Scott Phillips

I suspect, like the Internet, it'll be an enabler.

Great metaphor. I used something very similar in an article I just published!

Great minds think alike :)

Split in Albanese’s caucus as government moves to kill AI laws The sprawling technology has become a subject of intense debate within Labor’s inner sanctum.

Source: www.smh.com.au/politics/fed...

It'll absolutely cost jobs. That'll suck for those impacted (and it might come for my job, in time, too).

But so did the Spinning Jenny and the stump-jump plough and the automated production line.

We need to look after displaced workers, not stick our heads in the sand.

Hopefully the government follows through and dumps (probably unworkable) legislation to restrict or limit AI implementation.

Don't get me wrong: it'll have downsides.

But it's here to stay. Ignoring it would mean we miss the benefits and become internationally uncompetitive.

Thank you

(and we're only 3 months into a three year term!)

A roundtable with nothing on the tax table, this term?

It's like discussing tax reform but excluding GST.

(Yes, a delayed reform is better than no reform, but so much for an emboldened second-term agenda.)

We had to put our 11yo German Shepherd, Abby, down today.

We're gutted, but thankful.

Do me a favour:

"Be the person your dog thinks you are"

Source: www.theaustralian.com.au/nation/pharm...

Only Trump could think making American healthcare more expensive was a good thing.

It's a sign of the times that 10% feels like 'good news', of course.

Just as the 'deal' with the EU, which copped 15% tariffs wasn't really a 'deal' - just the pronouncement of a decision by a bully.

Donald Trump holds Australia’s tariff rate at 10 per cent Australia has escaped the brunt of Trump’s new tariff rates for now, with the White House moving to hold Australia’s tariff rate at 10 per cent. Follow live.

Source: www.afr.com/politics/fed...

More (expected) economic stupidity from the US administration.

Some (relatively) good news for us, though: our tariff will be 10%. Worse than 0%, but better than the 15%-20% reported earlier this week.

(For now... who knows what he'll decide next week.)

Bold PC reform would raise tax for top 500 companies But the corporate tax rate would be slashed to 20 per cent for small and medium companies under a new Productivity Commission recommendation.

Overall, though, as I said, a great discussion to commence and some really thoughtful work by the boffins.

Bravo.

Image source: www.afr.com//policy/tax-...

Bad:

- increasing the total tax take on mega businesses; particularly on the rationale of:

- "big number bad": two $600m businesses pay no extra tax but one $1.2b business does... For no objectively defensible (IMO) reason.

Good:

- The cash flow tax allowing immediate deduction of qualifying spending, which should hopefully boost investment in productivity.

- The *concept* of lowering taxes on small, medium and big (note: not mega) business

This is some really interesting work from the Productivity Commission.

The scope was too narrow (they were told company tax changes must be revenue neutral), but it's a really provocative idea.

It has some good and bad parts, IMO, but a great starter for discussion.

Mt Isa fights for its life, and a billion-dollar smelter bailout The regional centre’s population has slumped by almost 20 per cent over the past two decades. Without taxpayer help, that will be just the start, locals fear.

Source: www.afr.com/companies/mi...

Somewhere, in NW Queensland...

"Hey, fellas. It worked for Whyalla. Let's tell the State and Federal government we want some money, too!"

In fact, the last two quarters, at 0.9% and 0.7%, would suggest an annualised 3.2%. In other words, the first two quarters of the annual inflation rate are likely the exceptions, and the last two might be the rule.

It's likely, IMO, inflation is higher at the end of the year.

Mixed news on inflation.

- Headline fell to 2.1%, which is excellent.
- 'Trimmed mean' meaningfully higher at 2.7%
- Quarterly headline at 0.7% is 2.8% if annualised, so we need to be careful with the annual number (see ABS chart - the 2.1% benefits from lower past quarters)

Spot on!

Not only is the Productivity Summit likely to just be a series of PR set-pieces (and a waste of time, because those things could be discussed/communicated without a talkfest), but every group is now pushing their own barrow.

National interest?

(Good for the papers, though!)

*uncompetitive!

Ha yes, sorry!

I bet.

A non-ideological DOGE equivalent, run by caring, thoughtful and sober experts and leaders would be hugely useful, I'd imagine.

I'm not surprised.

It's devilishly difficult for regulatory, cultural and organisational-objective.(I.e measuring squishy stuff) reasons, but it needs to happen.

Unions to demand employers be forbidden from using AI for ‘mass redundancies’ AI regulation will be the union’s key demand to Treasurer Jim Chalmers’ economic reform round table in August.

Source: www.smh.com.au/politics/fed...

This is silly.

King Canute couldn't hold back the ride.

Neither can the unions (or governments) on AI.

Yes, look after displaced workers.

But don't pretend that protectionism is a valid response - it'll only make us internationally competitive and hard living standards.