popping property values. More expensive homes attract higher-income buyers in what KPMG urban economist Terry Rawnsley said was a self-reinforcing cycle. 'It's a prestige location. You need a (high income) to get into the property market there,' Mr Rawnsley said. Over the longer term, incomes have lifted on average thanks to WA's resources sector. Mr Rawnsley said middle-ring suburbs near Perth's CBD were 'heading up the league table' compared to interstate. Yet he said a lack of density and unaffordable housing was also pricing many West Aussies out of these suburbs and forcing them further from the city. In regional WA, some parts of the resources-rich Pilbara — towns dependent on mining and gas — were spinning out cash, led by Dampier and Pannawonica.
The Age
3 days ago
- Business
- The Age
New TTT to deliver more PPPs for Queensland
The Queensland government will set up a new Treasury Transaction Team to attract private capital to help the government deliver its infrastructure pipeline, the treasurer announced on Monday. As for the extent of government infrastructure being targeted for private investment, David Janetzki cited three potential targets – energy, housing and stadiums. Janetzki announced the TTT during a Committee for Economic Development of Australia address in South Brisbane, telling assembled business people Queensland was 'open for business' while also taking a swipe at Victoria over GST shares. 'In an era of challenging government debt and challenging balance sheets, deliberate deployment of diverse capital has never been more important,' he said. Janetzki said the TTT, which would be up and running on August 1, would 'explore different models to deliver commercially for investors, while delivering for taxpayers'. Speaking to media following the address, Janetzki said the TTT would be responsible for capital attraction, transaction management and 'sending a clear message to the market that we're open for business'. Asked whether the TTT would result in public-private partnerships (PPPs) in areas not traditionally open to PPPs, Janetzki said: 'We want to send a clear message that we're open for business.' 'The clear element here is that we want to attract private capital into Queensland, whether it be renewables, housing, those investments into the Gabba precinct,' he said. 'That's the kind of thing we're looking at.'
Sydney Morning Herald
3 days ago
- Business
- Sydney Morning Herald
New TTT to deliver more PPPs for Queensland
The Queensland government will set up a new Treasury Transaction Team to attract private capital to help the government deliver its infrastructure pipeline, the treasurer announced on Monday. As for the extent of government infrastructure being targeted for private investment, David Janetzki cited three potential targets – energy, housing and stadiums. Janetzki announced the TTT during a Committee for Economic Development of Australia address in South Brisbane, telling assembled business people Queensland was 'open for business' while also taking a swipe at Victoria over GST shares. 'In an era of challenging government debt and challenging balance sheets, deliberate deployment of diverse capital has never been more important,' he said. Janetzki said the TTT, which would be up and running on August 1, would 'explore different models to deliver commercially for investors, while delivering for taxpayers'. Speaking to media following the address, Janetzki said the TTT would be responsible for capital attraction, transaction management and 'sending a clear message to the market that we're open for business'. Asked whether the TTT would result in public-private partnerships (PPPs) in areas not traditionally open to PPPs, Janetzki said: 'We want to send a clear message that we're open for business.' 'The clear element here is that we want to attract private capital into Queensland, whether it be renewables, housing, those investments into the Gabba precinct,' he said. 'That's the kind of thing we're looking at.'
