Dynamic Business brings you a daily rundown of the most recent business news and developments from Australia and around the world. Here’s the roundup for September 7:
Greens pledge to push a super-profit tax plan for Australia’s billionaires
The Greens have pledged to fight for a tycoon tax on large corporations, with the goal of raising $338 billion in additional tax revenue over the next ten years.
Many of Australia’s leading corporations would face a 40% corporate “super-profits” tax under the Greens’ proposed plan. The demand for the tycoon tax comes in the wake of record profits by major businesses’ 2021 annual reports and financial statements.
The additional tax income would be used to help get Medicare to include dental and mental health care, as well as to fund affordable government housing.
Australia resilient to trade war with China: Treasurer
According to Josh Frydenberg, the Australian economy has proven to be remarkably resilient in the face of political tensions with China.
In an online address, the treasurer compared China’s stance to the Cold War of the past century, but with some key differences this time around. Mr Frydenberg said that China has made no secret of its intention to target Australia’s economy.
Coal market hits new high after demand from China, India gather steam
Soaring demand for electricity in China and India has propelled the coal market to new levels, with prices for fossil fuel reaching a new high despite global efforts to decarbonise the economy.
This week, Australian miners have received up to $US180 per tonne for benchmark thermal coal deliveries, hitting a record high of more than $240/t in Australian dollar terms.
The milestone comes just six months after prices fell to $US50/t as miners dealt with the dual shocks of a COVID-19 induced economic downturn and China’s unofficial decision to ban Australian imports.
Australia’s mouse plague could return after bumper winter harvest
With winter crops set for a strong harvest, Australia is facing yet another mouse plague.
According to the most recent Australian Bureau of Agricultural and Resource Economics and Sciences crop report, the national winter crop harvest would be 54.8 million tonnes, 2% less than the previous year but about one-third higher than the average.
Southern Queensland and northern and central New South Wales have the most mice. There are also significant populations in central Queensland and the Geraldton region of Western Australia. Mice are likely to raise production costs too.
Oil prices fall after Saudi price cuts
Oil prices tumbled after Saudi Arabia slashed oil contract prices for Asia, reigniting fears about the demand outlook.
Brent crude futures for November dropped 57 cents, or 0.8 percent, to $72.04 a barrel, while West Texas Intermediate crude for October declined 56 cents, or 0.8 percent, to $68.73 a barrel.
In a statement, Saudi Aramco notified buyers that it will reduce October rates for all crude grades shipped to Asia, its largest buying region, by at least $1 per barrel. According to a Reuters poll of Asian refiners, the price cuts were greater than expected.
India’s e-payments rules will create challenges for merchants, small businesses, banks, others
According to Empower India, starting September 30, 2021, banks need to notify their customers before and after each recurring debit, regardless of payment mode, under India’s Reserve Bank of India norms.
“This has some drawbacks, as the e-mandate only addresses a small portion of the merchant community,” Empower India said.
According to the think tank, if merchants and payment aggregators are not allowed to hold card details on file, they will be unable to provide seamless payment solutions for recurring and single-click online payments.
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