Chalmers reveals Keating influence on watered-down super tax plan
Adeshola Ore
The treasurer, Jim Chalmers, says he spoke to former Labor prime minister Paul Keating on multiple occasions as he finalised the federal government’s watered-down superannuation tax plan.
The Albanese government on Monday backed down on its contentious plan, dumping the proposal to target unrealised gains after sustained criticism.
In a statement, Keating – the architect of Australia’s superannuation system and a critic of Chalmers’ original proposal – described the revised plan as a “huge policy achievement”.
Speaking to the ABC’s 7.30 last night, Chalmers said he takes Keating’s feedback and views “very seriously”:
As I finalised this package to take to the expenditure review committee, I probably spoke to him half a dozen times in the second half of last week alone.
He said the government had listened to feedback and found another way to deliver a fairer superannuation system:
It’s really important we make these tax concessions more sustainable. It’s really important that we take the sorts of difficult and necessary steps to safeguard the system into the future.
These are just responsible, pragmatic changes.
Former Labor prime minister Paul Keating described the revised plan as a ‘huge policy achievement’. Photograph: ABCShare
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Urgent action needed on medicinal cannabis, peak bodies say
Natasha May
The peak medical and pharmaceutical bodies in the country have told the health minister urgent action is needed to stop the prescription of medicinal cannabis from being “exploited”.
The Australian Medical Association (AMA) and the Pharmacy Guild of Australia have written a joint letter to the health minister, Mark Butler, calling for urgent action to tackle the largely unregulated increase in medicinal cannabis prescribing and dispensing across the country.
In submissions to the medicine regulator’s review into the safety and regulatory oversight of unapproved medicinal cannabis products, both groups have recommended all medicinal cannabis products used beyond exceptional access be registered, with special access scheme pathways reserved for genuine exceptions.
Prof Trent Twomey, the president of the Pharmacy Guild of Australia said:
We are seeing a system that is being exploited – with prescriptions issued without proper clinical oversight and patients bypassing their regular GP and pharmacist. What began as a special pathway for medication has now become the norm with thousands of products prescribed without safety, quality or efficacy controls.
SharePenny Wong says Donald Trump deserves ‘enormous congratulations’ as Israeli hostages are released
Krishani Dhanji
Foreign minister Penny Wong has called the Gaza ceasefire a “singular achievement” by Donald Trump as the first hostages were returned to Israel on Monday.
Speaking to ABC News last night, Wong called it an “extraordinarily moving” day and one of immense relief for people in Israel and Australia.
This is a singular achievement by President Trump. Only the president of the United States could bring this about. And as I said on Friday, he deserves enormous congratulations … it is an enormous achievement. We haven’t seen this sort of progress in the Middle East for some time. And he’s brought, you know, this conflict to a pause and hopefully to an end, and has a pathway to peace that he’s been so critical in articulating.
The foreign affairs minister added that the thousands of Palestinians being released from Israeli jails was “such an important part” of the peace plan.
Asked whether Australia would be participate in a future monitoring presence in the region, or an international stabilisation force, Wong said Australia had not been approached to join.
We haven’t been asked, so I’m not going to get ahead of myself. And what I have said all along is … we want to play our part in contributing momentum to peace. That’s how we’ve sought to approach these matters for a long time.
Penny Wong. Photograph: Mick Tsikas/AAPShare
Staying on the subject of those super changes, you can read the analysis by our economics editor, Patrick Commins, here:
Updated at 16.16 EDT
Cost of cybercrime soars
Australian businesses are losing money at a skyrocketing rate to cybersecurity threats, as the nation’s top cyber spy agency warns of mounting ransomware and identity fraud risks, Australian Associated Press reports.
Cybercrime reports have dropped but businesses face a bigger financial impact from them, the Australian Signals Directorate’s annual cyber threat report reveals.
The average cost of cybercrime to large businesses was $202,700 in the past financial year, up 219% on the previous year.
The ASD report calculates an average of $97,200 was lost per medium-sized business.
The average cost of cybercrime for small businesses was $56,571.
The directorate received 84,700 reports of cybercrime over the past financial year, down 3% on the previous 12 months.
The agency’s director-general, Abigail Bradshaw, said ransomware and identify fraud remained the most disruptive and common cybercrime threat.
“Australia is increasingly targeted by cybercriminals looking to steal credentials,” Bradshaw said.
“Once access is gained, they mimic legitimate user behaviour to steal sensitive personal or corporate information, install ransomware or malware and take over accounts.”
Networks are increasingly being breached through compromised or stolen details to gain unauthorised access, rather than being hacked.
In the past week, Qantas customers have had stolen information posted on the dark web by cybercriminals. Read more here:
Updated at 16.16 EDT
Chalmers reveals Keating influence on watered-down super tax planAdeshola Ore
The treasurer, Jim Chalmers, says he spoke to former Labor prime minister Paul Keating on multiple occasions as he finalised the federal government’s watered-down superannuation tax plan.
The Albanese government on Monday backed down on its contentious plan, dumping the proposal to target unrealised gains after sustained criticism.
In a statement, Keating – the architect of Australia’s superannuation system and a critic of Chalmers’ original proposal – described the revised plan as a “huge policy achievement”.
Speaking to the ABC’s 7.30 last night, Chalmers said he takes Keating’s feedback and views “very seriously”:
As I finalised this package to take to the expenditure review committee, I probably spoke to him half a dozen times in the second half of last week alone.
He said the government had listened to feedback and found another way to deliver a fairer superannuation system:
It’s really important we make these tax concessions more sustainable. It’s really important that we take the sorts of difficult and necessary steps to safeguard the system into the future.
These are just responsible, pragmatic changes.
Former Labor prime minister Paul Keating described the revised plan as a ‘huge policy achievement’. Photograph: ABCShareWelcome
Good morning and welcome to our live news blog. I’m Martin Farrer with the top overnight stories and then Nick Visser will take over.
The treasurer, Jim Chalmers, says he spoke to former Labor prime minister Paul Keating ‘half a dozen times’ last week as he finalised the federal government’s watered-down superannuation tax plan. More coming up.
As the last living Israeli hostages were released by Hamas overnight, Penny Wong has called the moment a “singular achievement” by Donald Trump. The foreign affairs minister called it an “extraordinarily moving” day and one of immense relief for people in Israel and Australia. More shortly.
And the cost of cybercrime to Australian businesses has soared over the past year, a new report estimates – more than doubling to an average of $200,000 for big companies. More on that soon too.