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What if we told you that more than 800 of Australia’s largest companies paid no company tax in the 2021-2022 financial year? The list includes companies like Crown Casino, AGL, QANTAS, Energy Australia, Virgin, The Star, Ford and TPG. In today’s deep dive we’ll explain why these companies paid no tax during that period.

Listen to What you need to know about the PwC scandal

Credits

Hosts: Billi FitzSimons and Emma Gillespie

Journalist: Tom Crowley

Producer: Ninah Kopel

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National wages grew by 1.3% during July to September, according to the ABS. It’s a record growth but doesn’t match inflation.

All four of Australia’s big banks have posted substantial profits for the 2022-23 financial year. Why is that the case?

Over 800 large companies paid no corporate tax in Australia in the 2021-22 financial year, according to new data from the ATO.

We’ve spoken a lot on this podcast about how Australia, and in fact much of the world, is battling inflation. But in China the current economic situation is actually one of deflation.  TDA journalist Tom Crowley is going to explain what this all means, and how it’s likely to impact Australia. It’s also Tom’s last deep dive on the podcast so stick around until the end to hear his farewell!

Listen to Why actors walked out on their own premiere .

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Credits

Guest: Tom Crowley

Hosts: Zara Seidler and Sam Koslowski

Producer: Ninah Kopel

Subscribe to The Daily Aus newsletter

Buy our new book No Silly Questions

See omnystudio.com/listener for privacy information.

WeWork has filed for bankruptcy in the U.S.

The 13th interest rate increase since May 2022 has re-ignited the debate about the use of higher interest rates to fight inflation.

Why did the cash rate rise? The Reserve Bank decided to raise the cash rate again on Tuesday, after keeping it unchanged since July.

Sam Bankman-Fried (SBF) was once called the crypto king. Now he’s facing up to 100 years in prison after a jury found him guilty on two counts of fraud and seven counts of conspiracy. So how did the “boy genius” once thought to be the future of ‘clean’ crypto, end up convicted? In today’s episode we look at the rise and fall of SBF and what the end of his reign means for the world of crypto.

The Federal Government has announced a scholarship program to attract more people to teaching amid growing concerns of a national shortage.

China’s housing market has crashed, investors are withdrawing, and youth unemployment is so high the government has stopped publishing the number. Senior leaders met last week to agree on a way forward.

Sam Bankman-Fried, founder of failed cryptocurrency exchange FTX, has been found guilty on two counts of fraud and seven counts of conspiracy.

The International Monetary Fund (IMF) has published its Australian policy ‘wish list’, including stronger climate policies, a tougher approach to inflation, and sweeping tax changes.

This week, a lawsuit was launched against supermarket chain Aldi for underpaying workers up to $150 million. Does Australia have a wage theft problem? In today’s deep dive, the new Fair Work Ombudsman Anna Booth explains why underpayments happen, from small businesses to multinational giants, and what’s being done to combat the issue.

Negotiations for a trade deal between the European Union (EU) and Australia have collapsed following another round of unsuccessful talks.

The World Bank says the global oil price could be set for another spike if the conflict in the Middle East spreads throughout the region.

The latest inflation numbers released yesterday showed prices rose by more than the RBA had hoped. It means could soon be hearing three words we haven’t heard for a few months: “interest rate rise”. So, what’s the point of raising inflation? TDA journalist Tom Crowley tells us what it all means in the deep dive.

Prices were 5.4% higher in September than the previous year, according to the latest official inflation figures.

The Fair Work Ombudsman (FWO) has discovered 250,000 workers were underpaid in the 2022-23 financial year. 

The national gambling self-exclusion register, BetStop, has received thousands of sign ups since it launched in August.

The cost of living crisis is to blame for an increasing number of Australians going hungry, according to Foodbank’s latest Hunger Report. With more young people struggling to put food on the table, what are the long-term impacts of food insecurity? Brianna Casey, CEO of Foodbank Australia joins us for today’s deep dive, to talk about what can be done to change the growing number of people who don’t know where their next meal is coming from.

Australian private health insurer Medibank has announced it is trialling a 4-day work week for 250 employees.

More than half of young people (aged 18 to 24) are experiencing food insecurity, according to Australia’s largest food relief organisation, Foodbank.

The Australian arm of international dessert brand Sara Lee has gone into administration after 52 years of cheesecakes and crumbles.

