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Fri 20 Sep, 2013

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Abbott urged to 'step up' and consider lifting GST

Western Australian Premier Colin Barnett has reignited the debate over the Good and Services Tax (GST), calling on the Prime Minister to show leadership and consider lifting the tax rate.

The Federal Government intends to set up a wide-ranging review of the tax system, but prior to the election Prime Minister Tony Abbott ruled out changes to the GST.

Mr Barnett, whose state lost its AAA credit rating on Wednesday, says revenue from the GST is not growing fast enough to fund basic services like health and education.

He says while Mr Abbott made a political promise not to lift the GST, he thinks the Prime Minister will have little choice but to address the issue.

"One of the tough jobs Tony Abbott is going to have is to step up to the plate, as they say, and take some leadership on the federation. Front and centre in that will be the GST issue."

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The Drum

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Abbott wise to pull back... but not too far

Tony Abbott's immediate media strategy is to put the country to sleep, or at least lower the volume so that everybody can enjoy a little quiet reflection after a tumultuous few years.

That approach is eminently defensible and politically smart. It will represent a stark contrast to the appalling priorities of the Rudd-Gillard-Rudd governments over the past six years.

Nevertheless, Abbott should consider the cautionary tale of Ted Baillieu before he stops feeding the chooks altogether.

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Just In

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New Zealand made to wait again for America's Cup win

A seemingly inevitable victory by Emirates Team New Zealand in the America's Cup has been delayed for one more day.

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World

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New Zealand made to wait again for America's Cup win

A seemingly inevitable victory by Emirates Team New Zealand in the America's Cup has been delayed for one more day.

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Business

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JPMorgan fined $970 million over 'London whale'

Banking giant JPMorgan Chase has agreed to pay more than $900 million in fines to US and British regulators and made a a rare public admission of wrongdoing over actions involved in last year's 'London whale' trading debacle.

Settlements with four US and British regulators resolve the biggest civil probes of the bank's $6.2 billion of Whale derivatives trading losses last year.

Criminal investigations are still under way.

"JPMorgan failed to keep watch over its traders as they overvalued a very complex portfolio to hide massive losses," the US Securities and Exchange Commission said in announcing the settlement.

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Politics

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Abbott urged to 'step up' and consider lifting GST

Western Australian Premier Colin Barnett has reignited the debate over the Good and Services Tax (GST), calling on the Prime Minister to show leadership and consider lifting the tax rate.

The Federal Government intends to set up a wide-ranging review of the tax system, but prior to the election Prime Minister Tony Abbott ruled out changes to the GST.

Mr Barnett, whose state lost its AAA credit rating on Wednesday, says revenue from the GST is not growing fast enough to fund basic services like health and education.

He says while Mr Abbott made a political promise not to lift the GST, he thinks the Prime Minister will have little choice but to address the issue.

"One of the tough jobs Tony Abbott is going to have is to step up to the plate, as they say, and take some leadership on the federation. Front and centre in that will be the GST issue."

More »

Sport

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McGlynn, Rohan back for Swans in AFL

Sydney's Ben McGlynn and Gary Rohan regain their spots for Saturday's AFL preliminary final against Fremantle.

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Science and Technology

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Shark population decline linked to reef damage

Marine scientists say they have found evidence of the role sharks play in reef environments, with declining shark populations linked to damage on coral reefs.

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Environment

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British tourist trampled to death by elephant in India

A 69-year-old British tourist has been trampled to death by an elephant in India as he was engrossed in taking photographs, according to reports.

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