Up to 150 Australian tax office staff investigated over $2bn social media scam

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Original article by
The Guardian Australia – Page: Online : 14-Feb-24

The Australian Taxation Office has recovered more than $2bn via Operation Protego, which was set to investigate fraudulent claims for goods and services tax refunds. An additional $2.7bn in GST refunds was stopped just before payment was made. An auditor-general’s report has revealed that 57,000 people were involved in the scam, including about 150 employees of the ATO. There had been more than 100 arrests and 16 convictions over the same as of August 2023.

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AUSTRALIAN TAXATION OFFICE

Shambolic right to disconnect fix

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Original article by David Marin-Guzman
The Australian Financial Review – Page: 4 : 14-Feb-24

The federal government was criticised over its failure to consult with employers’ groups regarding the ‘right to disconnect’ provisions of its latest industrial relations reforms. Workplace Relations Minister Tony Burke has attracted further criticism for belatedly consulting with employers with regard to the Fair Work Amendment Bill 2024, which is intended to remove criminal penalties for employers who breach the right to disconnect. The haste with which the Closing Loopholes Bill No. 2 was pushed through parliament resulted in the criminal penalties inadvertently being left in the legislation.

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AUSTRALIA. DEPT OF EMPLOYMENT AND WORKPLACE RELATIONS

ANZ-Roy Morgan Consumer Confidence drops 1.2pts to 82.6

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Original article by Roy Morgan
Market Research Update – Page: Online : 14-Feb-24

ANZ-Roy Morgan Consumer Confidence fell 1.2pts to 82.6 in the week to 11 February; it has now spent a record 54 straight weeks below the mark of 85. Consumer Confidence is now 4.5 points above the same week a year ago (78.1), but 1.2 points below the 2024 weekly average of 83.8. Analysis by housing status shows the biggest drop this week (down 5.2pts) was for people who own their own home. Consumer Confidence was up in Victoria, Western Australia and South Australia, but down in both New South Wales and Queensland. Now 19% of Australians (down 2ppts) say their families are ‘better off’ financially than this time last year, while 52% (unchanged) say their families are ‘worse off’. Looking forward, 32% (down 1ppt) of Australians expect their family to be ‘better off’ financially this time next year, while 34% (up 1ppt) expect to be ‘worse off’. Now 12% (up 1ppt) of Australians now expect ‘good times’ for the Australian economy over the next 12 months (the highest figure for this indicator since April 2022), while 29% (down 1ppt) expect ‘bad times’ (the lowest figure for this indicator since May 2022). Meanwhile, 21% (down 2ppts) of Australians say now is a ‘good time to buy’ major household items, while 51% (up 2ppts) say now is a ‘bad time to buy’.

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ROY MORGAN LIMITED, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ

Seven eyes rebound after worst TV market fall ever

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Original article by Sam Buckingham-Jones
The Australian Financial Review – Page: 16 : 14-Feb-24

Seven West Media has posted a 2023-24 interim net profit of $54m, which is 53 per cent lower than previously. EBITDA was down 40 per cent at $124m, and revenue was fiver per cent lower at $775m. Recent data from ThinkTV shows that television advertising revenue fell by 10.4 per cent in 2023, amid an economic slowdown and rising interest rates; Seven’s outgoing CEO James Warburton notes that TV revenue is typically the first to decline in a crisis and the first to rebound. CFO Jeff Howard is slated to succeed Warburton by the end of the financial year.

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SEVEN WEST MEDIA LIMITED – ASX SWM, THINK TV

Frontline workers lose under Labor’s tax cuts

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Original article by Patrick Commins, Geoff Chambers, Geoff Chambers
The Australian – Page: 1 & 4 : 14-Feb-24

Analysis suggests that essential workers will benefit in the short-term from the federal government’s changes to the legislated stage-three tax cuts. However, so-called ‘bracket creep’ means that many middle-income earners will be paying more tax in 10 years’ time. They include school principals, police officers, electricians and paramedics. Meanwhile, a report from S&P Global has concluded that the government’s changes could be "marginally" more inflationary than the original version of the package, given that they will return more money to low- and middle-income earners.

