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Significant updates were made to the superannuation system in Australia in 2023 and 2024. [16] The Superannuation Guarantee (SG) rate, which had been gradually increasing over the years, reached 10.5% in 2022 and is set to continue rising by 0.5% each year until it hits 12% by 2025. [16]
It was a replacement for the proposed Resource Super Profit Tax (RSPT). The tax, levied on 30% of the "super profits" from the mining of iron ore and coal in Australia, was introduced on 1 July 2012. [1] A company was to pay the tax when its annual profits reach $75 million, a measure designed so as not to burden small business. [2]
The 2023–24 Australian federal budget is the federal budget to fund government services and operations. The budget was presented to the House of Representatives by Treasurer Jim Chalmers on 9 May 2023. It was the second budget handed down by the Australian Labor Party since their election to government in 2022.
In 1884, a general tax on income was introduced in South Australia, and in 1895 income tax was introduced in New South Wales at the rate of six pence in the pound, or 2.5%. [6] Federal income tax was first introduced in 1915, in order to help fund Australia's war effort in the First World War . [ 7 ]
1–10 January – The Kimberley and northern parts of Western Australia are severely affected by flooding caused by ex-Tropical Cyclone Ellie. [4] The Fitzroy River at Fitzroy Crossing peaks at a record 15.81 metres on 4 January, with the bridge which carries the Great Northern Highway across the river damaged beyond repair. [4]
World map by inflation rate (consumer prices), 2023, according to World Bank This is the list of countries by inflation rate. The list includes sovereign states and self-governing dependent territories based upon the ISO standard ISO 3166-1. Inflation rate is defined as the annual percent change in consumer prices compared with the previous year's consumer prices. Inflation is a positive value ...
Australia experienced its eighth-warmest year in 2023, with the influence of climate change pushing average temperatures almost 1 degree Celsius (1.8 degrees Fahrenheit) above the 1961-1990 ...
Growth in spending and revenues over time reflect the growth of the economy and the responsibilities of the Commonwealth government. In comparison with similar economies, [a] Australia's government spending is relatively low. For the twenty-year period from 1960 to 1980, the growth in spending roughly matched percentages in the much higher ...