If you migrate to Australia, your superannuation might not be so super. The average balance for those from a non-English speaking background at retirement is about 30 per cent lower than the general population, at $320,000 compared to $460,000. The gap starts to emerge as early as your mid-20s and widens as you age. And...
Tag: Federal Government
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Aldi stores 25pc cheaper than Coles, Woolworths, Choice report finds
In short: Consumer advocacy group Choice says there is a difference of just 75 cents for the same basic grocery items at Coles and Woolworths. Choice found that German supermarket chain Aldi was substantially cheaper, with items around $15 less at the check-out. What’s next? Australia’s highly concentrated supermarket sector is the subject of a...
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Australia Market extends losses on Tuesday
Last Updated : Jun 12 2024 | 3:51 PM IST Australia stock market finished lower for second straight session on Wednesday, 12 June 2024, following the mixed cues from Wall Street overnight, with utilities, tech, materials, industrial, and consumer goods stocks leading losses. The drop came as investors braced for US inflation data that could...
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2.6 million workers to benefit from 3.75pc increase to minimum wage next month
In short: The Fair Work Commission has increased both the minimum and award wages by 3.75 per cent. The decision means the national minimum wage will be $24.10 per hour or $913.91 per week, based on a 38-hour week. What’s next? The increase to minimum and award wages will take effect from July 1. Australia’s...
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The world is retreating from globalisation. What does it mean for us?
The evidence is everywhere, the trend clear. From riots among farmers from Europe to India, to a shift towards the political extremes across the developed world and ongoing conflict in the Middle East and Africa, political unrest appears to be on the rise. In the US, once the bastion of free market enterprise, a man...
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Australia is set for a $9.3 billion surplus, but deficits for next three financial years
In short: The federal budget will reveal a $9.3 billion surplus for the 2023-24 financial year, which ends next month. The next three years will all have larger deficits than expected in December. What’s next? The budget will be handed down this evening. Today’s federal budget will deliver a $9.3 billion surplus for the current financial year...
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Back in business? PwC Australia wins new taxpayer-funded contract as government sets date for potentially more
In short: PwC Australia is winning more government work, despite multiple investigations continuing into potential criminal behaviour by members of the firm. The Australian Federal Police, Tax Practitioners Board and the Senate have concurrent probes into a tax leaks scandal that could have cost Treasury millions. What’s next: The Finance Department reminded bureaucrats not to give PwC...
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New ‘high-performance centre’ set to be built at Australian Institute of Sport ahead of Olympics
In short: The federal government has committed $249.7 million in next week’s budget to upgrade the Australian Institute of Sport in Canberra. The long-awaited upgrade will include building a new high-performance training and testing centre, a multi-sport indoor dome, and an accommodation facility. What’s next? The government said the funding will be in the budget, but a detailed...
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The government’s future gas policy first must ensure Australia’s future gas needs
Almost immediately after Resources Minister Madeleine King unveiled her plans for an expansion of our gas industry, the sniping began, the battle lines already drawn. On one side is the federal government, with seemingly conflicting ideals of reducing carbon emissions while kickstarting a rebuild of our manufacturing sector, arguing that more gas is needed for...
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Don’t move to Australia, expat warns
A British woman who migrated to Australia three months ago says life is really tough and is alerting others not to follow in her footsteps. Hannah, who is currently staying in Perth, has struggled to find a job and says she has cried for several days over the last few weeks. So now, she says...
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Australia to plough $492 million into the Asian Development Bank to better fund major projects in Pacific
In short: The federal government has committed $492 million to the Asian Development Bank, a major development player in the Pacific and Australia. The government has been frustrated by the way the ADB and other development banks have operated in the Pacific and beyond, complaining they’ve funded too many low-quality and cut-price infrastructure projects. The Minister...