Australia has some of the most unaffordable housing in the world,but the crossbench won’t back an affordable housing bill until they know what it means.
Economists in the Scope Survey say there is little chance of a wage-price spiral but most expect inflation will remain higher than wages until at least next year.
Some people will rearrange their finances to stay just short of the proposed $3 million super tax threshold,experts say,while others will make small changes to their retirement savings structures.
The economy expanded by a less-than-expected 0.5 per cent in the final three months of 2022 amid signs the worst in inflation has passed. It has prompted warnings to the RBA against pushing up interest rates too far.
Peter Dutton vowed to repeal the government’s change to superannuation tax while Anthony Albanese ruled out any future changes to another expensive tax concession.
The slide in home prices looks to be turning,with home values rising in Sydney in February and the pace of falls elsewhere slowing.
Labor’s proposal will affect the top 0.5 per cent of Australians with large super balances. How will it work?
PM Anthony Albanese says the changes,to take effect from July 1,2025,will bring in about $2 billion in additional tax over four years.
Top economists say the RBA and its fight to bring down inflation will be the key influence on the strength of the economy through 2023 and into next year.
The states and territories are borrowing money faster than the federal government,and are on track to owe $600 billion by next year.
The Albanese government will move quickly to lock in laws defining a purpose for superannuation,before pushing ahead with other reforms.