A crypto crackdown will be included in legislation set to be tabled in Australia next year. This is what it could look like.

Harvard Professor Claudia Goldin has been awarded the top prize in economics for her investigations into the gender pay gap — the difference between how much men and women are paid.

The Reserve Bank of Australia (RBA) has kept the cash rate unchanged at 4.1% for a fourth consecutive month.

The Federal Government has announced a $22.1 billion budget surplus for the 2022/23 financial year, the first in 15 years.

JobSeeker is rising on Wednesday, following a combination of periodic increases and new laws taking effect. Here’s the important details

Macquarie Bank will phase out cash and cheque services by the end of 2024. Here’s the timeline for the phase-out

France has banned sales of Apple’s iPhone 12 after the national watchdog found the device exceeds European radiation limits.

This week, Google is in court facing allegations it has illegally monopolised the internet. The Department of Justice is claiming Google is unfairly limiting competition through billion dollar agreements with providers like Samsung and Apple to ensure it is the default search engine on their products. Google denies it’s done anything wrong however, saying it dominates the market because it’s the best in the market. So is Google simply the best? Or has the tech giant broken the law? We’ll let you know in the deep dive.

The measure will be trialled across 30 stores in South Australia, Victoria, Western Australia, and Queensland.

The court was considering an appeal from Qantas, who had already lost twice before the Federal Court and the Full Federal Court.

What’s lumpy skin disease? Indonesia has lifted restrictions on Australian livestock after they say the disease was discovered on cattle.

In his final speech, RBA Governor Philip Lowe has criticised the media for personal attacks but admitted he had “difficulties” communicating.

Australia’s corporate regulator is suing Westpac for alleged breaches around their response to financial hardship applications.

The Government has introduced legislation aimed at closing what it calls workplace law ‘loopholes’. Under the new laws, employers who deliberately underpay their staff could face jail time. The Opposition and business groups have spoken out against the reforms, saying they will negatively impact small businesses and the economy. In today’s deep dive, TDA journalist Tom Crowley explains what’s in the legislation and whether or not it’s likely to pass.

Inflation grew by 4.9% in the year up to July 2023, according to the latest figures from the Australian Bureau of Statistics.

Every few years the Government shares its predictions about where Australia is headed and what sort of country it thinks we’ll be in the decades ahead. Those projections are released in the form of the Intergenerational Report. In today’s deep dive, we’ll take a closer look at what the report found, and how the Government plans to manage those findings.

The latest official figures show the gender pay gap in full-time earnings has fallen to an all-time low. Why has the gap closed?

Petrol prices are rising again across Australia, and have been well above $2.10 litre in recent days in Sydney and Melbourne. Why?

National Cabinet leaders have agreed to build 200,000 extra homes by mid-2029, but have stopped short of limits on rent increases.

The good(ish) news is that this week we had the strongest indicator yet that inflation is easing, while unemployment remains low. The bad news is that the rental crisis continues, with rental prices rising at the fastest rate since 1988. TDA journalist Tom Crowley will explain why this is all happening, and what it means for you, in the deep dive.

Casual employees who work consistent hours could have the option to become permanent employees under a new Government proposal. Employment Minister Tony Burke says it would mean job security for those who want it, but not everyone is a fan of the changes. In today’s deep dive we’ll explain what’s on the table for casual workers, and why some businesses are against the reforms.

A rule that excludes university students from studebt debt support based on their academic output will be axed. Here’s why

RBA Governor Philip Lowe will not be re-appointed for a second term, replaced instead by his deputy Michele Bullock.

RBA Governor Philip Lowe has announced a cut to interest rate meetings after a review into the bank’s culture and practices.

The RBA has left interest rates unchanged at 4.1% for the month of July, with RBA Governor Philip Lowe saying inflation has “passed its peak”.

Cheques will be phased out by the Federal Government, who say the payment method is too slow and expensive. Here’s their plan.

Chris Minns has unveiled plans to sign his new housing policy into law, which will also involve scrapping an old initiative on the way.

Why are rent prices rising? New data released this found rent prices in capital cities has had record increases this year. Here’s why

TDA political journalist Tom Crowley runs you through everything you need to know about the 2023 Federal Budget.

Why is Medibank being sued? The private health insurer was hit with a lawsuit this week. But it’s hit back, saying it would defend the claims.

The Australian Tax Office has confirmed there will be a HECS debt increase of 7.1% – the largest increase in decades. Why is it going up?