The Advertiser
3 days ago
- Business
- The Advertiser
War of words over GST carve-up as states butt heads
A war of words has erupted over the carve-up of GST as one state condemns accusations it was awarded more to reimburse failed COVID-19 policies. Queensland Treasurer David Janetzki accused his southern counterparts of receiving $800 million out of the Sunshine State's GST share to reimburse "COVID-19 failures, five years after the fact". "The GST distribution should not compensate states for any economic or financial mismanagement," he said in his maiden post-budget speech to a Committee for Economic Development of Australia event in Brisbane. "In practice, this doesn't always occur." Queensland's revenue has been hit hard by a $2.3 billion reduction of GST revenue in 2025/26 and more than $5.3 billion over the following three years. The share is 28 per cent higher than a decade ago but significantly lower than a 58 per cent jump for NSW, Victoria's 118 per cent rise and Western Australia's whopping 317 per cent. "Queensland's unprecedented GST reduction ... has punched a hole in revenue forecasts," Mr Janetzki said. The state budget revealed a record $205 billion debt blackhole by 2028/29 and an $8 billion deficit in the next financial year. Mr Janetzki also claimed Melbourne received twice as much funding for ferries as Brisbane, which was a reflection on the Commonwealth Grants Commission's "fundamental misunderstanding" of transport infrastructure in a decentralised state. "They effectively assume the cost of serving a resident in Ballarat, 113 kilometres from Melbourne, is the same as the cost of serving a resident in Mackay, 968 kilometres from Brisbane," he said. But Victorian Premier Jacinta Allan refuted Mr Janetzki's claims, using choice words to condemn the Queensland treasurer's allegations. "Perhaps, let me put it in language in a way that the Queensland treasurer can understand - it's just bullshit," she said. "Because when you look at the history of GST, Victoria has been a net contributor to the tune of $31 billion. "And the Queensland budget's blackhole, their $8 billion-plus black hole, has got nothing to do with the circumstances here in Victoria." Ms Allan said she does not want to quibble with another state over "nonsense" instead focusing on Victoria receiving its "fair share". But the quibble continued when Mr Janetzki rebuffed that "the facts speak for themselves". "The facts couldn't be any clearer," he told reporters. "Canberra's carver has sold Queensland down the river to keep Victoria afloat." It is not the first time a war of words has escalated over the GST carve-up after former Victorian Treasurer Tim Pallas called NSW Premier Chris Minns "mathematically challenged". "He might not be the sharpest tool in the shed but he is a tool," Mr Pallas said last year. It occurred over the 2024/25 distribution that saw NSW and Queensland's share fall while Victoria received a boost. A war of words has erupted over the carve-up of GST as one state condemns accusations it was awarded more to reimburse failed COVID-19 policies. Queensland Treasurer David Janetzki accused his southern counterparts of receiving $800 million out of the Sunshine State's GST share to reimburse "COVID-19 failures, five years after the fact". "The GST distribution should not compensate states for any economic or financial mismanagement," he said in his maiden post-budget speech to a Committee for Economic Development of Australia event in Brisbane. "In practice, this doesn't always occur." Queensland's revenue has been hit hard by a $2.3 billion reduction of GST revenue in 2025/26 and more than $5.3 billion over the following three years. The share is 28 per cent higher than a decade ago but significantly lower than a 58 per cent jump for NSW, Victoria's 118 per cent rise and Western Australia's whopping 317 per cent. "Queensland's unprecedented GST reduction ... has punched a hole in revenue forecasts," Mr Janetzki said. The state budget revealed a record $205 billion debt blackhole by 2028/29 and an $8 billion deficit in the next financial year. Mr Janetzki also claimed Melbourne received twice as much funding for ferries as Brisbane, which was a reflection on the Commonwealth Grants Commission's "fundamental misunderstanding" of transport infrastructure in a decentralised state. "They effectively assume the cost of serving a resident in Ballarat, 113 kilometres from Melbourne, is the same as the cost of serving a resident in Mackay, 968 kilometres from Brisbane," he said. But Victorian Premier Jacinta Allan refuted Mr Janetzki's claims, using choice words to condemn the Queensland treasurer's allegations. "Perhaps, let me put it in language in a way that the Queensland treasurer can understand - it's just bullshit," she said. "Because