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S&P GLOBAL INCORPORATED

Australians share the Valentine’s Day love today

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Original article by
Australian Retailers Association – Page: Online : 14-Feb-24

Research from the Australian Retailers Association, in conjunction with Roy Morgan, shows that 3.4 million Australians will spend an average of $135 per head on Valentine’s Day gifts in 2024, up from $118 in 2023. In total, Australians are predicted to spend $465 million on traditional gifts for loved ones, as well as gifts for themselves. ARA CEO Paul Zahra has highlighted the importance of inclusivity in the traditional Valentine’s gifting experience this year, noting the opportunity for all individuals to use the day as a time of self-appreciation. Amongst the top gifts of choice for survey respondents this year are flowers, chocolates and hospitality outings.

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AUSTRALIAN RETAILERS ASSOCIATION, ROY MORGAN LIMITED

ABC accused of bias over Israel-Hamas war

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Original article by James Madden, Sophie Elsworth
The Australian – Page: 3 : 14-Feb-24

The ABC has received more than 3,000 complaints about its coverage of the Israel-Hamas war since the conflict began in October. The public broadcaster’s editorial director Gavin Fang notes that the majority of complaints were about the ABC’s alleged bias, with a similar proportion of viewers accusing it of being pro-Israel or pro-Palestine. Meanwhile, MD David Anderson has emphasised the importance of the ABC’s impartiality and objectivity in an appearance before a Senate estimates hearing.

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AUSTRALIAN BROADCASTING CORPORATION

Over 14 million Australians are now consuming alcohol – driven by increases for wine and RTDs

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Original article by Roy Morgan
Market Research Update – Page: Online : 14-Feb-24

New data from Roy Morgan’s Alcohol Consumption Report shows that 14,013,000 Australians aged 18+ consumed alcohol in an average four-week period in the 12 months to September 2023. This compares to 13,073,000 (66.3%) in the year to March 2020, prior to the pandemic. The number of Australians drinking wine increased from 8,096,000 (41.0%) pre-pandemic to 9,068,000 (44.1%) in the year to September 2023. The spirits category enjoyed a clear ‘pandemic boost’ of over 1 million extra consumers; in the 12 months to December 2021 there were 6,759,000 (33.8%) Australians drinking spirits. However, this ‘boost’ has receded; now 5,623,000 (27.3%) Australians drink spirits, down slightly from 5,671,000 (28.7%) pre-pandemic. The standout alcoholic beverages over the course of the pandemic have been ‘Ready-to-drink’ (RTDs) for which consumption increased from 2,138,000 Australians (10.8%) pre-pandemic to 4,319,000 (21.0%) in late 2023, an increase of over 2.1 million people. Meanwhile, now 6,725,000 Australians (32.7%) consume beer, down significantly from the 7,413,000 (37.6%) who did so in the 12 months to March 2020 just before the pandemic struck.

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ROY MORGAN LIMITED

PM vows to crack down on doxxing

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Original article by Joe Kelly, Jess Malcolm, Ben Packham
The Australian – Page: 1 & 2 : 13-Feb-24

The federal government will criminalise ‘doxxing’ as part of an overhaul of the Privacy Act, after the personal details of 600 Jewish people in the nation’s creative industries were published online. Prime Minister Anthony Albanese says it is "completely unacceptable" for Australians to be targeted due to their religion or faith. Anti-Defamation Commission chairman Dvir Abramovich says the laws are urgently needed, adding that the deliberate online targeting of Jewish people constitutes "digital terrorism". Meanwhile, the government has come under scrutiny for taking until 2 February to declare the mass killing of Israelis in October 2023 as a terrorist attack.

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AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, ANTI-DEFAMATION COMMISSION

Albanese slaps down Greens over juvenile negative gearing demand

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Original article by Phillip Coorey
The Australian Financial Review – Page: 4 : 13-Feb-24

Prime Minister Anthony Albanese has ruled out making changes to the negative gearing regime and the capital gains tax discount in order to secure the Greens’ support for its Help To Buy shared equity scheme for first-home buyers. Albanese says the federal government will not be open to negotiation, and he has criticised the Greens’ "juvenile approach" to the issue of negative gearing. The government was previously forced to make concessions in 2023 to secure the Greens’ support for its Housing Australia Future Fund. The Opposition intends to vote against the shared equity scheme.

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AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN GREENS