Prime Minister Anthony Albanese has accused the opposition of being “reduced to a farce” during a fiery post-budget question time in Canberra. The remarks came after Liberal MP Simon Kennedy questioned why the PM was preventing younger generations from using negative gearing and capital gains tax incentives, which Albanese himself has benefited from.
Albanese, who owns a $4.3 million property on the central coast, defended the government’s housing policies, saying they aim to help working-class families achieve home ownership. The exchange escalated into a shouting match involving opposition leader Angus Taylor and Tim Wilson, prompting the speaker to intervene.
Treasurer Jim Chalmers earlier addressed the National Press Club, arguing that the budget’s changes to negative gearing, capital gains tax, and trusts strike the right balance. He and Albanese insisted Labor represents the “sensible centre” of Australian politics.
Opposition leader Angus Taylor labelled the tax changes “toxic,” while shadow treasurer Tim Wilson indicated the Coalition would seek to repeal them if necessary. The Greens leader Larissa Waters said the changes leave 95% of “unfair property investor tax perks” intact, but her party would assess the direction before deciding on support.
Elsewhere, the Commonwealth Bank’s share price fell 10%, and other major banks declined amid fears the tax reforms will hit profitable investor home loans. Wage growth slowed to 3.3% annually in the March quarter, and Australia’s home loan market recorded its sharpest start-of-year slowdown since 2019.
In state politics, Queensland Labor has referred ministers Amanda Camm and Tim Mander to the Crime and Corruption Commission over an undisclosed affair, alleging conflicts of interest. Opposition leader Steven Miles accused the LNP government of an “integrity crisis.”