when you look at the history of GST, Victoria has been a net contributor to the tune of $31 billion. "And the Queensland budget's blackhole, their $8 billion-plus black hole, has got nothing to do with the circumstances here in Victoria." Ms Allan said she does not want to quibble with another state over "nonsense" instead focusing on Victoria receiving its "fair share". But the quibble continued when Mr Janetzki rebuffed that "the facts speak for themselves". "The facts couldn't be any clearer," he told reporters. "Canberra's carver has sold Queensland down the river to keep Victoria afloat." It is not the first time a war of words has escalated over the GST carve-up after former Victorian Treasurer Tim Pallas called NSW Premier Chris Minns "mathematically challenged". "He might not be the sharpest tool in the shed but he is a tool," Mr Pallas said last year. It occurred over the 2024/25 distribution that saw NSW and Queensland's share fall while Victoria received a boost. A war of words has erupted over the carve-up of GST as one state condemns accusations it was awarded more to reimburse failed COVID-19 policies. Queensland Treasurer David Janetzki accused his southern counterparts of receiving $800 million out of the Sunshine State's GST share to reimburse "COVID-19 failures, five years after the fact". "The GST distribution should not compensate states for any economic or financial mismanagement," he said in his maiden post-budget speech to a Committee for Economic Development of Australia event in Brisbane. "In practice, this doesn't always occur." Queensland's revenue has been hit hard by a $2.3 billion reduction of GST revenue in 2025/26 and more than $5.3 billion over the following three years. The share is 28 per cent higher than a decade ago but significantly lower than a 58 per cent jump for NSW, Victoria's 118 per cent rise and Western Australia's whopping 317 per cent. "Queensland's unprecedented GST reduction ... has punched a hole in revenue forecasts," Mr Janetzki said. The state budget revealed a record $205 billion debt blackhole by 2028/29 and an $8 billion deficit in the next financial year. Mr Janetzki also claimed Melbourne received twice as much funding for ferries as Brisbane, which was a reflection on the Commonwealth Grants Commission's "fundamental misunderstanding" of transport infrastructure in a decentralised state. "They effectively assume the cost of serving a resident in Ballarat, 113 kilometres from Melbourne, is the same as the cost of serving a resident in Mackay, 968 kilometres from Brisbane," he said. But Victorian Premier Jacinta Allan refuted Mr Janetzki's claims, using choice words to condemn the Queensland treasurer's allegations. "Perhaps, let me put it in language in a way that the Queensland treasurer can understand - it's just bullshit," she said. "Because when you look at the history of GST, Victoria has been a net contributor to the tune of $31 billion. "And the Queensland budget's blackhole, their $8 billion-plus black hole, has got nothing to do with the circumstances here in Victoria." Ms Allan said she does not want to quibble with another state over "nonsense" instead focusing on Victoria receiving its "fair share". But the quibble continued when Mr Janetzki rebuffed that "the facts speak for themselves". "The facts couldn't be any clearer," he told reporters. "Canberra's carver has sold Queensland down the river to keep Victoria afloat." It is not the first time a war of words has escalated over the GST carve-up after former Victorian Treasurer Tim Pallas called NSW Premier Chris Minns "mathematically challenged". "He might not be the sharpest tool in the shed but he is a tool," Mr Pallas said last year. It occurred over the 2024/25 distribution that saw NSW and Queensland's share fall while Victoria received a boost. A war of words has erupted over the carve-up of GST as one state condemns accusations it was awarded more to reimburse failed COVID-19 policies. Queensland Treasurer David Janetzki accused his southern counterparts of receiving $800 million out of the Sunshine State's GST share to reimburse "COVID-19 failures, five years after the fact". "The GST distribution should not compensate states for any economic or financial mismanagement," he said in his maiden post-budget speech to a Committee for Economic Development of Australia event in Brisbane. "In practice, this doesn't always occur." Queensland's revenue has been hit hard by a $2.3 billion reduction of GST revenue in 2025/26 and more than $5.3 billion over the following three years. The share is 28 per cent higher than a decade ago but significantly lower than a 58 per cent jump for NSW, Victoria's 118 per cent rise and Western Australia's whopping 317 per cent. "Queensland's unprecedented GST reduction ... has