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CEF calls for carbon tariffs as fossil industries face ‘terminal’ decline

3 weeks ago | accountingtimes.com.au | Emma Partis

Independent think tank Clean Energy Finance (CEF) has called on the Australian government to lead the charge towards a cross-border carbon pricing framework across the Asia-Pacific region, after Energy Minister Chris Bowen signalled an openness to carbon tariffs. On Sunday, Bowen told ABC's Insiders that the government wouldn’t rule out the prospect of carbon tariffs on high-emissions industries as a route to achieving Australia’s climate goals.
March GDP growth dampened by extreme weather and waning public spending

3 weeks ago | accountingtimes.com.au | Emma Partis

Australia’s GDP grew by a sluggish 0.2 per cent in the March quarter, a notable slowdown compared to the December quarter growth of 0.6 per cent, ABS data showed. According to Katherine Keenan, ABS head of national accounts, extreme weather and a slowdown in government spending were the biggest culprits dragging down GDP growth in March 2025. “Economic growth was soft in the March quarter. Public spending recorded the largest detraction from growth since the September quarter 2017,” she said.
Australia to fall behind without mandatory digital reporting, CA ANZ cautions

3 weeks ago | accountingtimes.com.au | Emma Partis

A new report by CA ANZ has argued that Australia’s lack of digital reporting infrastructure has rendered its capital market invisible to the growing number of international investors that rely on algorithms and AI to inform investment decisions.
‘Unprecedented’ tariff situation almost sparked 50 basis point rate cut in May

3 weeks ago | accountingtimes.com.au | Emma Partis

RBA assistant governor Sarah Hunter acknowledged that US tariff developments had been a key discussion point in the Reserve Bank’s May meeting. “The broad-based nature of the proposed US tariffs, retaliation from major partners and other policy shifts all have the potential to structurally alter the world economy,” she said.
Minimum wage workers get their first real pay rise in 3 years

3 weeks ago | accountingtimes.com.au | Emma Partis

On Tuesday, the Fair Work Commission (FWC) raised the minimum wage by 3.5 per cent, taking it from $24.10 per hour to $24.95. President of the FWC, Adam Hatcher, said that the decision had been made to address declining living standards among minimum wage workers after years of high inflation had eroded their spending power.
RSM expands insolvency services amid elevated bankruptcy rates

3 weeks ago | accountingtimes.com.au | Emma Partis

Professional services firm RSM Australia has merged with Melbourne-based insolvency practice Brooke Bird. The merger, which took effect on Monday, would see RSM’s Melbourne restructuring and recovery practice double in size.
CA ANZ and ISSB consult on global climate disclosure standards

3 weeks ago | accountingtimes.com.au | Emma Partis

CA ANZ recently hosted the vice chair of the ISSB to discuss forthcoming changes to international climate accounting standards and how the standards are playing out for Australian entities. “Australia is one of the first countries to adopt mandatory climate-related disclosures requirements, which have been phased in from 1 January 2025,” CA ANZ chief executive Ainslie van Onselen said.
Australian politicians slam ‘unjustified’ US tariff hike on steel, aluminium

3 weeks ago | accountingtimes.com.au | Emma Partis

The US administration’s decision to double US tariffs on steel and aluminium from 25 per cent to 50 per cent has been met with criticism from Australian officials. Minister for Trade and Tourism, Don Farrell, characterised the tariffs as “unjustified” and “not the act of a friend”. “They are an act of economic self-harm that will only hurt consumers and businesses who rely on free and fair trade. We will continue to engage and advocate strongly for the removal of the tariffs,” he said.
AI set to revolutionise the audit profession, RSM says

4 weeks ago | accountingtimes.com.au | Emma Partis

RSM audit partner Matthew Beevers said that artificial intelligence is on track to transform the way that auditors work, shifting their workloads away from compliance and towards advisory tasks. “As proprietary and commercially available AI-driven platforms surge in popularity, the world of audit is changing,” Beevers wrote.
Tax compliance a key priority for CFOs as regulations evolve

4 weeks ago | accountingtimes.com.au | Emma Partis

Australian tech chief financial officers, in particular, are grappling with regulatory changes and complex tax compliance, BDO’s global survey of CFOs has found. The survey revealed a growing trend towards automation and outsourcing as CFOs sought to minimise manual errors and boost accuracy. As inflationary pressures and resourcing constraints continued to bite, many finance leaders had reassessed the efficiency of their tax functions.