Here is a look at what is making news around the country today.
Today’s national news includes sixty-six millionaires paying no tax last year, Australia sending jet fighters to Ukraine, Reserve Bank of Australia warns of more economic woes ahead, AGL and Origin Energy will be passing higher prices to customers due to inflation and higher wholesale costs, and the Philippines to export mangoes to Australia.
Nation
Sixty-six millionaires paid no tax last year
Sixty-six millionaires earning almost a billion dollars put together paid no tax last year, data from the Australian Tax Office revealed. Highly skilled accountants were able to get their clients out of over $400 million in tax. Those accountants were paid an average of $219,000 for their services, which was also tax deductible. ATO data showed that those wealthy tax dodgers made an average of $14.5 million each last year. The median income in Australia last year was $51,000, and the average Australian paid more than $11,000 in tax. The postcode with the highest income was Sydney’s Double Bay, 9 News has reported.
Politics
Australia jet fighters to Ukraine
The World Socialist Web Site has reported that there are plans to dispatch Australian F/A-18 Hornet fighter jets—that have been retired by the Australian airforce and are currently in a hangar near the industrial city of Newcastle two hours north of Sydney—to Ukraine. The report said the Australian Labor government has been holding secret meetings with the US and Ukrainian administrations to finalise the plan. The shipment, if it pushes through, would provide a precedent for the US and other NATO powers, more directly involved in the war, to further escalate.
https://www.wsws.org/en/articles/2023/06/10/lmck-j10.html
Economy
Recession risk intensifies after RBA warns of a rough path to low inflation
The risk of the economy slipping into recession has risen sharply after the Reserve Bank of Australia surprised markets this week by raising rates and warned it could tighten again to tamp down on high inflation even at the cost of preserving jobs, Zawya reported. After a surprise rate rise to 4.10 per cent and a hawkish promise of even more to come, RBA warned the narrow path would also be bumpy and that getting high inflation down would take priority over preserving jobs.
Power price hike
Looming energy price hikes
Two major energy retailers, AGL and Origin Energy, have said they will pass on higher prices to customers on variable rate market contracts due to increasing inflation and higher wholesale costs, News.com has reported. The price increases for homes range from 21 per cent to almost 30 per cent, according to ABC News, and will be in place in New South Wales, South Australia and Queensland from July 1. They’ll take effect in Victoria one month later. The changes will make bills more expensive by between $361 and $565 a year.
Trade
Philippines to begin shipping fresh mangoes to Australia
Beginning this June, the Philippines will ship fresh mangoes to Australia, the Philippine Star reported. The Philippine Embassy in Canberra said shipping arrangements are overseen by Sydney-based e-commerce and logistics provider FastboxPH and cross-border trade and fulfilment services 1Export. Australia produces its mangoes from September through April, compared to the Philippines which produces mangoes all year round.
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