AAP Rolling News Bulletin for June 2 at 0300
Housing (CANBERRA)
Falling home prices in Sydney and Melbourne might just have signalled the end of Australia's 30-year housing super cycle.
Dwelling values fell 0.9 per cent in Sydney and 0.8 per cent in Melbourne during May, according to data from research agency Cotality.
Along with rising rates and poor affordability, the tightening of property tax concessions in the budget and a political shift towards lower migration might mean a decades-long upswing was nearing a close, AMP chief economist Shane Oliver said.
Financial deregulation, low mortgage rates, high migration, generous tax concessions for property investors and the growth of two-income households boosting purchasing power had fuelled a super cycle during the past 30 years, Dr Oliver said.
That took house prices from well below trend to 20 per cent above trend, resulting in record unaffordability.
Beaumont (BRISBANE)
The parents of murdered teenager Angus Beaumont say they escaped their burning home just in time as the family deals with another huge blow.
Ben Beaumont and Michelle Liddle said they fled as their house north of Brisbane was "burning to the ground".
The blaze was allegedly started by Corey Wardle, the 36-year-old son of Ms Liddle from a previous relationship.
He is in a mental health facility after being charged with arson and attempted murder, a Brisbane court was told on Monday.
In March 2020 the family lost 15-year-old Angus after he was fatally stabbed by two teenagers in a Redcliffe car park north of Brisbane.
Six years later they are again reeling after the suspected arson attack destroyed their Clontarf residence and gardening business.
Beaumont (BRISBANE)
The parents of murdered teenager Angus Beaumont say they escaped their burning home just in time as the family deals with another huge blow.
Ben Beaumont and Michelle Liddle said they fled as their house north of Brisbane was "burning to the ground".
The blaze was allegedly started by Corey Wardle, the 36-year-old son of Ms Liddle from a previous relationship.
He is in a mental health facility after being charged with arson and attempted murder, a Brisbane court was told on Monday.
In March 2020 the family lost 15-year-old Angus after he was fatally stabbed by two teenagers in a Redcliffe car park north of Brisbane.
Six years later they are again reeling after the suspected arson attack destroyed their Clontarf residence and gardening business.
Federal (CANBERRA)
The treasurer is accusing his coalition counterpart of lying about the make up of Australia's investments as a political row over sweeping tax changes intensifies.
Shadow treasurer Tim Wilson is planning a half-trillion-dollar hit to the budget bottom line, Jim Chalmers said, as the government faces backlash over winding back tax concessions for investments in property, shares and trusts.
Costings released by the treasurer show repealing the changes - as the coalition has promised - would cost the federal budget $544.4 billion over the next nine years.
That includes $212 billion in lost revenue from indexing income taxes, $43.1 billion from repealing the capital gains tax and negative gearing reforms, and $44.2 billion from scrapping the new tax on trusts.
Other hits include $93.5 billion on increased defence spending and $50 billion slashing Australia's migrant intake.
Star (MELBOURNE)
Players were allowed to gamble non-stop for more than a day and a half at Sydney's Star casino, exceeding legal time limits by more than 24 hours.
Star Sydney has been hit with $10 million in fines for regulatory breaches, including exceeding gaming time limits and failing to properly vet patrons for links to criminal and terrorist activity.
The casino will be required to set a further $5 million aside to bolster its financial crime risk management operations by the the independent body behind the fines, the NSW Independent Casino Commission.
A $1.5 million fine was imposed for allowing customers to exceed gaming time limits on multiple occasions between May 2024 and April 2025, the commission revealed on Monday.
In some cases patrons were able to gamble for more than 36 hours straight, despite regulations limiting gambling to no more than 12 hours in a 24-hour period.
Iran (WASHINGTON, D. C.)
The US says it has struck Iranian military sites while Iran's Revolutionary Guards has targeted a US base in response, the latest in a series of exchanges amid negotiations to end the three-month-war.
The strikes on Iran's Gulf coast were in response to "aggressive Iranian actions that included the shootdown of a US MQ-1 drone that was operating over international waters", the US Central Command said in a post on X.
"US fighter aircraft swiftly responded by eliminating Iranian air defences, a ground control station, and two one-way attack drones that posed clear threats to ships transiting regional waters," CENTCOM said, adding it would continue to protect US assets and interests during the ongoing ceasefire.
Iran's Islamic Revolutionary Guard Corps said on Monday it had targeted an air base used by the US for an attack on southern Iran, without identifying which base.
Oly32 (SYDNEY)
Protesters have been removed from an inner city park as work got underway on the 2032 Olympic stadium despite warnings the project would destroy a culturally and ecologically significant area.
The 2032 Games authority on Monday officially took possession of the Victoria Park site in Brisbane after demonstrators were moved on by police in the early hours of the morning.
A handful of activists regrouped outside the park's fenced-off perimeter as construction begun.
The Games authority is racing the clock to complete the 63,000-seat, $3.8 billion stadium that will be the 2032 centrepiece, almost five years after Brisbane won the Games bid.
Premier David Crisafulli turned the first sod on Monday morning, saying Queenslanders had been urging the government to "get on with it" after years of delays.
