The Opposition says it won't support the housing tax reforms outlined in the federal budget; UK Prime Minister Keir Starmer refuses to quit, despite mounting party pressure; Australian Kaden Groves exits the Giro d’Italia after injuries sustained from a crash.
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TRANSCRIPT
- The Opposition says it won't support the housing tax reforms outlined in the federal budget.
- UK Prime Minister Keir Starmer refuses to quit, despite mounting party pressure.
- Australian Kaden Groves exits the Giro d’Italia after injuries sustained from a crash.
Shadow Treasurer Tim Wilson says the Opposition will not support the tax changes outlined in the federal budget.
The measures include scrapping negative gearing and the 50 per cent capital gains tax discount.
The federal budget says those measures are forecast to cause home prices to grow about two per cent slower than they otherwise would have in the next few years.
Treasurer Jim Chambers says that by reducing investor demand, the tax package is expected to boost home ownership by about 75,000 over the next decade.
Mr Wilson says he doesn't think the tax changes are the best way to help young Australians.
"Under their own government documents, these new taxes will lead to 35-thousand fewer homes being built across the decade. Their own documents admit that it will lead to higher rents. People who want to go buy their first home tend to rent beforehand. And they're going to be kneecapped on their journey. The higher taxes on capital gains will mean that people who invest in deposits will get hit as well. This is an attempt to intergenerationally kneecap young Australians."
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Treasurer Jim Chalmers says his fifth budget will deliver the largest savings and reprioritisations package on record – at $63.8 billion.
Much of this money will be drawn from controversial reforms to the NDIS, which the government expects to save $37.8 billion over four years.
Mr Chalmers says the government will drive the deficit down by $2.8 billion, to $31.5 billion next financial year – but the budget is not forecast to return to balance until 2034-35.
Australia’s national debt is also due to remain elevated, but Mr Chalmers insists it’s heading in the right direction.
"Gross debt will be $982 billion at the end of this financial year, and it peaks lower, it peaks earlier and is lower every year for the next 11 years."
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An additional 4,000 migrant trade workers will be able to enter the workforce each year as the government accelerates skill assessments and occupational licences.
It’s expected to reduce the time taken to enter the work force by at least 6 months.
There will also be changes to the permanent migration points skills test, which affects two-thirds of migrants, with the government prioritising younger and more educated workers.
The changes also include doing more on skills recognition and education so tradespeople can have their qualifications recognised more easily, and businesses can find the skilled workers they need.
Peter Doukas, Chair of the Federation of Ethnic Communities Council of New South Wales, has told SBS he's concerned about potential government restrictions of migration.
"Migration is the cornerstone of the Australian success story. So over-restricting migration, in our view, is a danger to not only the economy more broadly, but also to the Australian success that we have had as the brand of Australia as an open and embracing country."
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In the UK, four ministers have resigned in the latest challenge to Prime Minister Sir Keir Starmer's leadership.
Pressure has been building on the prime minister after Labour's poor performance in last week's elections, losing more than 1,100 seats - but Mr Starmer's vowed to hold his position, insisting he won't walk away.
More than 80 Labour MPs have signed a letter calling on Mr Starmer to resign immediately or draw up a timeline outlining his plan to do so.
Mr Starmer has told a cabinet meeting he plans to "get on with governing" - and that a leadership contest had not been triggered.
Meanwhile, 110 Labour MPs signed a statement backing the PM.
Deputy Prime Minister David Lammy says he is backing Mr Starmer - and he urged Labour MPs not to play into the hands of conservative populist politicians like Nigel Farage.
"It's been 24 hours now and nobody has come forward to put themself forward in the processes that exist in the party. No one seems to have the names to stand up against Keir Starmer. And for those who are suggesting that he should stand down, they should say which candidate would be better. Let's get on with the business of running this country."
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Australian cyclist Kaden Groves has withdrawn from the Giro d’Italia, after suffering injuries in a crash during the opening stage.
Groves, considered Australia’s best sprint hope for a stage win, was hurt in a mass pile-up near the finish line in Bulgaria on Friday.
The 10-time Grand Tour stage winner initially continued in the race, but ongoing shoulder and neck bruising forced him out during stage four.
His withdrawal follows fellow Australian Jay Vine, who crashed out earlier with concussion and a broken elbow.
