Federal Budget news

Budget battle as Treasurer won't commit to saving mining windfall

Treasurer Scott Morrison: "I was pleased to see the support for trade in the G20 communique."

Australia's top economic bureaucrat has begged the government not to spend the coming windfall from soaring coal and iron ore prices, saying if it did it would repeat the mistakes of prime minister John Howard and treasurer Peter Costello in the early 2000s.

Economists believe commodity run is probably done

China's role in giving a boost to commodity prices is clear enough, but is it enough?

It is rare to find much unanimity among economists, but one of the few things they agree on is that the trough in commodity prices of 2016 will not be repeated. The question for now is how far will prices retreat, especially following the March quarter, which often marks a cyclical high.

Resource spending downturn yet to bottom

The gas pipeline for Inpex's Ichthys LNG project. Deloitte says completion of the Gorgon, Prelude and Ichthys projects ...

The collapse in resource sector investment has yet to run its course, with the looming completion of as much as $100 million of spending on gas export projects to slash the level of engineering construction to the lowest level since 2009, a report by Deloitte Access Economics has found.

End the age of entitlement - for seniors

Seniors are doing better in real terms than younger people earning the same incomes.

Australia's tax system has become skewed towards a growing and apparently untouchable group of 'taxed nots' - they are older Australians who pay roughly $1 billion per year less tax than younger Australians in the same circumstances, according to a new Grattan Institute report.

ATO settlements with big companies dive

ATO deputy commissioner Michael Cranston said it was undertaking a range of compliance activities to address the misuse ...

In an attempt to avoid lengthy disputes, the Australian Taxation Office cut more deals in the 2015-16 financial year, but the dollar value of those settlements dived, largely because a backlog of old disputes with companies have come to an end.

Business group lashes PM over deficit, tax scare campaign

Paul McClintock says there is no believable end to the deficit in sight.

Six months ago the business-backed Committee for the Economic Development of Australia presented the Turnbull government with what it said was a clear and practical plan to return the budget to surplus. There were 5 of them in fact, including different mixes of proposals such as better taxing superannuation contributions, halving the tax discount for capital gains, ending negative gearing, boosting taxes on luxury cars, alcohol and tobacco, and taxing the private health insurance rebate.

G20 calls for tax policy overhaul

Chinese finance minister Lou Jiwei has called on the G20 to play a leading role in supporting a new international tax system.

Group of 20 finance ministers say taxation policies should be improved worldwide to reflect globalisation and promote socially balanced, sustainable economic growth.