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The bank had attempted to sell the investments platform, but could not find a buyer at an acceptable price, instead merging it with its Asgard business. The government will make changes to its selection process to target more educated, higher-skilled and younger migrants. The minimum tax rate rips a key tool of wealth building used by millions of richer Australians and has a particular sting for so-called bucket companies. But shadow treasurer Tim Wilson flags support for $250 tax offset; Chalmers says voters care more about ‘substantive change’ than broken promises.

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Almost three years later, the government has finally responded. The annual wages and salaries bill for government sector workers are forecast to plateau at about $32.6 billion in 2030. A government with a massive parliamentary majority, an opposition in disarray and no election imminent.

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Treasurer Jim Chalmers says the changes will make the system fairer and help young people get into the property market. But his tax hit isn’t backed with big-bang reform to expand the economy. Changes to negative gearing and tax increases on trusts and capital gains have heralded the end of preferential treatment of asset wealth. Any information provided is general only and does not take into account your objectives, financial situation or needs. Easily and securely send, and manage your payments—all in one place.