Democrats and Republicans are locked in a stalemate over the ‘debt ceiling’, a government borrowing limit. Can America pay its bills?

Victorians are paying the most taxes to their state and local governments in Australia, according to new data from the ABS.

We learned this week that HECS debts are set for their biggest increase in decades. How do the debts work? Here’s all you need to know.

The Government is facing growing pressure to raise JobSeeker payments in the Federal Budget on 9 May – including from its own members.

Housing crisis Australia: How did we get here? Why did housing become so expensive, and can we fix it? Here’s what to know.

The Federal Government has passed a law to require gender pay gap transparency for businesses with at least 100 employees.

The latest monthly figures show inflation in Australia has fallen from 7.4% to 6.8%, but that’s still a significant rise. What does it mean?

The government of Switzerland has negotiated a deal to rescue Credit Suisse, the country’s second-largest bank.

Over 300,000 documents and customer records have been stolen during a “sophisticated and malicious” cyberattack on Latitude Financial Services.

Australia’s unemployment rate fell from 3.7% to 3.5% in February, returning to the same level as December 2022.

The collapse of the Silicon Valley Bank has prompted fears about whether other banks might suffer a similar fate.

Silicon Valley Bank collapsed, marking the largest bank failure since 2008. Find out how it happened and its impact on the US economy.

Inflation figures for January 2023 show some evidence of price growth slowing. Treasurer Jim Chalmers says the government is “cautiously hopeful”.

Learn why Australian house prices have been falling since May, and what’s causing the recent slowdown. Will prices continue to decline? Find out here.

Qantas records a $1.4 billion pre-tax profit in H2 2022, best result in a first half of a financial year, after $7 billion losses in pandemic.

See the list of highest-paying industries in Australia according to the Australian Bureau of Statistics, with mining topping the chart.

Gender pay gap in Australia hits record low at 13.3%, according to the ABS, which measures the difference in average weekly earnings.

Aged care workers to get a 15% pay increase from June due to historical undervaluation and gender pay gap. Details from the Fair Work Commission.

Australian universities have underpaid their staff about $83 million since 2020, with the University of Melbourne found to have underpaid their staff about $31.6 million.

Updated tax rules for claiming work-related expenses when working from home in Australia. Learn what you need to know.

The Govt plans to introduce a legal definition of the objective of super to reshape rules & crackdown on early access & tax concessions.

Consumer confidence hits all-time low amidst cost of living crisis and interest rate hike in Australia.

Adani Group loses billions amid fraud allegations – Hindenburg Research report details shell company scheme.

TDA spoke to young Australians across the country who have experienced exploitation and financial stress after undertaking prolonged periods of unpaid work.

Analysis from Futurity Investment Group reveals parents in Australian cities face higher education costs than in regional areas, with Melbourne public schools potentially costing over $100k across 13 years.

Teachers in remote Australia could have their tuition fees wiped under a new program.

Here’s what new research from Oxfam says about economic inequality in Australia.

The World Bank says China, Europe and the U.S. are all in a period of “pronounced weakness”, which could have spillover effects to the rest of the world.

Here are eight stories that might shape the next year of news.

Revenue from Australian coal exports rose by $73 billion in the 2021/22 financial year, according to the Australia Institute, a policy research and advocacy organisation.

Australia’s gender pay gap in 2022 is 22.8%. It’s the first time it has stalled in nine years.

Global oil prices could be set to surge again, after new restrictions were placed on Russian oil exports by Western nations this month.

The Reserve Bank of Australia (RBA) increased the cash rate from 2.85% to 3.1% today.

The Reserve Bank expects inflation to peak at the end of the year at around 8%.

Leaders from the world’s leading and emerging economies will meet in Bali for the Group of Twenty’s (G20) annual Summit.

From tomorrow, there will be the option to pay an annual property tax instead.

Wages are not increasing at the same rate as inflation, meaning that while a person’s income may not change, it isn’t as valuable as before.

The Reserve Bank of Australia (RBA) increased the cash rate from 2.6% to 2.85% today.

TDA political journalist Tom Crowley cares about budgets more than most people. Here’s why he finds them so interesting and important.

Australia’s cost of living crisis is in the news every week. Prices have risen 6% in the last year, and we’re told things will get worse before they get better. Many of the causes are global, and the effects are global too.

What are interest rates, and how does it affect housing?

What is GDP?