Climate change featured heavily during the election and now the Albanese Government is putting into place some of the promises it made. We look at the current state of play and the likely impact.
The Government’s Climate Change Bill passed the House of Representatives in early August and is now before the
Senate Environment and Communications Legislation Committee for review. But what impact does the legislation have on business and
consumers in Australia?
Under the Paris
Agreement,
a legally binding international treaty, Australia and 192 other parties committed to substantially reduce global greenhouse gas
emissions to limit the global temperature increase in this century to 2 degrees Celsius while pursuing efforts to limit the increase
even further to 1.5 degrees. At this level, the more extreme impacts of climate change - floods, heatwaves, rising sea levels, threats
to food production - can be arrested. As part of this commitment, the parties are required to communicate their emissions reduction
ambitions through a Nationally Determined Contribution (NDC). On 16 June 2022, Australia communicated its updated NDC to the UN,
confirming Australia’s commitment to achieve net zero emissions by 2050, and a new, increased target of 43% below 2005 levels by 2030 (a
15% increase on the previous target). The Climate Change Bill enshrines these emission targets into legislation.
The Bill itself sets an accountability framework for climate targets but does not introduce mechanisms to cut emissions.
Impacted industries
The energy sector is at the heart of climate change producing around three-quarters of global greenhouse gas emissions. In Australia, the CSIRO says energy contributes approximately 33.6% of all emissions, with a further 20.54% from stationary energy (from manufacturing, mining, residential and commercial fuel use), transport 17.6%, and agriculture 14.6%. The future of the energy industry is also at the crux of the Government Powering Australia policy.
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Whether you're planning a lap of Australia or a weekend escape, owning a caravan or camper can be a great investment in lifestyle.
One of the biggest benefits of debt consolidation is the potential to reduce how much interest you’re paying.
At the end of each financial year, your accountant prepares essential documents like financial statements, tax returns, and compliance reports. But what brings it all together? That’s where the Management Letter comes in.
Lenders assess defaults on a case-by-case basis. What’s most important is the context surrounding the default and how your financial situation has changed since.
Some lenders will assess your income using Australian tax rates, even if you're living in a country with lower tax obligations.
Under the expanded program, income thresholds will increase from $90,000 to $100,000 for singles and from $120,000 to $160,000 for couples or single parents.
Federal elections have little effect on Australia's property market, despite common perceptions, according to new research.
Treasury has released exposure draft legislation for Payday Super that will require employers to pay superannuation at around the same time as salary and wages are paid to the employee. The changes are proposed to commence from 1 July 2026.
Shannon Smit dives deep into the compelling world of using self-managed super funds (SMSFs) to invest in property. With her signature energy and expertise, Shannon explains the mechanics of SMSFs, contrasting them with retail and industry super funds, and revealing the unique power they offer individuals to take control of their financial future.
What does it take to turn a modest property portfolio into a self-sufficient powerhouse? In this episode of The Accountant That Builds, Shannon Smit invites you into the fascinating journey of property investment, revealing the key steps, strategies, and mindset shifts that can transform two properties into a thriving, cash flow-neutral portfolio.
At the end of each financial year, your accountant prepares essential documents like financial statements, tax returns, and compliance reports. But what brings it all together? That’s where the Management Letter comes in.
Treasury has released exposure draft legislation for Payday Super that will require employers to pay superannuation at around the same time as salary and wages are paid to the employee. The changes are proposed to commence from 1 July 2026.
