Category: Australian News

The Greens have split a Government bill to ensure greater scrutiny of Labor’s plan for Build to Rent tax breaks and regulation of Buy Now, Pay Later schemes.

A Greens motion in the Senate today means the Treasury Laws Amendment (Responsible Buy Now Pay Later and Other Measures) Bill 2024 will be divided into two separate bills which will both be considered by the Economics Committee.

There is little evidence that Build to Rent will do anything to increase rental affordability. This is because property developers aim to maximise profits and in Build to Rent properties that means ensuring rents continue to rise. Mirvac has boasted about charging rents 15 -20% above market rent on their build to rent projects. This form of gentrification drives up rents for everyone in the area. In Melbourne, a Build to Rent development saw tenants evicted and then the apartments relisted with a rent hike of $185 per week. 

The current ‘build to rent’ plan will see developers able to access tax concessions from the government if they build private rental apartments where 90% can be completely unaffordable, while the other 10% have to meet a weak definition of affordability. The bill stipulates that the lease period for the private rentals must be 3 years, but includes no provisions to cap rent increases or provide protections against unfair evictions.  

The bill currently stipulates only 50 of the apartments must be available to rent, which means a developer could sit on hundreds of vacant apartments while collecting the government tax handouts. 

The legislation currently has a requirement that 10% of the apartments are “affordable”. However, “affordable” is defined in the legislation as 74.9% of market rent, with income thresholds to follow in regulation. With the price of rents so high, for many even the 10% of “affordable” apartments will be unaffordable. 

Noting these concerns and the Senate inquiry process underway, the Greens have split the Bill and will seek to negotiate with the government in return for support in the Senate. With the Greens key negotiating asks to be announced in due course. 

Greens Economic Justice Spokesperson Senator Nick McKim:

“By splitting the bill, we can give each part the attention it needs, especially the controversial Build to Rent tax breaks.”

“It will also mean we can make sure the regulation of BNPL is as robust as it needs to be.”

Greens Housing Spokesperson Max Chandler-Mather MP:

“The Greens will be announcing our demands on this bill in due course, but right now Labor’s plan boils down to giving tax handouts to property developers to build apartments almost no one will be able to afford, with no protections against unlimited rent increases. 

“What this bill proves is if Labor wanted it could impose rent caps on any developer receiving the tax handouts, but instead has chosen to allow developers to jack up the rent by as much as they want.

“Once again Labor is tinkering around the edges and announcing a policy that makes it look like they are doing something for renters, when in reality it is just a plan to give property developers more tax handouts. 

“Under this plan a developer could pocket government tax handouts, then jack up the rent by hundreds of dollars, evict tenants, and sit on hundreds of vacant apartments in an effort to further drive up market rent. 

“Tax handouts for property investors and developers helped create the housing crisis in the first place, so it is genuinely extraordinary that Labor is now proposing to give more tax handouts to property developers. 

“If Labor wanted to help renters they would coordinate a nationwide freeze and cap on rent increases, phase out the tax handouts for property investors denying millions of renters the chance to buy a home, and have the government start building rent capped apartments available to any renter that needs one.

“The Greens have a fully costed policy for a public property developer that would build 610,000 good quality homes for rent and purchase at prices people can actually afford. This would be a far better use of public money than more tax handouts for private property developers.”

With just days to go in the 2023-24 Financial Year, Labor has caved to Coalition pressure and the outcries of the small business community by passing measures that could have, and should have, been law last winter. This comes as the small business community and accountants have made clear that these delays will result in many businesses missing out on benefiting entirely come tax time.

Because of Labor’s legislative stuff up, Australian small businesses have had to contend with uncertainty around small business tax supports as insolvencies skyrocket. Labor failed to prioritise the passage of the Instant Asset Write Off and Small Business Smart Energy Incentive through the Parliament and blocked amendments for a bigger tax cut to small businesses.

In its handling of this Bill, Labor has delayed the passage of the Instant Asset Write Off legislation by months, and voted eight times against more generous tax cuts to small businesses. If elected, the Coalition will make the Instant Asset Write Off permanent to end the uncertainty and ensure small businesses pay lower, simpler, fairer taxes.

