Australian budget

Via Sky News: Power prices will rise by up to 50 per cent next year, the federal government has been warned by the Australian Energy Regulator, according to government sources.

According to The AFR, the federal budget on Tuesday will include tougher tax compliance measures aimed at “crack[ing] down harder on tax abuse by companies and the rich in an effort to raise at least $3 billion extra for the federal budget” amid growing funding pressures over the NDIS and other areas.

It’s a headline that writes itself today.

The Association of Superannuation Funds of Australia (ASFA) has used its pre-budget submission to urge the federal government to cap super balances at $5 million.

This is very strange politics.

Another blow upside the head for Treasurer Chicken Chalmers.

What is this garbage?

The Albanese Government will not make any changes to the legislated stage 3 personal income tax cuts package in its first Budget on 25 October.

Last year, the NSW Government announced that it would abolish stamp duty in favour of land taxes.

The Greens are calling for cannabis to be legal and regulated in Victoria by 2024 under a proposal to be released by Greens MP Tim Reid on Monday.

Former Australian Competition and Consumer Commission chair Rod Sims delivered a keynote address to The Australia Institute’s Revenue Summit, where he called for a super profits tax on resources companies to be reintroduced.

The AFR reports that Treasurer Jim Chalmers will use a speech today to warn that the federal government will need to make some “difficult decisions” with its first Budget on 25 October.

Victoria’s auditor-general last month said the economic analysis surrounding Melbourne’s proposed $8 billion to $13 billion airport rail link lacked “transparency” and that the methodology used created risks that the project’s economic value had been overstated.

The Reserve Bank of Australia’s (RBA) index of commodity prices fell 0.2% in September in SDR (currency-weighted) terms after decreasing by 6.9% in August: The index is down 17.0% over the September quarter, which also happened to be the peak.

The Australian Petroleum Production & Exploration Association (APPEA) estimates that the sector will pay $13.8 billion in taxes, royalties and other charges in 2022-23, compared with just $4.8 billion in 2021-22.

Westpac with the note.

The Canberra bubble is now a hermetically sealed mendacious dome under which lies prosper and public interest dies.

The worst treasurer in a century, Jim “Chicken” Chalmers, was at it again yesterday: Jim Chalmers says the nation’s fiscal deficit has seen a $50bn boost since March, driven by lower spending by the former government and strong commodities prices.