A greater proportion of Western Australian taxpayers are likely to benefit from immediate changes to tax thresholds passed through parliament yesterday than other states, according to Business News analysis of Australian Taxation Office data.
Nearly three in four taxpayers will pay a marginal tax rate of 32.5 per cent from 2025, with the government's plan to flatten the income tax system approved by the Senate today, despite moves to lower company tax still stalled.
AMP has had $1 billion wiped off its market value during a royal commission appearance in which the wealth management giant admitted to charging clients for advice they never received and then lying about it to the corporate watchdog.
An international trade body has warned the recent package of tax cuts in the US will lead to a reduction in that country's foreign investment stock overseas, with Australia potentially vulnerable.
The way GST revenue is carved up among the states needs a proper fix, rather than more "band-aids and bolt-ons", federal Treasurer Scott Morrison says, but politicians from states winning from the existing distribution are set to oppose change.
Disgruntled Ten Network Holdings shareholders are considering a class action against the troubled network as they face receiving no compensation for their stock under the takeover proposed by US media giant CBS.
Treasurer Ben Wyatt has emerged disappointed from a meeting with federal counterpart Scott Morrison after failing to secure measures to prevent a shortfall of almost $2 billion in the state budget.
Australia's biggest banks will have to find billions of dollars of extra cash by 2020, but the new requirement does not look like being much of a problem for them.
OPINION: The perverse incentives created by the application of horizontal fiscal equalisation emerged clearly during a recent Productivity Commission inquiry.
Treasurer Scott Morrison has rejected warnings the Liberals would face an electoral wipeout in Western Australia if the federal government doesn't give the state more GST money.
Ratings agency Moody's says Australia's triple-A credit rating remains intact but has expressed doubt about the federal government's timetable for reducing the budget deficit.
Big banks have warned that customers and shareholders will carry the cost of the federal government's surprise $6.2 billion levy on Australia's largest financial institutions.
The federal government won't guarantee Tasmania and South Australia will be no worse off under potential changes to the way GST revenue is carved up among the states.
Treasurer Scott Morrison insists Western Australia's low share of the GST carve up is not his doing, saying he understands the state's frustration but won't intervene.
New state Treasurer Ben Wyatt has labelled the latest recommended GST distribution "abysmal" and a threat to the state's finances after the Commonwealth Grants Commission recommended Western Australia receive 34.4 per cent of its per capita share.
Chevron managing director of Australasia Nigel Hearne has confirmed a fourth LNG train at the Gorgon project won't be happening in the near term, while calling on governments not to buckle to calls for higher taxes and increased regulation that will reduce competitiveness of the industry.
After originally blocking the sale of land and cattle empire S Kidman & Co to Chinese buyers, Treasurer Scott Morrison has approved a joint bid with mining magnate Gina Rinehart and her Chinese partners.
The state's agricultural body has welcomed the Commonwealth's decision to reduce its planned backpacker tax to 15 per cent, less than half than what was originally proposed.
Australia's richest woman, Gina Rinehart, will attempt to persuade the Kidman cattle empire that her offer is still superior, despite being trumped over the weekend by an all-Australian consortium that made a higher bid.
The federal government has promised an "arms-length" decision on Gina Rinehart and Shanghai CRED's joint $365 million bid for cattle empire S. Kidman & Co, which will still require foreign investment approval.
New Reserve Bank governor Philip Lowe kept a steady hand at the tiller using his first monthly board meeting to leave the cash rate at record low 1.5 per cent.
Western Australia's hospitality and agricultural industries have welcomed the federal government's decision to amend its planned backpacker tax, but the tourism body says it will cost the state jobs nevertheless.
New Reserve Bank of Australia governor Philip Lowe has defended the central bank's monetary policy framework, telling a parliamentary committee "we are not 'inflation nutters'".
Treasurer Scott Morrison has made changes to the federal government's proposed superannuation reforms after months of internal party pressure, with a proposed $500,000 lifetime non-concessional contribution cap replaced by a reduction of the existing annual cap.
The federal government has secured opposition support to pass one of the most substantial budget packages since the coalition took office in 2013, making trade-offs on renewable energy funding and welfare payments to pick up about $6 billion in savings.
Less than half of 1 per cent of Australia's agricultural land is owned by Chinese investors, while UK investors make up the largest proportion of overseas interest in Australia, according to a new report.
Western Australia is unlikely to pocket a larger share of the GST pie before its voters go to the polls early in 2017 after Treasurer Scott Morrison warned any change in the distribution formula would be made gradually and was "down the track".
Despite the tax cuts in last night's budget, the federal government is still relying on increasing revenue in the five years ahead to return to balance, which is still anticipated for 2020-21.
Western Australia's Liberal Premier Colin Barnett has welcomed the budget's tax reductions for small to medium sized businesses as a highlight that was particularly important for the state.
