Exclusive: Data shows buyers are not rushing to get into the market, despite lower prices and less competition
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First home buyers are starting to step back and investor demand is slumping in all areas except new property, as Australia’s housing market enters a downturn.
Research shows the market is transforming, nearly two months on from a third consecutive interest rate rise and sweeping tax reforms.
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Big tech not cooperating ‘as much as we’d like them to’: Watt
Federal cabinet minister Murray Watt, says the government knows it’s needed to take more action to ensure social media giants are complying with a ban for under 16s that came into effect in December.
These laws were brand new, never developed anywhere in the world. And what we’ve learned is that the powers that the safety commissioner has do need to be beefed up, also to give her powers across things like age assurance tools. So things that sit outside the social media platforms themselves, but compelling them to provide information so that she can do her job even better.
The pace of change is accelerating, the global and generational pressures are intensifying, and people have got legitimate concerns about where they fit in that, and then we’ve got the anger industry, and parties of the populist right trying to make that worse rather than trying to make that better.
It is a difficult time around the world to be an incumbent government, from our point of view. We are using the power of incumbency to take real action, to deliver cost-of-living help, to deliver real change. The best antidote to anger is action … The Albanese Labour government has chosen to address those concerns rather than dismiss them.
Continue reading...The monarch’s declaration does not tell us much, except that his bill is lower than for people with much smaller fortunes
The veil of secrecy that surrounds the royal finances was nudged aside a little on Thursday to allow the release of a new piece of information. We learned for the first time how much the king’s annual tax bill comes to.
This was not a full tax return. It was a two-sentence declaration, stating his tax payable amounted to £12.9m in 2024-25, and a slightly smaller sum the year before. His total tax payable since accession comes to £30m.
Continue reading...Fund manager Geoff Wilson says he did not watch full video and deleted it after ‘inappropriate associations were identified’
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The fund manager Geoff Wilson, a prominent public critic of the government’s tax changes, has deleted an inflammatory AI-generated video he reposted from a rightwing nationalist account portraying Anthony Albanese and Jim Chalmers taking money from white Australians and giving it to recently arrived migrants wearing Islamic face coverings.
Wilson said he had not watched the full video before sharing it or examined other accounts, some of whose content he reposted on Wednesday morning – which included content relating to the QAnon conspiracy theory – and deleted his posts after being contacted by Guardian Australia.
Continue reading...Buckingham Palace says move is intended to increase ‘clarity and accessibility’ of monarchy’s finances
King Charles will become the first head of state to reveal their personal tax bill in what the palace said was an attempt to enhance the transparency of royal finances.
Charles, 77, will publish his financial details as part of the royal household increasing the “clarity and accessibility” of the monarchy’s finances by producing a new report on the subject.
Continue reading...Most economists believe the chronic undersupply of homes will eventually push prices higher once interest rates ease and the tax changes are priced in
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The government’s property tax changes have become one of the defining political issues of Labor’s second term, drawing fierce criticism from opponents who argue they represent an “assault on aspiration” that will destroy home values.
In the three weeks after the negative gearing and capital gains tax changes were revealed in the 12 May budget, housing data has begun to show how they may affect Australia’s property market. Here’s what the data shows, and what could happen next.
Continue reading...Government hopes to rush NDIS and tax changes through parliament but opposition and crossbench push for more scrutiny
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The Greens want Labor to halt its plans to rush NDIS cuts through the Senate later this month, urging a longer inquiry process as the government seeks the minor party’s support for its contentious tax and housing changes.
It opens the possibility of the Greens and Coalition teaming up in parliament to support extending separate Senate inquiries into both the changes to the national disability insurance scheme and tax proposals, thereby delaying Labor’s hopes of passing those bills before the end of June.
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Extra negative gearing limits could hurt market and family budgets, Labor says
Clare O’Neil has rejected calls from the Greens and others to put further limits on negative gearing access, saying the government should not interrupt “immediate arrangements”.
There’s people in the debate who want to see the government go further. I really understand that but I just think we need to step back.
Negative gearing is a very immediate impact on a household and family budget and it’s not something that governments, when they’re making tax changes, should do, to interrupt people’s immediate arrangements.
We need to land this. We’ll do that in the appropriate time given the need … This is not a political timeline. It is a policy timeline … It’s important this gets resolved speedily and that’s what the government is working towards.
I think there’s a range of things that are on the table in those conversations and I won’t speak about them in detail …
The government wants to get the right outcome here and we are not going to be driven by the politics of the moment. It’s really important we reach the right landing point for this and I think I have spoken in previous interviews this week about some of the issues we see.
Continue reading...Official assessing formal complaint into Green party leader’s potential ‘breach of conduct’ as assembly member
London assembly officials are weighing up whether to launch an investigation into Zack Polanski after he admitted he may have failed to pay the correct council tax while living on a houseboat in the capital.
The Green party leader has faced questions over whether the houseboat, moored in east London, was his primary residence. A spokesperson for his party had described the situation as an “unintentional mistake” and said Polanski had “immediately taken steps” to pay any tax owed.
