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Malcolm Turnbull says superannuation backdown 'the right outcome' Malcolm Turnbull: superannuation backdown 'the right outcome' - as it happened
(35 minutes later)
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Night time politics
What happened today?
That’s it from me. Thanks to the brains trust, Katharine Murphy, Paul Karp, Gareth Hutchens and Mike Bowers. Thanks for your company this week.
We are not sitting until October 10, so I will be back here, driving the bus on that very day.
Goodnight.
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The ejections. Husic.The ejections. Husic.
Husar.Husar.
Feeney.Feeney.
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Have a go ya mug.Have a go ya mug.
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F-f-f-f-f-finance.F-f-f-f-f-finance.
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The Greens’ treasury spokesman, Peter Whish-Wilson, says Scott Morrison caved in on the superannuation package.The Greens’ treasury spokesman, Peter Whish-Wilson, says Scott Morrison caved in on the superannuation package.
Today the government caved in on the substantial reforms needed to address the perversities in the superannuation system that allow the wealthy to use their superannuation as a tax haven.Today the government caved in on the substantial reforms needed to address the perversities in the superannuation system that allow the wealthy to use their superannuation as a tax haven.
The Greens estimate superannuation concessions cost Australian tax payers nearly $30bn per annum. The government is only proposing to cut these by 10%.The Greens estimate superannuation concessions cost Australian tax payers nearly $30bn per annum. The government is only proposing to cut these by 10%.
Whilst some concessions are necessary to incentivise savings, many are simply used by the wealthy to minimise tax, which means less money for our schools and healthcare.Whilst some concessions are necessary to incentivise savings, many are simply used by the wealthy to minimise tax, which means less money for our schools and healthcare.
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Meanwhile, in the Northern Territory, the Country Liberals have released their shadow cabinet positions. Playing it for the lols.Meanwhile, in the Northern Territory, the Country Liberals have released their shadow cabinet positions. Playing it for the lols.
I introduce to you the Northern Territory Opposition. #NTPol pic.twitter.com/MYRA6Zg4bJI introduce to you the Northern Territory Opposition. #NTPol pic.twitter.com/MYRA6Zg4bJ
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This explains the last post. My football consultant, Mike Bowers, tells me the Western Bulldogs are playing the Hawks.This explains the last post. My football consultant, Mike Bowers, tells me the Western Bulldogs are playing the Hawks.
They are revving up Bill Shorten. While he is away in Canada. Demotion looms.They are revving up Bill Shorten. While he is away in Canada. Demotion looms.
@gabriellechan @terrimbutler @JulianHillMP @westernbulldogs pic.twitter.com/pJfYkp740C@gabriellechan @terrimbutler @JulianHillMP @westernbulldogs pic.twitter.com/pJfYkp740C
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Is there a football game happening somewhere?Is there a football game happening somewhere?
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Gareth HutchensGareth Hutchens
Now that the flurry of question time is over, I can post Gareth Hutchen’s analysis of the unemployment figures:Now that the flurry of question time is over, I can post Gareth Hutchen’s analysis of the unemployment figures:
The latest unemployment figure is out today, and the headline number looks good.The latest unemployment figure is out today, and the headline number looks good.
The unemployment rate fell last month to 5.6%, seasonally adjusted, from 5.7%. It hasn’t been this low since September 2013.The unemployment rate fell last month to 5.6%, seasonally adjusted, from 5.7%. It hasn’t been this low since September 2013.
Not bad, eh?Not bad, eh?
The government hasn’t been trumpeting the news today because the story is complicated.The government hasn’t been trumpeting the news today because the story is complicated.
Firstly, the seasonally adjusted number can be unreliable. It can jump around a lot. The trend figure provides the best measure of the underlying behaviour of the labour market and it has been stuck at 5.7% since May.Firstly, the seasonally adjusted number can be unreliable. It can jump around a lot. The trend figure provides the best measure of the underlying behaviour of the labour market and it has been stuck at 5.7% since May.
Secondly, underemployment keeps increasing. Since December last year, there are about 105,300 more people working part-time, but the number of people working full time has decreased by 21,500.Secondly, underemployment keeps increasing. Since December last year, there are about 105,300 more people working part-time, but the number of people working full time has decreased by 21,500.
In fact, the trend underemployment rate – a quarterly measure of employed people who would like to work more hours – hit 8.6% last month, the highest it has ever been.In fact, the trend underemployment rate – a quarterly measure of employed people who would like to work more hours – hit 8.6% last month, the highest it has ever been.
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There is a question to the industry minister, Greg Hunt, on the current state of negotiations as to the sale of Arrium’s assets and what could we possibly do to ensure its survival.There is a question to the industry minister, Greg Hunt, on the current state of negotiations as to the sale of Arrium’s assets and what could we possibly do to ensure its survival.
Hunt says the first shipment from this steel plant for the Adelaide to Tarcoola railway line was delivered.Hunt says the first shipment from this steel plant for the Adelaide to Tarcoola railway line was delivered.
That is a tremendous step forward. That should deliver $80m of cash flow for the plant and for the future of the Whyalla steel plant.That is a tremendous step forward. That should deliver $80m of cash flow for the plant and for the future of the Whyalla steel plant.
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