Incredibly, the Albanese Government’s much vaunted Small Business Smart Energy Incentive will only be legislated in time for three full business days before the End of Financial Year. Leading accounting body, CPA Australia, has said:

“likely the only businesses who will ultimately benefit from the measure will be those who coincidentally happened to make upgrades this year, rather than those who were incentivised to do so because of the scheme”

The Small Business Smart Energy Incentive was designed to give a tax break worth up to $20,000 to support electrification and more efficient use of energy, helping businesses save money on energy bills by electrifying their heating and cooling systems, upgrading to more efficient fridges and induction cooktops, and installing batteries and heat pumps. Purchases need to be made and installed in the 2023-24 financial year and the measure will not be extended to 2024-25 and ends on 30 June.

Deputy Leader Sussan Ley condemned the Albanese Government for failing to deliver certainty for small businesses.

“Thousands of businesses that survived a once in a century pandemic under the Coalition are going to the wall because of the economic crisis created by the Albanese Government – and now we see that even the meagre support which Labor did put on the table ranked at the very bottom of their priorities.

“I think Australians who support stronger environmental policies, including the Crossbench, would be shocked to learn hundreds of thousands of small businesses will have missed out on using this electrification incentive because of Labor’s delays.”

Shadow Treasurer Angus Taylor said the delay on this legislation is another example of the mess Labor’s made of the energy system.

“Small businesses are the engine room of our economy but they’re being smashed by Labor’s high prices, bad workplace laws, and high energy bills.

“Labor cut vital programs to support small businesses to bring down their bills when they came to office, and Labor’s delay on passing this Bill leaves struggling businesses in manufacturing, hospitality, and tourism without support to invest in bringing down their power bills.

“Affordable, reliable energy is the key to a low inflation, strong growth economy. There is no future made in Australia without affordable energy. Instead, struggling businesses are facing electricity and gas prices that have risen by 18 per cent and 25 per cent since Labor came to office.

“All Labor has delivered for small businesses is a homegrown cost of doing business crisis. Only a Peter Dutton Coalition government will deliver the strong back-to-basics economic leadership to get Australia back on track.”

The Instant Asset Write Off will be a clear contrast at the election. The Coalition has committed to raising it to $30,000 and making it permanent, whereas Small Business Minister Julie Collins has ruled out Labor raising it or ensuring it is an ongoing tax support for small businesses.

Today’s monthly inflation data shows Labor’s “carefully calibrated” economic plan is failing Australians.

With headline inflation rising to 4.0% and core inflation – the RBA’s preferred measure – rose to 4.4%, Australian families and small businesses will be bracing for even more economic pain than they have already endured.

No matter how the government tries to spin this, there is no doubt from today’s data that this is Labor’s homegrown inflation crisis with domestic inflation hitting 5.2%.

Australia is at the back of the pack due to this homegrown inflation. Under Labor, Australia’s core inflation is increasing, and higher than every country in the G10, including US, UK, Euro area and Canada who have seen inflation moderating.

This is the result of a government that has spent the last two years completely distracted, with the wrong priorities and absolutely no interest in the economic prosperity of our country.

Over the last two years of Labor the prices for everyday essentials have risen:

• Food 11.4%
• Housing 14.0%
• Rents 14.2%
• Electricity 21.5%
• Gas 22.2%
• Health 11.1%
• Education 10.9%
• Financial and insurance services 16.2%

Instead of showing true economic leadership, the Albanese Labor Government continues to fail Australian families and small businesses.

Australia is in an entrenched household, consumer confidence and productivity recession, with no plan from Labor to fix the situation.

Shadow Treasurer Angus Taylor said today’s inflation data is shocking but not surprising.

“This is what happens when you have a big spending Labor government that’s completely out of touch with the economic reality.

“We’ve now had four months in a row of accelerating core inflation. This will no doubt be of concern to the independent Reserve Bank.

“Despite households and business owners doing everything they can to manage their budgets and make ends meet, they are constantly being let down by a weak Prime Minister and a weak Treasurer who have no idea when it comes to the economy.

