Australia's federal budget has posted a record £44 billion surplus, sparking intense debate over tax reforms. Prime Minister Anthony Albanese defended the government's changes to negative gearing and capital gains tax, accusing the opposition of being “reduced to a farce” during a fiery question time.
The opposition, led by Angus Taylor, labelled the tax changes “toxic,” while shadow treasurer Tim Wilson threatened to repeal them if the Coalition returns to power. The Greens criticised the reforms for leaving 95% of “unfair property investor tax perks” intact, but stopped short of opposing the budget outright.
Treasurer Jim Chalmers argued the government has struck the “sensible centre” on tax policy, balancing the need to address housing affordability without harming investment. However, the Commonwealth Bank's share price fell 10%, and other major banks dropped amid fears the reforms will hit profitable investor home loans.
Separately, Queensland Labor has referred two ministers, Amanda Camm and Tim Mander, to the state's crime and corruption commission over an undisclosed affair that they claim created a conflict of interest. Opposition leader Steven Miles accused the government of an “integrity crisis.”
