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Australia news live: Pocock buys billboards to pressure Chalmers on gas export tax; survey reveals national gloom
TL;DR
David Pocock has purchased billboards in Jim Chalmers' Queensland electorate to advocate for a 25% tax on gas exports. This move comes as pressure mounts on the Albanese government to reform tax policies ahead of the federal budget.
Key points
- David Pocock bought billboards in Queensland
- Calls for a 25% tax on gas exports
- Pressure on Albanese government for tax reforms
- Charities advocate for funding welfare and housing
- Current tax concessions for property investors under scrutiny
Mentioned in this story
David PocockJim Chalmers
Labor should use the proceeds of limiting tax concessions for property investors and a crackdown on gas export profits to fund welfare increases and build housing, charities and social service groups say.
Ahead of next month’s federal budget, the Albanese government is under pressure to wind back negative gearing rules and the 50% capital gains tax discount for property investments, and to tax more of the profits from soaring commodity exports, pushed up by the global energy shock.
ACT independent senator David Pocock has bought billboards in Jim Chalmers’ Queensland electorate, calling for a 25% tax on gas exports, delivered through changes to the petroleum resource rent tax (PRRT) scheme.
A billboard in Jim Chalmers’ electorate in Queensland on Sunday, which was paid for by the ACT independent senator David Pocock. Photograph: Supplied
The gas tax plan – backed by the Greens, thinktank the Australia Institute and key Labor-aligned trade unions – could raise as much as $17bn for the budget.
The Australian Council of Social Service (Acoss) and a coalition of 50 charity and campaign organisations said money from the suite of proposed changes could help the most vulnerable, and fund sustained public investment in housing, renewables and disaster resilience.
The Acoss chief, Cassandra Goldie, urged the government to be bold, saying that:
double quotation markPeople on the lowest incomes are skipping meals, delaying medical care and rationing energy just to get by.
Frontline services are operating at capacity, facing growing demand and increasingly complex needs. Current policy settings are not meeting the needs of our communities – it’s clear that significant and sustained public investment is essential.
Q&A
What is David Pocock's proposal for gas export taxation?
David Pocock is advocating for a 25% tax on gas exports through changes to the petroleum resource rent tax (PRRT) scheme.
Why are charities and social service groups urging tax reforms in Australia?
Charities and social service groups are calling for tax reforms to fund welfare increases and housing initiatives amid rising commodity export profits.
What are the current tax concessions for property investors in Australia?
Currently, property investors benefit from negative gearing rules and a 50% capital gains tax discount, which are under scrutiny for potential reform.
How is the Albanese government responding to pressure for tax changes?
The Albanese government is facing pressure to wind back tax concessions for property investors and to implement a tax on gas export profits ahead of the upcoming federal budget.