“The Albanese Labor Government’s economic plan is failing.

“Australians can’t afford more of Labor.”

Australian citizen, Mr Julian Assange, has tonight been reunited with his family in Australia.

His return to Australia is possible due to the conclusion of a plea arrangement between Mr Assange and the United States Department of Justice, which was accepted by a United States court in Saipan on Wednesday 26 June.

This ends a long-running judicial process.

The Australian Government has been clear in its view that Mr Assange’s case had dragged on for too long.

We have, on every occasion and at every level, consistently advocated for Mr Assange’s case to be brought to a conclusion and for Mr Assange to come home.

Australian officials, in particular Ambassador Kevin Rudd and High Commissioner Stephen Smith, have worked closely with US and UK officials in support of these efforts and to enable his smooth return to Australia.

Tonight, we express our appreciation to the United States and the United Kingdom, for their efforts to find a pathway that met the interests of all parties.

As Mr Assange reunites with his loved ones in Australia, we ask that media respect his family’s privacy.

After securing amendments to the government’s Financial Market Infrastructure Bill to require large Australian companies to report against both 1.5 degree and catastrophic warming scenarios the Greens will support the legislation.

The changes to the Bill will also mean the Parliament retains oversight of ASX ownership and not just leave this decision solely with the Treasurer of the day.

The 1.5 degree scenario will test a company’s transition risk, where companies are too slow to respond to the transition, with quickly changing markets and government policy leaving a company’s assets or business model stranded.

The 2.5 degrees or more of warming scenario will test physical risk, which is the damage inflicted by natural disasters turbocharged by coal, oil and gas heating up our planet.

A company or super fund will have to examine how their business or their assets will be affected in a warmed world. For instance if critical public infrastructure they use to get their goods or services to market is destroyed or rendered inoperable.

The existing oversight of the Parliament to disallow a Treasurer’s approval where a company takes an ownership stake greater than 20% of the Australian Stock Exchange Ltd will remain in place.

Senator Nick McKim

“The planet is currently on track for a terrifying 2.5 to 3 degrees of warming by the turn of the century, so requiring companies to test how their businesses will cope in this transformed world will lead to better decision-making and planning.

Better climate risk reporting means investors are better informed and empowered to support climate-smart businesses and pull their money out of companies which have no future in a zero emissions economy. 

As the Liberal and Labor parties commit to expanding coal and gas and making the climate crisis worse, these amendments will focus the minds of company boards on how to deal with the consequences of these decisions by the government and their coal and gas donors.

Getting these stress-tests into legislation means a future climate-denying government can’t unwind these requirements in a radioactive pursuit of cutting red tape.”

In breaking news this morning, Julian Assange has reached a plea deal with the U.S. Justice Department of Justice which means he can walk from his prison cell and return home to Australia to be with his family.

The price Julian Assange has paid for telling the truth about the United States military, war and power has been extreme, and the world is thankful for the courage he has shown for so long. 

Greens Senator and Justice Spokesperson David Shoebridge said: 

“I along with millions of Australians are looking forward to welcoming Julian back home where he belongs with his family and his friends. 

“To those around Australia and the the world who have said #FreeAssange, thank you. This would not have happened without sustained pressure from millions of people who support truth telling. 

“To Julian who told the truth and did it knowing he would face a global attack, we are immensely grateful.

“Let’s be clear, Julian Assange should never have been charged with espionage in the first place or had to make this deal. 

“Julian Assange has spent years in jail for the crime of showing the world the horrors of the US war in Iraq and the complicity of governments like Australia and that is why he has been punished.

“We should take a moment to reflect on what this one person has faced, years in solitary confinement, years lost with his family and years of holding to his convictions in the face of impossible pressure.

“Whistleblowers like Julian continue to pay an unfair price for telling the world the unethical and criminal actions of Governments. 

“On this day we again commit to fixing whistleblower laws in Australia and supporting truth telling across the globe,” Senator Shoebridge said. 

Greens Senator Peter Whish-Wilson said:

“This has been a hard fought battle and although justice has not been served today is a day to celebrate that Assange is finally coming home. 

