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Wed 07 Aug, 2013

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Coalition commits to 1.5pc company tax cut

Opposition Leader Tony Abbott will today confirm he is sticking to a pledge to cut the company tax rate by 1.5 per cent from July 1, 2015.

On day three of the federal election campaign, he will announce a Coalition government would deliver the cut at a budget cost of $5 billion over the forward estimates.

The plan will see company tax cut from 30 per cent to 28.5 per cent, and will apply to about 750,000 Australian companies.

The cut has previously been sold as a way to offset the 1.5 per cent levy Mr Abbott plans to charge big businesses to pay for his paid parental leave scheme.

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The Drum

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A grim and blurry economic forecast

Normally before an election, the Federal Government attempts to be optimistic about the near future. This year it is deeply pessimistic.

The figures provided in the Economic Statement should cause a fair bit of alarm for people, because, to be honest, the view of the economy for the next two years is pretty damn bleak.

If anything, we should being considering staying in deficit longer, not returning to surplus faster.

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Just In

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Customs service 'lacking leadership'

A review of the Australia's border protection service has uncovered problems with its leadership, workforce, business plan and computer systems.

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World

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Iran's Rouhani pledges resolution of nuclear issue

Iran's new president, Hassan Rouhani, says he is determined to resolve his country's dispute with the West over its nuclear regime.

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Business

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High Court to rule on future of mining tax

The fate of the Minerals Resource Rent Tax will be determined today with the High Court due to deliver its decision on whether the tax is valid or not.

The case has been led by miner Andrew Forrest and his Fortescue Metals Group, and has been supported by the Queensland and Western Australian state governments.

The tax applies to profits above $75 million for iron ore and coal projects, and allows offsets for state-imposed royalties.

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Politics

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High Court to rule on future of mining tax

The fate of the Minerals Resource Rent Tax will be determined today with the High Court due to deliver its decision on whether the tax is valid or not.

The case has been led by miner Andrew Forrest and his Fortescue Metals Group, and has been supported by the Queensland and Western Australian state governments.

The tax applies to profits above $75 million for iron ore and coal projects, and allows offsets for state-imposed royalties.

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Sport

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Gallen's phone seized by customs: report

Cronulla captain Paul Gallen's phone was reportedly seized by customs officials at Sydney airport last weekend.

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Science and Technology

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Study finds weather changes fuel violent behaviour

Researchers in the United States say they have established a link between changes in the weather and spikes in violence around the world.

A paper published in the journal 'Science' reviewed 60 studies from around the world, all finding a close relationship between climate events such as monsoons and heatwaves and the incidence of violence.

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Environment

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Climate report warns of more extreme weather

The American Meteorological Society has released its annual snapshot of the world's climate, which concludes disastrous weather events like Hurricane Sandy in the US and droughts and floods in Australia, Africa and South America are to become more frequent.

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