Australia news live: Chalmers reveals Keating influence on super tax backdown; cost of cybercrime revealed

Chalmers reveals Keating influence on watered-down super tax plan

Adeshola Ore

The treasurer, Jim Chalmers, says he spoke to former Labor prime minister Paul Keating on multiple occasions as he finalised the federal government’s watered-down superannuation tax plan.

The Albanese government on Monday backed down on its contentious plan, dumping the proposal to target unrealised gains after sustained criticism.

In a statement, Keating – the architect of Australia’s superannuation system and a critic of Chalmers’ original proposal – described the revised plan as a “huge policy achievement”.

Speaking to the ABC’s 7.30 last night, Chalmers said he takes Keating’s feedback and views “very seriously”:

As I finalised this package to take to the expenditure review committee, I probably spoke to him half a dozen times in the second half of last week alone.

He said the government had listened to feedback and found another way to deliver a fairer superannuation system:

It’s really important we make these tax concessions more sustainable. It’s really important that we take the sorts of difficult and necessary steps to safeguard the system into the future.

These are just responsible, pragmatic changes.

Former Labor prime minister Paul Keating described the revised plan as a ‘huge policy achievement’. Photograph: ABC

Key events

Show key events only

Please turn on JavaScript to use this feature

Staying on the subject of those super changes, you can read the analysis of our economics editor, Patrick Commins, here:

Australian businesses are losing money at a skyrocketing rate to cyber security threats, as the nation’s top cyber spy agency warns of mounting ransomware and identity fraud risks, Australian Associated Press reports

Cybercrime reports have dropped but businesses face a bigger financial impact from them, the Australian Signals Directorate’s annual cyber threat report reveals.

The average cost of cybercrime to large businesses was $202,700 in the past financial year, up 219% per cent on the previous year, Australian Associated Press reports.

The Australian Signals Directorate’s annual cyber threat report calculates an average of $97,200 was lost per medium-sized business.

The average cost of cybercrime for small businesses was $56,571.

The directorate received 84,700 reports of cybercrime over the past financial year, down 3% on the previous 12 months.

The agency’s director-general Abigail Bradshaw said ransomware and identify fraud remained the most disruptive and common cyber crime threat.

“Australia is increasingly targeted by cybercriminals looking to steal credentials,” Bradshaw said.

“Once access is gained, they mimic legitimate user behaviour to steal sensitive personal or corporate information, install ransomware or malware and take over accounts.”

Networks are increasingly being breached through compromised or stolen details to gain unauthorised access, rather than being hacked.

Chalmers reveals Keating influence on watered-down super tax plan

The treasurer, Jim Chalmers, says he spoke to former Labor prime minister Paul Keating on multiple occasions as he finalised the federal government’s watered-down superannuation tax plan.

The Albanese government on Monday backed down on its contentious plan, dumping the proposal to target unrealised gains after sustained criticism.

In a statement, Keating – the architect of Australia’s superannuation system and a critic of Chalmers’ original proposal – described the revised plan as a “huge policy achievement”.

Speaking to the ABC’s 7.30 last night, Chalmers said he takes Keating’s feedback and views “very seriously”:

As I finalised this package to take to the expenditure review committee, I probably spoke to him half a dozen times in the second half of last week alone.

He said the government had listened to feedback and found another way to deliver a fairer superannuation system:

It’s really important we make these tax concessions more sustainable. It’s really important that we take the sorts of difficult and necessary steps to safeguard the system into the future.

These are just responsible, pragmatic changes.

Former Labor prime minister Paul Keating described the revised plan as a ‘huge policy achievement’. Photograph: ABC

Welcome

Good morning and welcome to our live news blog. I’m Martin Farrer with the top overnight stories and then Nick Visser will take over.

The treasurer, Jim Chalmers, says he spoke to former Labor prime minister Paul Keating ‘half a dozen times’ last week as he finalised the federal government’s watered-down superannuation tax plan. More coming up.

As the last living Israeli hostages were released by Hamas overnight, Penny Wong has called the moment a “singular achievement” by Donald Trump. The foreign affairs minister called it an “extraordinarily moving” day and one of immense relief for people in Israel and Australia. More shortly.

And the cost of cybercrime to Australian businesses has soared over the past year, a new report estimates – more than doubling to an average of $200,000 for big companies. More on that soon too.