Nathan Albanese was by his father's side as the Federal Budget was handed down on Tuesday night. The son of Prime Minister Anthony Albanese was sporting a new look as he supported his dad at Parliament House in Canberra. The 25-year-old Business Administration graduate has added a moustache to his previously clean-shaven face. He is also sporting a very trendy mullet, having shorn back the neat haircut he was sporting in recent years.
A New Look for a Public Appearance
Nathan was smartly dressed for the sombre occasion in a black suit and white shirt, worn with a tie. He sat alongside Jodie Haydon, Leo Chalmers and Laura Chalmers as the Federal Budget was handed down. Last year, it was suggested that Nathan may have political aspirations of his own when he joined the PM at Parliament House ahead of the first sitting week of the new parliament in July, leaving many to wonder exactly why.
Nathan was photographed walking alongside his father during a choreographed photo opportunity in Canberra on the chilly winter morning, just before official proceedings began. The photos renewed interest in Nathan's future, with some wondering if he's preparing to step further into the public eye, perhaps even considering a political career.
Career and Controversies
Nathan works for Commonwealth Bank after completing an internship at consultancy giant PwC. Albanese also pulled some strings back when he was Opposition Leader to secure an internship for Nathan at PwC, after speaking with the company's government relations boss, according to the Australian Financial Review. The following year, however, the university graduate was involuntarily dragged back into the public eye after Albanese got him a membership to the Qantas Chairman's Lounge from his mate Alan Joyce - a privilege typically reserved for celebrities, executives and big-name politicians.
At the time, many Aussies accused Nathan of being a 'nepo baby' due to his dad's help, but others argued it was the kind of thing most parents would do for their kids if they had the influence. Politicians' children are usually off limits to prying reporters, but Albanese has shown a readiness to wheel his son out to the public when convenient. The Prime Minister held his son's arm aloft on stage on election night in 2022, calling Nathan his 'proudest achievement' and embracing him in front of supporters.
Budget Highlights
Meanwhile, the Albanese government's landmark Budget saw housing take centre stage on Tuesday night. Labor has swung the axe on negative gearing and property tax incentives in a mammoth effort to fix generational inequality and provide cost of living relief. Treasurer Jim Chalmers tabled his fifth Federal Budget, announcing negative gearing will be wound back to only include new builds. Capital gains tax discounts have also been reduced.
Under the previous rules, investors only had to pay tax on half their profits upon selling. Now, the tax will be indexed to inflation and apply to the sale of any asset – including stocks and property. Meanwhile, every Australian who earns a wage or salary will get a $250 tax discount next year, all taxpayers will get an instant tax deduction of up to $1,000, and the government is backing another minimum wage rise. Cuts to the fuel excise will not be extended beyond June, which means motorists will likely pay more at the bowser, and the government will kick 160,000 people out of the NDIS in an effort to save $22 billion over the next five years.