Continue reading...Prime minister launches impassioned argument in favour of much-maligned reforms announced in last week’s federal budget
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A visibly emotional Anthony Albanese has launched an impassioned defence of Labor’s proposed changes to negative gearing, the capital gains tax discount and family trusts, saying he will “not allow Australia to become a country where aspiration is only for some”.
The prime minister has faced sustained criticism to the reforms, which include limiting negative gearing to new-builds while grandfathering existing properties, changing how CGT is calculated and imposing a new 30% minimum tax on discretionary trusts.
Continue reading...Exclusive: Any attempt to use the budget measures as an excuse to raise rent is opportunistic profiteering, housing advocates say
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Australia’s peak community and housing groups have urged federal parliament to quickly pass Labor’s changes to negative gearing and capital gains tax, saying the reforms would improve fairness for renters and young homebuyers.
The government may introduce its negative gearing and CGT changes into parliament as soon as the coming sitting fortnight, with hopes of passing the legislation soon after with the support of the Greens.
Continue reading...Independent senator warns budget reform could drive tech investment offshore, as PM thanks startups for ‘very flattering’ images
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Anthony Albanese has laughed off an AI-generated meme campaign against capital gains tax changes from startup founders, thanking them for “very flattering” doctored photos of him working in their businesses.
But independent politicians representing some of Australia’s startup hotspots have raised alarm over the proposed increase to capital gains tax, warning the tax changes could see innovative companies and tech firms move overseas to chase higher rewards.
Continue reading...‘He’s having a great time with his new 47% equity,’ one entrepreneur jokes, warning that some startups may leave Australia behind
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Tech entrepreneurs have mocked the government’s capital gains tax changes by posting AI-generated photos of Anthony Albanese as their “new founder” and warning that increased taxes could push people away from working for new businesses or send startups overseas.
Startups and entrepreneurs may yet receive a carve-out in the federal government’s planned changes to the CGT discount, with the prime minister saying he wanted to support innovation and the treasurer, Jim Chalmers, revealing that consultation was continuing with the sector.
Continue reading...Changes to capital gains tax and negative gearing will make the strategy of renting in a preferred area while buying a cheaper property elsewhere less attractive, experts say
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Rent-vesting – a popular strategy used by young Australians to save for their first home – could be killed off by Labor’s tax changes on investment properties, experts warn.
Renters have used the strategy to keep living in their preferred area while buying a cheaper property elsewhere, hoping it will rise in price so they can sell and put the profits towards their first home.
Continue reading...Taxpayers and first home buyers are the winners in Labor’s 2026 budget, while rich families could be among the losers. Find out who is better off and who is worse off in Chalmers’ budget
Federal budget 2026 LIVE updates: Australia government budget announcement and speech – latest news
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Being a winner or a loser from the federal budget can be the difference between hundreds of dollars – or tightening your belt even further.
Tuesday’s federal budget comes at a strange time. Donald Trump is waging a war on Iran that is impacting fuel supplies globally, including Australia. Inflation is still causing havoc on household budgets. Government programs are costing more than ever.
Continue reading...Meanwhile treasurer says next week’s budget will save more than it spends. Follow today’s news live
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Jim Chalmers says next Tuesday’s budget will not extend the 26 cent fuel tax cut beyond June.
But with Australia “hostage” to the wild swings in global oil prices amid the ongoing US-Israel war on Iran, the treasurer said there was “a range of contingencies” prepared to help support households and the economy from any escalating damage as a result of the Middle East conflict.
The budget will be calibrated for the conditions, but it will also still be consistent with our ambitions.
The election began a year of delivery, and the budget will begin a year of more ambitious reform, reform which is made more not less, urgent by global inflation and global economic uncertainty.
Continue reading...Levy on inherited farms and family businesses worth £2.5m or more comes into force 6 April
A new inheritance tax regime for UK farms and family businesses comes into force on Monday and will present “significant challenges” for those affected, according to accountants.
In October 2024 the government announced plans to levy inheritance tax on farms – prompting an outcry in many quarters.
Continue reading...Hampshire business seems to have benefited from ‘phoenixism’, which costs the taxpayer about £800m a year
A UK recruitment business has been acquired out of administration for a third time in four years as part of a succession of deals that left some of the former management team in place and millions of pounds owed to the public purse.
The chain of insolvencies appears to contain more examples of phoenixism – a process when companies are liquidated and directors are able to rise from the ashes with a new entity, free of debts.
Continue reading...The biggest premium hike in 10 years prompts questions, as government incentives continue to drive people to take out cover merely to avoid tax penalties
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The government has approved a 4.41% private health insurance premium rise from April – the largest hike in almost 10 years.
With consumers already grappling with cost-of-living pressures, including an interest rate rise earlier in February, more Australians are likely to be wondering whether keeping their private health insurance is worth it.
Melissa Davey is Guardian Australia’s medical editor
Continue reading...Clarification creates prospect of two-tier system for retirees solely on new state pension and those on private schemes
People who rely only on their state pension for their income will not have to pay tax on it, the chancellor, Rachel Reeves, has said, creating the prospect of a two-tier system for those in retirement.
The new state pension is poised to rise to £241.30 a week next April, putting the annual income for someone receiving the standard payment at £12,547 – just below the personal tax allowance of £12,570 a year.
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