Why is the prime minister stopping the next generation from using the opportunities he’s benefited from. asks Liberal MP Simon Kennedy.
Anthony Albanese has said that he has used negative gearing. capital gains tax incentives, and has a $4.3m property in the central coast that he bought while occupying the Lodge.
The PM says he had access to home ownership in his 20s, despite him. his mum having lived in social housing. He gets pretty animated as he says:
double quotation mark It’s the aspiration that’s drilled into working class people. working class people who want the next generation to be better off than they are. And that is precisely what we are doing here.
It quickly erupts into something of a screaming match between Albanese, Angus Taylor. Tim Wilson, which the speaker interrupts and calls “completely unacceptable”.
Albanese then sticks the knife into the opposition.
double quotation mark Their idea of the future in young people is having a ballot between Tony Abbott. Alexander Downer over who will be the next leader of the Liberal Party. They are reduced to a farce.
The PM is referring to this.
Dan Tehan and Kennedy get up to protest but Albanese has already finished his answer.
New Senate inquiry into data centres
Amid growing community concern about new data centres being built across Australia. the Greens have established a new Senate inquiry into the sector to report in mid-November.
The inquiry will examine the existing regulatory framework’s ability to manage the growth of data centres,. the impacts of AI and data centres on Australian communities, industry and the environment, water and energy.
The Greens communications spokesperson, Sarah Hanson Young, said:
double quotation mark Every day I am hearing from people who are concerned about the impacts of AI on our environment, water. energy supply.
Data centres that use massive amounts of energy. water are being proposed all over the country and it’s important that we understand what the impacts will be on the energy transition and water supply, including drinking water.
We cannot repeat the mistakes. were made in failing to regulate the social media platforms before they got too big. Recently, we’ve seen the government has been cosying up to global AI companies and trying to lure them to Australia. We need proper transparency. parliamentary scrutiny of the deals being done to ensure that it is the Australian community who benefit most from the expansion of the AI industry here.
The NSW parliament is currently holding its own inquiry into the sector,. last week heard from local councils in Sydney concerned about the rapid number of new centres planned in their area.
PM aims to get budget changes through this sitting The prime minister, Anthony Albanese, continued his tour of media appearances on ABC’s Afternoon Briefing this afternoon, stating his aim is to get through the budget’s capital gains tax. negative gearing changes before parliament rises for the winter break.
He said he would try to sell the parliament on the package as it is.
When host Patricia Karvelas pointed out he would probably need Greens support to pass the bills because the Coalition will oppose it. Albanese said the Coalition had made themselves “not relevant”.
double quotation mark That is their problem, that they instinctively made themselves not relevant to public discourse because they just sit there. say no as they increasingly lose support and diminish and lose people in the parliament.
He said he would negotiate with those in parliament in private, not through the media.
On his pronouncements today that Labor is the only party of the “sensible centre” now. Karvelas asked if people aren’t that into the centre any more.
double quotation mark People have a right to express their political views but I think the views of the extreme left. the extreme right are a cul-de-sac.
They don’t lead the country to where it needs to be.
I want to be a mainstream leader in a mainstream political party that seeks to govern for all Australians. that works with business, works with unions, works with civil society, advances the interest of people regardless of their gender or who they are or their race or their religion.
That represents everyone and brings the country together.
The Greens leader, Larissa Waters, says the government’s tax changes leave in place 95% of the “unfair property investor tax perks” that caused the housing crisis,. the Greens will see if it is in the direction they want before deciding whether to support the changes.
She told ABC’s Afternoon Briefing:
double quotation mark There will still be spending tens of billions propping up property investors at auctions to outbid renters every weekend. What a missed opportunity to properly fix the housing crisis.
She also took the government to task by not taxing gas companies more, and for the cuts to the NDIS:
double quotation mark I do not think people are losing faith in it. And you don’t solve it by cutting funding. If there are issues with rorting, fix those issues.
Robbie Katter to repeat Queensland abortion motion
Maverick Queensland MP Robbie Katter has signalled he will virtually repeat a parliamentary manoeuvre. saw a government MP cross the floor to back a ban on abortion.
Mackay MP Nigel Dalton crossed the floor of the state parliament in February to vote for a Katter motion overturning the government’s gag on debate on the subject.
