FEAR & GREED | Business News Labor closes on $3m super deal; ocean temps soar; EV ship goes up in smoke
Jun 5, 2025
The Australian government is close to a deal on a superannuation tax hike for accounts over $3 million, raising questions of fairness. Meanwhile, ocean temperatures are rising sharply, threatening marine ecosystems. A vessel carrying electric vehicles caught fire in the Pacific, highlighting the dangers of EV transport. Political tensions are escalating, especially with the US imposing travel bans. In market news, lithium stocks are surging amidst China's export restrictions, while Virgin Airlines finds a path to financial success despite challenges.
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Superannuation Tax Controversy
- Tax on superannuation earnings above $3 million will double from 15% to 30%.
- It controversially taxes unrealized gains, affecting property and small business super assets.
Political Mandate and Greens Position
- The government has a strong mandate to push through super tax reforms.
- The Greens want stricter limits, preferring a $2 million cutoff instead of $3 million.
Alan Stockdale's Controversial Joke
- Former Liberal President Alan Stockdale joked that assertive women in the party need protecting from men.
- Senior conservative women sharply criticized his comments as outdated and disrespectful.