“The persecution of Julian Assange has shone a light on a broken legal system, one in which an innocent man must plead guilty to be free. 

“We should never forget why Julian was targeted by the US for over a decade: for telling an awful, inconvenient truth about war crimes. 

Prime Minister Anthony Albanese should warn Labor members of Parliament that juvenile attacks on the Coalition’s nuclear energy policy could undermine confidence in Australia’s AUKUS nuclear submarine program.

Shadow Attorney-General Senator Michaelia Cash said a social media post by Labor front bencher Andrew Leigh, depicting cartoon character Blinky Bill with three eyes, was a disgraceful example of misinformation likely to undermine confidence in AUKUS.

The post said: “Is this what Peter Dutton wants Blinky to look like in 50 years?”

“This sort of juvenile undergraduate attempt at humour should not be laughed off by the Prime Minister,’’ Senator Cash said.

“Labor has fully supported the AUKUS nuclear submarine program and Mr Albanese should come out and confirm to navy personnel that nuclear submarines will be safe for them to operate,’’ she said.

“As Western Australia will host the submarine program, including storage of waste, Mr Albanese should assure all Western Australians nuclear technology is safe,’’ she said.

“Mr Albanese should pull his front bench and all Labor MPs into line and tell them not to make such attacks,’’ Senator Cash said.

“Andrew Leigh is an assistant minister and should know better. He should immediately apologise and remove the juvenile post from his social media,’’ she said.

“Nuclear is one of the safest forms of energy generation. It’s roughly on par with solar power, and even safer than wind and hydro power,’’ Senator Cash said.

“The technology is safe enough for Australian Defence Force personnel who will shortly be operating nuclear propelled submarines under the AUKUS agreement,’’ she said.

“Australians are smart enough to work out that this type of attack is pure misinformation being pedalled by a Labor Government which has no legitimate objections to nuclear energy,’’ Senator Cash said.

The Coalition welcomes the Canadian Government’s decision to list the Islamic Revolutionary Guard Corps (IRGC) as a terrorist entity and again urges the Albanese Government to take similar action.

The Canadian Government’s action stands in stark contrast to the weakness of the Albanese Government which has failed to take any action in listing the IRGC as a terrorist organisation in Australia.

At Senate Estimates earlier this month, the Government confirmed it had undertaken no work to list the IRGC since it was recommended in February 2023 by the Senate Foreign Affairs, Defence & Trade References Committee.

The Albanese Government is out of excuses. As the Canadian Government pointed out in listing the terrorist organisation today, the IRGC conducts terrorist activity, both unilaterally and in association with other terror groups including Hezbollah and Hamas. The Canadian Government made clear that a terror listing is an important additional step over and above sanctions upon IRGC operatives and entities. This sends an important message that Canada will use all the tools at its disposal to combat the terror activity of the IRGC.

There is significant evidence that the IRGC is engaged in terrorist activity, and Australia’s laws should reflect this reality. Failing to do so can only further diminish Australia’s standing and demonstrates the Albanese Government’s ongoing failure to adequately support international action such as the multi-nation operation again Iran-backed Houthi terrorism in the Red Sea.

The Coalition has repeatedly made clear that we offer our bipartisan support for any actions required to enable the listing of the IRGC.

Australia must stand with Canada and the US in listing the IRGC as a terrorist organisation, and we call on the Albanese Labor Government to take immediate action so that Australia sends a clear message that we do not tolerate acts of terrorism, no matter who commits or supports them.

Weeks away from the Paris Olympics and Paralympics, the Albanese Labor Government has left our National Sporting Organisations without critical funding certainty.

Funding for Australia’s sporting organisations is due to run out in just 7 days time.

With the Government failing to provide the funding needed for the NSOs, the Australian Sports Commission has been forced to step in and prop up our sporting organisations until the end of the year.

The Department of Health and Aged Care confirmed during Senate Estimates that they are ‘acutely aware’ of NSOs concerns that they have no funding certainty into the near future.