On Wednesday, Katter gave notice that he will move a second motion on the same subject, which would reverse a move allowing nurses, midwives, pharmacists. other health practitioners to terminate a pregnancy by prescribing the drug MS-2 Step.
Katter said the state health minister. Tim Nicholls, introduced the new regulation in March, after it was passed into law under Labor.
It’s unclear when the motion will be brought on for a vote,. the Guardian understands it is not expected to pass, but is a symbolic motion intended to give potential turncoats another opportunity to cross the floor.
SBS appoints new managing director
The SBS board has appointed marketing executive Jane Palfreyman as managing director of SBS for a five-year term.
The former chief marketing. commercial officer for SBS has been acting in the top role since James Taylor stepped down in August 2025.
double quotation mark It’s a privilege to be appointed managing director of SBS and I’m grateful for the board’s confidence. I care deeply about SBS, its purpose. the role it plays in Australia’s pluralistic society, particularly at a time when our community is navigating growing pressures and the media environment is increasingly complex.
Palfreyman has worked for SBS for 13 years. held senior strategic and marketing leadership roles at Nova Entertainment, Global Radio (London) and Southern Cross Austereo.
That’s all from me today, thanks so much for following along!
I’ll leave you with the brilliant Josh Taylor, and see you tomorrow for the opposition’s budget in reply.
It was all budget today – surprise, surprise – with the opposition focused on the government “ lying ” about taxing more, building less homes. stifling aspiration.
The government countered by saying Labor is the party of aspiration,. quoting the shadow treasurer, Tim Wilson, who himself has said that there is “ no intergenerational justice ” from capital gains tax discounts.
Michael McCormack asked why the budget had stripped money from essential health services for veterans. The government said that was to clamp down on overservicing providers,. that it was increasing access for veterans to healthcare.
Independent MP Kate Chaney asked what consultation the government will do on the impacts of CGT changes for startups,. whether they’ll get a carve out. Jim Chalmers said he was thinking about it.
Overall the energy was fiery at the start, with three Coalition MPs kicked out for being too disruptive,. the energy seemed to drop off a cliff about 2.50pm (about the time that I also mentally hit a wall).
The Commonwealth Bank’s share price has fallen 10%. the other three big banks are down over fears their profitable investor home loans will be hit by the budget’s tax reforms.
Australia’s four biggest banks have chased property investors as a lucrative source of loans. with UBS analyst John Storey reporting CBA in particular has ramped up its investment mortgage book in the last four years.
The budget’s tighter capital gains tax and limits on negative gearing are expected to turn Australians away from property investing.
Investor home loans typically charge higher interest than owner-occupier loans, so fewer investors means less profit for the banks. Storey estimates banks’ profit margins will slip 0.5 basis points.
CBA also released disappointing financial results today. its share price is down 10.47%, from $171.57 to $153.89, taking its market value from $286.5bn to $256.8bn.
Westpac has chased investor loans and is down 1.4%. ANZ and NAB have smaller investor loan books but have fallen 0.85% and 0.62% respectively. The broader ASX200 is down 0.53% today.
With a final dixer to Kristy McBain, that ends question time for another day.
Monique Ryan asks about overdue medical research strategy
The independent MP Monique Ryan, who is also a doctor, asks the government when it will release the long overdue national health. medical research strategy.
She says she’s “thrilled” that the budget includes an additional $508m for medical research, because disbursements from the medical research future fund will increase to $1bn a year from 2030,. that it is contingent on the government releasing that strategy.
It’s an issue Ryan has pushed with the government for quite some time.
Mark Butler says he knows many – including Ryan – want to see the strategy. He says he’ll have more to say about it in coming days.
Capital gains tax arrangement was ‘too generous to foreign investors’, Chalmers says
Back to the opposition. Nationals MP Kevin Hogan asks the treasurer why the government is giving a capital gains tax discount for foreign multinationals investing in renewable energy projects, saving them $450m?
Jim Chalmers says that’s not quite right, and that the opposition isn’t accurately portraying the situation.
He says that Hogan is referring to “transitional arrangements”. that that sector is also facing a transition to less generous tax incentives.
double quotation mark What we’re doing in capital gains for foreign investors is equalising the relationship, the arrangement. Because it was too generous to foreign investors, we’re making it more consistent with the tax paid by Australians,. that means, in some important areas of the economy, a transition from the existing arrangements to the new arrangements.
What consultation will the government do on capital gains tax changes?