Legal: El Houli (MELBOURNE)
A woman accused of travelling to Syria, joining the Islamic State and marrying a number of its members has renounced the terror group and violent jihad, her lawyer says.
Rayann El Houli, 34, was due to apply for bail in Melbourne Magistrates Court on Monday morning but her barrister Peter Morrissey SC sought an adjournment.
He told the court the prosecution had raised concerns about El Houli's risk of endangering the community, claiming there was a lack of evidence she had renounced IS.
Mr Morrissey said he needed more time to obtain the relevant material but he was instructed to make a statement on behalf of his client.
"She renounces ISIS and violent jihad," he told the court.
"She wants nothing to do with it - not now, not in the future, not directly and not indirectly, not for herself and not for the people she loves, and especially not for her children."
In finance ...
Arafura (DARWIN)
Construction of a rare earths mine and processing plant in the Red Centre is set to start in September in a challenge to China's dominance in the sector.
The Arafura Rare Earths Nolans Project 135km north of Alice Springs has been declared the first Significant Project under the Northern Territory Coordinator Act.
That provides a clear and faster pathway through NT government processes for projects of profound economic significance.
The open-cut mine and rare earths processing plant will be the first integrated project of its kind in Australia, with construction expected to begin in September.
Arafura's final investment decision on May 21 to build its Nolans Project marked a major milestone as the West seeks to reduce its economic reliance on China.
Markets Aust (SYDNEY)
Australia's share market has started the week on the back foot, as investors look for signs of progress in US-Iran negotiations after hopes of a breakthrough amounted to little over the weekend.
The S&P/ASX200 edged 14.6 points lower by midday, down 0.16 per cent, to 8,717.4, as the broader All Ordinaries lost 6.5 points, or 0.07 per cent, to 8,958.5.
"Negotiations between the US and Iran remain an outstanding concern and a source of potential volatility going forward," Capital.com senior market analyst Kyle Rodda said.
"Price action points to a market placing its proverbial bets that a deal will get done, despite the apparent differences between both parties regarding Iran's uranium enrichment, nuclear program and control of the Strait of Hormuz."
In entertainment ...
Minogue (LONDON)
Kylie Minogue realised she's "OK" with being single after her last relationship ended.
The Spinning Around star has confirmed she's unattached at the moment but she's fine with being alone because she would rather stay single than date the wrong person.
"No, I don't have a boyfriend. I was in a relationship and when that ended I realised I was OK on my own. I'm definitely getting pickier," she told The Sydney Morning Herald.
The 58-year-old went on to share her relationship red flag, adding: "Narcissists. I've dated one, and I'm very grateful I now have that knowledge. That's like my red hot 'no'."
She also confessed late INXS star Michael Hutchence - who she dated when she was in her 20s - was the true love of her life.
Clarke (LONDON)
Emilia Clarke felt like she "cheated death" after surviving two brain aneurysms.
The 39-year-old British actress suffered aneurysms in 2011 and 2013 and has admitted to feeling haunted by the near-death experiences for years.
The brunette beauty - best known for playing Daenerys Targaryen in the HBO fantasy series Game of Thrones between 2011 and 2019, spoke to Variety about her health scares.
"For a number of years, I felt that I had cheated death, and it was coming to get me. I truly felt like I had done something wrong, and I shouldn't be here," she said.
"I also thought it ruined my ability to act - which some people might agree with!"
Clarke starred in Game of Thrones alongside the likes of Sean Bean, Richard Madden, Sophie Turner, Maisie Williams, Kit Harington and Rose Leslie.
In sport ...
AFL Bombers (PERTH)
Essendon great Matthew Lloyd has strongly denied he is part of the push for James Hird to be the Bombers' next AFL coach.
Brad Scott's sacking last week, followed immediately by Hird's declaration that he wants the job, has fuelled a media frenzy around the embattled club.
Kevin Sheedy and Michael Long have backed Hird to coach Essendon again. Media speculation has suggested Lloyd, now a media commentator, is also supporting Hird.
"I don't know how I got dragged into that at all," Lloyd said on the Nine Network's Footy Classified program..
"I think James should be able to be part of the process. I'm not pro-James, I'm not against James, I just want James to be part of the process.
WC26 Aust (BERKELEY)
Cristian Volpato's dramatic last-ditch switch from Italy to Australia has been rewarded with selection for the World Cup as coach Tony Popovic declares his young, inexperienced charges can make an impact now.
Sassuolo playmaker Volpato, 22, headlines Australia's 26-man squad along with 25-year-old uncapped striker Tete Yengi - with both players earning World Cup selection before their respective debuts.
But it was heartbreak for veteran forward Martin Boyle, defender Kye Rowles - a starter in 2022 - forward Brandon Borrello and goalkeeper Joe Gauci, who were all cut.
Boyle was injured ahead of Qatar and again falls agonisingly short of playing at a World Cup.
Volpato knocked back Graham Arnold's pitch to join Australia's 2022 World Cup squad, then in March said he was waiting for a call-up from Italy's senior team, before his change of heart.
Ends Bulletin
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