Amid the chaos of #libspill, the Coalition government's signature plan to cut the big business tax rate from 30 to 25% for companies with turnover above $50 million was blocked in the Senate on August 22. The vote was 36 to 30.
Company profits have skyrocketed, while real wages have fallen. This is the harsh reality of the class war being pursued by Australia’s big-business rulers, as underlined by the latest Bureau of Statistics figures released on February 27.
In the last three months of last year, profits surged by a massive 20%, while wages fell by 0.5%. Over 2016, profits were up 26%, while wages grew by a mere 1%, less than the inflation rate of 1.5% — effectively a wage cut.
The new federal energy minister Josh Frydenberg has affirmed that the Turnbull-led government will not budge from policies that afford maximum profits to the outdated and dangerous fossil fuel corporations.
Environment minister Greg Hunt gave formal approval on October 15 for a massive new coalmine in Queensland's Galilee basin, “in accordance with national environment law” after the Federal Court set aside the previous approval in August.
But Indian coal mining giant Adani is unlikely to receive the federal government funding it needs to open the Carmichael mega mine.
As resource prices crash and more than 1000 coalmining jobs have been lost in Queensland alone this year, Adani's competitors have come out in opposition to any federal government assistance for the mega mine.