AusFinance

Thank you

A sharp disparity has emerged between mortgage growth and Australian home values.

After April’s monthly inflation head fake, May has crashed back to earth. The expected was 6.1%, and we got 5.6%.

cross-posted from: https://aussie.zone/post/189164

PwC has walked back a report used to claim the nature repair market could be worth $137bn, accepting it measures "Indirect spending towards biodiversity" but the amount spent on "Threatened species conservation, with clear outcomes, is likely much less".

The consultancy firm made that submission to a Senate inquiry examining the Albanese government's nature repair market bill in response to a critique of the report from the progressive thinktank the Australia Institute.

The Australia Institute submitted to the Senate environmental legislation committee that the report was "Misleading on a number of fronts and is entirely unrelated to the nature repair market".

Hanson-Young told Guardian Australia that "There are questions as to whether this is part of a PwC strategy to get their foot in the door to win more work - it's a corporate strategy we know has been used elsewhere by PwC". A PwC spokesperson said: "PwC regularly authors thought leadership on important topics, and in this case saw an important opportunity to progress a conversation around the role of biodiversity markets and the role for the private sector in funding nature repair."

Plibersek said: "I've been clear that I expect the nature repair market will generate billions of dollars of investment in nature repair to better protect our environment for our kids and grandkids."

Ouch, 20% unemployment in China is rough. How tied to China's economic outlook do you think we're going to be in Oz?

PWC: Government business division for sale - $2 Allegro Funds: Tell 'em they're dreaming

Anyone using any open banking aggregators?

I've been using frollo to see all bank accounts in one place. The app in general feels way more like a tech demonstration for their APIs than actually trying to be a product itself though. Still it's nice to see that there are ways to expose the data without having to give full user/password access.

I was happy to see they are planning to use AI to assist call centre staff rather than replace them. It sound like they are planning to use AI in a helpful way, hopefully it works out that way.

The worry with AI is always when it is used to replace people with no oversight - like robodebt, or chatbots that block the ability of customers to get through to talk to a person.

I'm getting a bit confused about how this works even after reading the ATO website.

https://www.ato.gov.au/Individuals/Super/In-detail/Growing-your-super/Super-contributions---too-much-can-mean-extra-tax/?page=4#Ifyoudontwithdrawyourexcessconcessionalc

They provide heaps of examples where people have over $1.6 million in their super with warnings about you possibly getting taxed 95% on the extra contributions. But nothing about what happens if you have less than $1.6 million in super.

My situation

• Super total value less than $350k
• Paid $30.5k in employer and Voluntary Before-Tax Contribution (excess of about $3k over $27.5k cap)
• Wage in the top tax bracket

From what I gather from reading my previous tax return the excess ($3k that year) they just added to my taxable income and then adjusted my owed tax. So I'm guessing I paid the top tax bracket of 45% on that extra.

I have the option to release 85% of this excess based on the above link. From what I can tell it's mainly to help people pay the additional tax they incur or for people with more than $1.6 million in their super wanting to avoid a huge tax hit on the extra.

Am I paying less tax by leaving it where it is in super or releasing the 85% back to myself?

Oh good, I'm sure now the government will do something...

Sorry for the Murdoch rag, but I thought we could do with a trashy article to lighten things up a bit. Anyone else claimed depreciation on a boob job or the family pet?

Got an email from payroll on Friday. Legislated super increase will be decreasing my take home pay come July. PSA to all the rest of you on TFR contracts.

Would be nice if there was legislation that prevented companies from doing this, so price increases couldn't be concealed so easily.

Tldr: Westpac has cut over 100 jobs in its premier banking division and other areas, adding to the 300 positions already eliminated from its head office. These reductions are part of an effort to simplify operations, improve accountability, and decrease costs. The premier banking division was targeted due to its customers' preference for digital services. Westpac aims to decrease its workforce by 20% from 2020 levels by 2024 and has ended contracts with numerous contractors as part of this cost-cutting initiative. https://www.afr.com/companies/financial-services/westpac-axes-100-more-jobs-inside-bank-20230616-p5dh8d