This in creating unnecessary stress for sporting organisations at a time when athletes are already dealing with the pressure to make our country proud at the upcoming Olympic and Paralympic Games.

Shadow Minister for Sport, Senator Anne Ruston questioned why the Government is delaying providing our high-performance sports with funding certainty, especially in the middle of Paris preparations.

“The Albanese Government seem to be waiting for the perfect photo opportunity, instead of prioritising the best interests of our high-performance athletes who are about to represent our country on the world stage.

“The lack of any funding announcement from the Minister of Sport is creating so much unnecessary stress as our athletes make their final preparations for Paris.

“Our sporting bodies have no certainty that they will be able to pay their coaches and essential staff past the end of the year.

“This is not the Australian spirit. In the lead up to the Olympics, we should be backing in our sporting organisations and supporting our incredible athletes as they get ready to put on the green and gold,” Senator Ruston said.

The Opposition calls on the Albanese Government to immediately announce ongoing funding certainty for Australia’s high-performance sporting bodies, so that they have the resources they need to ensure Australia remains a proud sporting nation.

Alongside any announcement, the Government must also provide certainty on the nature of the funding and whether it will be going directly to our athletes and sporting bodies, or to the Australian Sports Commission.

Our athletes must be supported to do what they do best, and that is making our country proud as they compete on the world stage.

The Albanese Labor Government’s Homes for Australia plan will deliver significant new funding across the country to build more homes with a new national housing agreement beginning on 1 July.

As part of the new 5-year National Agreement on Social Housing and Homelessness which starts on 1 July 2024, states and territories will share in $9.3 billion.

The funding will help to combat homelessness, provide crisis support and build and repair social housing.

This new agreement includes a doubling of Commonwealth funding for homelessness, which state and territory governments must match.

States and territories will also share in a further $1 billion outside of the agreement directed towards crisis and transitional accommodation for women and children fleeing domestic violence, and youth, through Housing Australia.

The Albanese Labor Government will also help nearly 1 million Australian households with the cost of rent by delivering a 10 per cent increase to the maximum rates of Commonwealth Rent Assistance, as part of the first back-to-back increase in more than 30 years.

The Government’s Budget last month also included:

• Training more tradies to build the homes Australia needs with 20,000 Fee Free TAFE and pre-apprenticeship places for the construction industry.
• Working with the higher education sector on new regulation to require universities to increase student accommodation, taking pressure off the rental market.
• Increasing the Government’s line of credit to Housing Australia by $3 billion, and liability cap by $2.5 billion.
• Providing up to $1.9 billion in concessional finance for community housing providers and other charities, to support delivery of 40,000 social and affordable homes under the Housing Australia Future Fund and National Housing Accord.

This significant new investment is part of the $32 billion in new housing initiatives the Albanese Labor Government is delivering through our Homes for Australia plan.

The Albanese Labor Government has already delivered $2 billion to states and territories through the Social Housing Accelerator to deliver around 4,000 new social homes.

Prime Minister Anthony Albanese:

“I know firsthand the life-changing power that a secure roof over your head provides.

“That’s why my Government is committed to delivering more homes, more quickly, in more parts of Australia.

“This Budget means more tradies, fewer barriers to construction, less talk and more homes.”

Minister for Housing and Homelessness Julie Collins:

“This historic new agreement with states and territories will provide much needed funding to support homelessness services across the country and help build more Homes for Australia.

“The agreement is another important demonstration of our Government’s collaborative approach to addressing Australia’s housing challenges.

“We understand that working together is the best way to ensure more Australians have a safe and affordable place to call home.

“That’s why collaboration is at the heart of our $32 billion Homes for Australia plan and the ambitious national target to build 1.2 million homes by the end of the decade.”

Homes for Australia funding by State and Territory

State and territory	$9.3 billion National Agreement on Social Housing and Homelessness (estimated funding 2024-25 to 2028-29)
New South Wales	$2.82 billion
Victoria	$2.36 billion
Queensland	$1.86 billion
Western Australia	$993.2 million
South Australia	$625.1 million
Tasmania	$195.3 million
Northern Territory	$290.2 million
Australian Capital Territory	$157.4 million