Calls for broader reform of Australia's tax system; Australia’s inflation falls to a two-year low; and in football, the Socceroos to face South Korea in Asian Cup quarterfinals.
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TRANSCRIPT
Calls for broader reform of Australia's tax system
Inflation falls to a two-year low
In football, the Socceroos to face South Korea in Asian Cup quarterfinal
The Northern Territory government will lay charges over allegations of significant damage to a nationally heritage-listed Indigenous historic site along the route of the Wave Hill walk-off.
The NT Department of Territory Families, Housing and Communities launched an investigation in September, finding significant damage to the site, including the demolition of a historic windmill and fence marking the walk-off route.
Other alleged damage includes the installation of a large solar panel system, fences blocking access and removal of interpretation markers.
The historic route marks the path taken by Aboriginal rights leader Vincent Lingiari as he led a strike of Aboriginal workers off nearby Wave Hill Station in a bid for improved pay and conditions in 1966.
At the time, many Indigenous workers were paid only in rations, tobacco and clothing.
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Independent MP Allegra Spender has used her address at the National Press Club to call for a bigger conversation on tax reform.
The federal government is seeking support from Senate crossbenchers for its revamped stage three tax cuts announced last week, so they can take effect from July 1.
The federal opposition says the changes from what was legislated five years ago are a broken promise.
But the government says cost-of-living pressures and inflation means it has decided to shift the benefit to fabour lower-to-middle income earners over the wealthiest.
Ms Spender says beyond income tax, the government needs to look at broad-based tax reform.
"Aligning the tax treatment of different types of saving, capital gains tax and super tax concessions, stamp duty and land taxes, the GST, company tax thresholds, resource rent taxes. I am going to present these options to the community. They will naturally evolve as I try and build consensus. And I look forward to the scare campaigns that no doubt my opponents will no doubt my opponents will dream up. But this is the challenge that I put to the major parties."
Also addressing the National Press Club, executive director of the Australia Institute, Dr Richard Denniss, says he supports discussion about expanding Australia's tax base.
"So because Australia is a low tax country that lacks taxes on pollution, lacks taxes on wealth, has enormous loopholes for superannuation and family trusts. It's true that we collect a high percentage of what little tax we pay from income tax. But the OECD is clear. We don't over-rely on income tax. We under-rely, we under collect on taxes on pollution and taxes on wealth."
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Australia's annual inflation rate has fallen to a two-year low of 4.1 per cent.
That is down from 5.4 per cent at the last quarterly update in September - and is lower than the peak of 7.8 per cent in December 2022.
Michelle Marquardt, from the Australian Bureau of Statistics, says prices still continue to rise for most goods and services.
The Reserve Bank board meets next week to consider whether to raise interest rates.
Treasurer Jim Chalmers says the inflation data show his government's policies are working for ordinary Australians.
"It is really clear now- really beyond doubt that Labor's cost of living plan is helping. Our responsible economic management is helping, as well. And, because of those things, and because we understand the pressures that people are still under, the tax cut from 1 July will be another way that we support the workers, and families... the women and young people, the steelworkers and early educators of this country."
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The International Monetary Fund has upgraded its outlook for the world economy this year, envisioning resilient growth led by the United States and a slower pace of inflation.
In its latest outlook, the agency says it now expects the global economy to grow 3.1% this year, unchanged from 2023 but better than the 2.9% it had predicted for 2024 in its previous estimate in October.
The IMF's chief economist, Pierre-Olivier Gourinchas, says the combination of steady growth and falling inflation has raised hopes for a so-called soft landing for the global economy – a slowdown sufficient to contain inflation without causing a recession.
"The near-term challenge for policymakers is to successfully manage the final descent of inflation to target, calibrating monetary policy in response to underlying inflation dynamics. Targeted and sequence structural reforms would boost productivity, help with reducing debt, and improve income prospects. Multilateral coordination is essential for debt resolution and mitigating the effects of climate change."
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In football, South Korea has booked an Asian Cup meeting with the Socceroos on Saturday morning, but only after a tense penalty shootout with Saudi Arabia.
South Korea reached the last eight by winning the shootout 4-2.
The Socceroos will have an advantage when the teams meet having had two full days more rest than their opponents.