punched a hole in revenue forecasts," Mr Janetzki said. The state budget revealed a record $205 billion debt blackhole by 2028/29 and an $8 billion deficit in the next financial year. Mr Janetzki also claimed Melbourne received twice as much funding for ferries as Brisbane, which was a reflection on the Commonwealth Grants Commission's "fundamental misunderstanding" of transport infrastructure in a decentralised state. "They effectively assume the cost of serving a resident in Ballarat, 113 kilometres from Melbourne, is the same as the cost of serving a resident in Mackay, 968 kilometres from Brisbane," he said. But Victorian Premier Jacinta Allan refuted Mr Janetzki's claims, using choice words to condemn the Queensland treasurer's allegations. "Perhaps, let me put it in language in a way that the Queensland treasurer can understand - it's just bullshit," she said. "Because when you look at the history of GST, Victoria has been a net contributor to the tune of $31 billion. "And the Queensland budget's blackhole, their $8 billion-plus black hole, has got nothing to do with the circumstances here in Victoria." Ms Allan said she does not want to quibble with another state over "nonsense" instead focusing on Victoria receiving its "fair share". But the quibble continued when Mr Janetzki rebuffed that "the facts speak for themselves". "The facts couldn't be any clearer," he told reporters. "Canberra's carver has sold Queensland down the river to keep Victoria afloat." It is not the first time a war of words has escalated over the GST carve-up after former Victorian Treasurer Tim Pallas called NSW Premier Chris Minns "mathematically challenged". "He might not be the sharpest tool in the shed but he is a tool," Mr Pallas said last year. It occurred over the 2024/25 distribution that saw NSW and Queensland's share fall while Victoria received a boost.
Perth Now
3 days ago
- Business
- Perth Now
War of words over GST carve-up as states butt heads
A war of words has erupted over the carve-up of GST as one state condemns accusations it was awarded more to reimburse failed COVID-19 policies. Queensland Treasurer David Janetzki accused his southern counterparts of receiving $800 million out of the Sunshine State's GST share to reimburse "COVID-19 failures, five years after the fact". "The GST distribution should not compensate states for any economic or financial mismanagement," he said in his maiden post-budget speech to a Committee for Economic Development of Australia event in Brisbane. "In practice, this doesn't always occur." Queensland's revenue has been hit hard by a $2.3 billion reduction of GST revenue in 2025/26 and more than $5.3 billion over the following three years. The share is 28 per cent higher than a decade ago but significantly lower than a 58 per cent jump for NSW, Victoria's 118 per cent rise and Western Australia's whopping 317 per cent. "Queensland's unprecedented GST reduction ... has punched a hole in revenue forecasts," Mr Janetzki said. The state budget revealed a record $205 billion debt blackhole by 2028/29 and an $8 billion deficit in the next financial year. Mr Janetzki also claimed Melbourne received twice as much funding for ferries as Brisbane, which was a reflection on the Commonwealth Grants Commission's "fundamental misunderstanding" of transport infrastructure in a decentralised state. "They effectively assume the cost of serving a resident in Ballarat, 113 kilometres from Melbourne, is the same as the cost of serving a resident in Mackay, 968 kilometres from Brisbane," he said. But Victorian Premier Jacinta Allan refuted Mr Janetzki's claims, using choice words to condemn the Queensland treasurer's allegations. "Perhaps, let me put it in language in a way that the Queensland treasurer can understand - it's just bullshit," she said. "Because when you look at the history of GST, Victoria has been a net contributor to the tune of $31 billion. "And the Queensland budget's blackhole, their $8 billion-plus black hole, has got nothing to do with the circumstances here in Victoria." Ms Allan said she does not want to quibble with another state over "nonsense" instead focusing on Victoria receiving its "fair share". But the quibble continued when Mr Janetzki rebuffed that "the facts speak for themselves". "The facts couldn't be any clearer," he told reporters. "Canberra's carver has sold Queensland down the river to keep Victoria afloat." It is not the first time a war of words has escalated over the GST carve-up after former Victorian Treasurer Tim Pallas called NSW Premier Chris Minns "mathematically challenged". "He might not be the sharpest tool in the shed but he is a tool," Mr Pallas said last year. It occurred over the 2024/25 distribution that saw NSW and Queensland's share fall while Victoria received a boost.
