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Wenzel's Weekly Wrap

News occupying this week’s headlines has been the Federal Government’s decision to introduce a $3m cap on Superannuation tax concessions. The move increases the current rate from a 15% tax on balances over $1.7m, and anything below the $1.7m threshold incurs no tax. It’s a policy impacting a small number of the population.

Super promise broken

This week the Opposition came out swinging against superannuation changes flagged by the government, accusing it of breaking election promises. Opposition Treasury spokesman, Angus Taylor, said, the Prime Minister and Treasurer walked away from their commitment to not add taxes to superannuation claiming it was an unambiguous commitment from the Prime Minister, that he wouldn’t raise taxes on Australian super. This comes after Anthony Albanese and Jim Chalmers flagged they planned to reduce tax concessions on superannuation balances above $3m in the next term of government.

Experts claim COVID measures were wrong, are two years too late

At the height of COVID and the oppression of Australians for nearly two-years with rolling lockdowns, crazed COVID supporters brainwashed by the senseless nonsense initiated by Government were in boots and all, but with the damage done, some of those very 'experts' who sat quietly afraid to speak-up then, are now coming out claiming the mandated restrictions were all wrong!

Tabled Bill set to legalise Medicinal Cannabis

Tabled Bill set to legalise Medicinal Cannabis (Post up Saturday March 4) @David Ettershank @Michael Ray @Tony Lee #cannabis #thc #medicinalcannabis #legalisedcannabis #legislativecouncil #victorianparliament #roadsafetybill #legalisecannabisvictoria #patients #medicine #cannabisprescription Host for Chiron (Super) on screen: Michael Ray; David Ettershank Descriptive: Last week, newly elected Legalise Cannabis Victoria Members of the Legislative Council, David Ettershank and Rachel Payne, introduced a Bill to allow medicinal cannabis patients to drive with detectable levels of THC in their system, provided it is safe for them to do so. The Road Safety Amendment (“Medicinal Cannabis”) Bill (2023) proposes a modest change to the Road Safety Act to no longer make it an offence for a driver who is unimpaired to have detectable THC in their system provided they have a medical cannabis prescription and that they have taken their medication in accordance with that prescription

Turkey earthquake kills thousands

While US President Joe Biden, refuted claims a Chinese spy Balloon was just that, this week also saw Biden deliver his State of the Union Address, and with a shifting of the deck chairs in Congress, Kevin McCarthy, the new Speaker of the House and replacement to the controversial Nancy Pelosi, is now the holder of the gavel. Overseas rescue teams from began deploying in Turkey after a pair of powerful earthquakes killed more than 4000 people throughout Turkey and Syria.

Democrats anxious about Biden 2024 re-election plan.

In 2024, Joe Biden will look to secure his second term as President. Since taking office, he’s been ridiculed about his mental capacity, and poor leadership. It’s an issue that has weighed heavily on the Party, and as the level of anxiousness grows, recent Polls have shown Democrat voters don’t want him running again, and that was reinforced when he refused to order a spy balloon to be shot when it was caught, flying over areas known to house ICBM’s, claiming the balloons weren’t spying on US defence installations.

While the Victorian government continues to spend taxpayer money trying to stop class action over what many deem as the harsh and unnecessary lockdowns that lead to the collapse of many businesses, Supreme Court Justice, John Dixon, had the Government reeling, when he denied the Government the opportunity to have proceedings stayed again. It’s a case that will continue to proceed even while it fights separate criminal proceedings brought by WorkSafe Victoria against the Department of Health over its hotel quarantine program.

Home refinancing at ultra-high

Data recently released by the Reserve Bank, showed refinancing activity is at ultra-high levels, as owner-occupiers and investors try to find home loans with lower interest rates as the Reserve continues to raise the cash rate. Last November, borrowers refinanced a record $19.5 billion of loans and for the same period in 21 and 22, it was higher by 20.4% and 88.2% respectively.

Rise in medical costs stops Aussies going to the dentist.

The number of Australians delaying or avoiding seeing their doctor because of the rising costs of medical care has soared by almost 50 per cent and new figures released by the Productivity Commission Report have not only detailed the impact of mounting out-of-pocket medical costs for Australians, but in many parts of Australia, people having been on waiting lists for public dental care for years.

Wenzel’s Weekly Wrap

Transurban reported a jump in earnings as traffic rebounded after the pandemic with increases in tolls on the back of inflation. Boral rose 12.5% as investors saw progress in the business refocusing its efforts in maximising profits in Australia rather than the US. Premiums rose for home insurances were up 10.7%, the biggest increase since the Brisbane floods of 2013. Car insurance rose 8.9% and the Reserve Bank lifted interest rates 0.25%, bringing the official cash rate to 3.35%.

Wenzel’s weekly wrap

Department store David Jones was this week acquired by private equity firm Anchorage Capital, for $100m. Beauty and skincare group BWX, partly owned by Fortescue’s Andrew Forrest revised its forecasts downward during the week as part of a capital raise. The Bank of Japan surprised markets by increasing the band it will allow Japanese Government bonds to trade at from 0.5% above or below its 0% target, increase from 0.25%.

Russia peace and Biden nomination – 2023 predictions

TheInformer’s North American and European Correspondent Michael Charbon has covered the Italian Right-Wing Government, Russia and the Ukraine War, civil unrest in Iran, China and Russia working together, Jan 6, Trump, Republicans taking the House and the US Border Catastrophe. But what does Michael think will happen in 2023.