Temporary tax measures are being introduced and the Prime Minister will address the nation on Wednesday afternoon as war in the Middle East drags on and fuel costs hit motorists and industry hard.
Temporary tax measures are being introduced, and the Prime Minister will address the nation on Wednesday afternoon, Perth time, as war in the Middle East drags on and fuel costs hit motorists and industry hard.
Anthony Albanese’s office has requested a 7pm eastern time window to appear on all television and radio networks.
It’s understood the rare national address will be an attempt to steady nerves and comes after United States president Donald Trump attempted to put a “two or three weeks” deadline on its war with Iran.
There is also speculation that Mr Albanese may take Australia’s fuel action plan to level three, which is the introduction of “targeted action” and involves the community making voluntary decisions around fuel conservation.
Mr Albanese also confirmed during question time in the parliament that he had cancelled a planned trip to Turkiye to commemorate ANZAC Day, saying his priorities were at home during this period.
Ahead of the Prime Minister’s speech, Treasurer Jim Chalmers has announced relief for businesses unable to meet their tax obligations because of fuel supply problems.
“We will help small businesses access easier and faster credit by extending the Small Business Responsible Lending Obligation exemption for a further 10 years,” Mr Chalmers said,
Some temporary steps will offer “more generous payment plans, remission of interest and penalties and support in varying PAYG instalments where there has been a downturn in taxable income”.
Mr Chalmers has spoken about the need for the country to work together “to shield Australians from some of the worst impacts” of the war.
“We’re coordinating action by regulators, industry and the broader community to help Australians doing it tough,” he said.
He said the ATO will limit standard compliance actions across industries most affected by fallout from the war.
The treasurer also stepped through a range of actions by industry groups to help their members cope with the crisis.
For example, the Business Council of Australia’s members have vowed to pay suppliers more frequently to help improve cash flow.
The Australian Banking Association will launch a campaign called “Don’t tough it out on your own – banking support when you need it most”.
