Rob Hammond
3.5K posts

Rob Hammond
@gmanviews
Husband, Father, Grandfather. Son of an Asian Refugee. Follow neither political party. I can be wrong and will change my mind with more information.






Absolutely agreed! Albo needs to put the tax hikes to an election. He lied to get elected in 2025. And now he's raming through pernicious changes.



Gina Rinehart says the Albanese government’s capital gains tax changes will ultimately hurt the federal budget bottom line as mining and other business investment moves offshore. Mrs Rinehart said the tax changes were ill considered and left wage earners facing a double whammy if they chose to invest in mining to boost their wealth in what was already one of the highest taxing jurisdictions in the world. Australia's richest person spoke out as her early stage investment in Arafura Rare Earths appears set to deliver a new mine near Alice Springs, and help Australia and its allies loosen China's grip on critical minerals supply chains. “These CGT changes will make it even harder for junior and medium explorers to raise the money needed to search for and develop new projects,” she told The Australian. “Smaller and medium mining companies rely heavily on investors willing to back high-risk exploration years before there is any return. If you reduce the incentive and ability for people to invest, you reduce future discoveries, future mines, future jobs, future revenue and future growth for Australia at a time when our country sure needs it. “Additionally, what is also being missed in the CGT increase is that people are investing money they have already paid tax on through PAYG and other taxes, and yet any profits they make on that reinvestment is now going to be subject to even higher taxes.” Her comments came as Wesfarmers chair and fellow West Australian Michael Chaney gave his qualified support to the tax changes. “(The) capital gains tax concession and negative gearing have been prime factors in house prices being as high as they are in Australia, which is completely out of kilter with most similar sized economies – and so I think change was inevitable,” he said. “The problem is that we need wholesale, not piecemeal, tax reform that includes lowering personal and corporate tax rates.” Mrs Rinehart said other countries were competing hard for investment yet Labor’s tax changes compounded other unhelpful policy settings in Australia. “Unfortunately, the proposed changes to capital gains tax don’t recognise how widespread their effect is, given CGT was initially brought in in 1985, affecting all assets and projects since,” she said. theaustralian.com.au/business/minin…