Independent MP Kate Chaney says she supports CGT changes but has concerns over the impacts it will have on businesses – particularly on startups,. asks what consultation the treasurer will do and whether they might get a carve out.
Jim Chalmers agrees that startups. venture capital are an important part of the economy, and says that the budget is positive for them.
double quotation mark I do acknowledge that even before last night, this sector had raised some issues with us. We had been consulting privately with the sector already before last night to make sure. we can get the right arrangements in place. I say to this part of the economy. we think that you are a really important part of the economy in lots of ways.
Funding reduction to clamp down on practitioners ‘taking advantage’ of veterans
Nationals MP Michael McCormack, asks why the government has ripped $600m from essential health services for our veterans.
Anthony Albanese says the government has increased funding in this budget to respond to the royal commission into veterans’ suicides.
The PM says that the government has been working on improving the time that veterans receive their claims. Then the veterans affairs minister, Matt Keogh, takes the mic.
As he answers, Milton Dick kicks out Nationals MP Pat Conaghan, for interjecting too much (that’s MP number three).
Keogh says the funding reduction is to clamp down on practitioners “taking advantage” of veterans and overservicing. He adds:
double quotation mark We are increasing the fees. will be paid to allied health professionals … That means it’s easier for veterans to access healthcare. Veterans and health professionals have been saying to us for a long time, you need to increase fees. The royal commission said to us, increase the fees. And that is what this budget is delivering so that our veterans get better access to health care.
Multicultural community underrepresented in the NDIS, Butler says
Independent MP, Dai Le, is next from the crossbench. asks Mark Butler about the government slashing money from social and community supports, that she says is vital for people in her electorate from culturally and linguistically diverse backgrounds.
Butler starts by saying. the constituents of Fowler are winners from the budget due to increased funding for their local hospitals.
He says the multicultural community is underrepresented in the NDIS. evidenced because just 9% of NDIS participants are from a CALD background, while 30% of Australians have a CALD background.
double quotation mark Our CALD strategy was codesigned with more than 800 people working with us called NDIS participants. Over the last few months of last year, we had 68 sessions with more than 3,000 CALD participants. other stakeholders to inform that work.
Why is the prime minister stopping the next generation from using the opportunities he’s benefited from. asks Liberal MP Simon Kennedy.
Anthony Albanese has said that he has used negative gearing. capital gains tax incentives, and has a $4.3m property in the central coast that he bought while occupying the Lodge.
The PM says he had access to home ownership in his 20s, despite him. his mum having lived in social housing. He gets pretty animated as he says:
double quotation mark It’s the aspiration that’s drilled into working class people. working class people who want the next generation to be better off than they are. And that is precisely what we are doing here.
It quickly erupts into something of a screaming match between Albanese, Angus Taylor. Tim Wilson, which the speaker interrupts and calls “completely unacceptable”.
Albanese then sticks the knife into the opposition.
double quotation mark Their idea of the future in young people is having a ballot between Tony Abbott. Alexander Downer over who will be the next leader of the Liberal Party. They are reduced to a farce.
The PM is referring to this.
Dan Tehan and Kennedy get up to protest but Albanese has already finished his answer.
Tim Wilson is back and brings an example with him. He says “Jack” earns $25,000 and realises a capital gain of $10,000. Currently the tax on his capital gain is $1,400, which is equal to his marginal rate of 14%,. under Labor’s reforms his tax would more than double.
Jim Chalmers says that any objective observer of the housing market would conclude that it “makes it too hard for Australians. particularly younger Australians, to get a toehold in the housing market”.
Then he tries to quote from Wilson’s book –. immediately gets Dan Tehan standing up to stop him from doing so.
Someone from the Labor benches shouts “who would read his book” and they erupt with laughter.
Milton Dick warns that the quote needs to be directly relevant. He says “I haven’t read the book”. which again gets the House roaring with laughter, before he adds, “I haven’t read the book yet” which gets a nod from Wilson.
double quotation mark The member for Wannon [Tehan] might not think the shadow treasurer’s views are relevant. I do, Mr Speaker. ( Cue even more laughs.)
This is what the shadow treasurer said: ‘capital gains from appreciation of holding assets is taxed at half the applied rate, effectively entrenching the benefit of having. holding assets, which can only exist if you’re established. There’s no intergenerational justice in such preferential arrangements’.
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