What we learned, Monday 15 June
And with that, we are going to put the blog to bed. Before we go, let’s recap the big headlines:
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Experts warned there is little evidence shark culls keep ocean-goers safer after the latest encounter at Coogee. A woman, 35, was swimming about 30 metres offshore in Sydney when she was bitten by a shark on Saturday. She remained in critical condition on Monday.
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The prime minister and foreign minister issued a statement welcoming the agreement made by the US and Iran, and called for continued restraint to avoid further escalation. President Donald Trump made the announcement he had signed a deal on Monday morning, saying the strait of Hormuz would be reopened.
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Gina Rinehart’s company invested a reported $1bn in Elon Musk’s SpaceX and said it hopes to collaborate in future on AI infrastructure. Hancock Prospecting won a “significant” investment allocation after SpaceX began being traded on share markets on Friday, Rinehart said. She said her investment reflected her confidence in Musk.
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The John Farnham song Two Strong Hearts is not banned as hate speech, the Queensland government confirmed. Seven protesters were arrested in Brisbane’s CBD for allegedly saying or holding a sign reading “from the river to the sea”, which was banned under specific circumstances under legislation passed earlier this year.
We will be back tomorrow to do it all again.
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The UK will follow Australia’s lead in banning social media sites for under-16s.
Australia became the first country in the world to introduce a similar ban in December last year.
Over social media, British PM Keir Starmer said:
These days kids must find their feet in a world where technology intrudes into every area of their life.
More here:
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Rising uni degree costs could spark tradie boom, Senate told
Diminishing value for the ballooning cost of a university degree could prove a windfall for the construction industry as it’s hoped more young people are steered towards in-demand trades, a Senate hearing has been told.
An additional 83,000 skilled trades workers are needed to meet the National Housing Accord’s target of 1.2m homes in five years, according to the Housing Industry Association.
But Master Builders Australia says that gap is even higher – at 116,000.
The peak body’s chief economist, Shane Garrett, said the perception better jobs were only available via university historically kept young people out of apprenticeships, but that idea was being dismantled.
The number of people starting trade apprenticeships in the three months to September 2025 rose by 18%, the biggest jump being in the construction sector, according to the National Centre for Vocational Education Research.
– AAP
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‘Entire generations will be left behind’ without action on CGT and negative gearing, Greens senator tells inquiry
The Greens spokesperson for finance, housing and homelessness, Barbara Pocock, has released a statement after the third day of the Senate inquiry into intergenerational housing.
She said:
With record house prices, unlimited rent increases, sky high rents, insecure contracts, and record low vacancy rates, young people don’t stand a chance of getting a safe and secure roof over their heads.
Young people are literally putting their lives on hold because of the housing crisis. They are remaining living with their parents into their 30s, putting off studying or delaying marriage and having children.
If that wasn’t enough, young people also face massive HECS debts, a precarious labour market, wages lagging behind inflation – all in a cost of living crisis.
We urgently need to dampen investor incentives, such as CGT discount and negative gearing, and build more social and affordable housing directly. Without this, entire generations will be left behind and that’s on the government.
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KPMG halts bidding on new commonwealth contracts
KPMG has agreed to not bid for any new commonwealth contracts until 30 September, amid the ongoing fallout from the whistleblower scandal that has already triggered the resignation of the firm’s chief executive in Australia.
A Department of Finance spokesperson said the department would “commission an independent review of KPMG’s governance, culture, ethics and integrity frameworks”, with more details to come. The results will be shared with the states, where governments are also reviewing their contracts with the major accounting firm.
The spokesperson said in a statement that “between 16 June and 30 September 2026 KPMG will temporarily cease new contract engagements with Australian Government entities subject to the Commonwealth Procurement Rules”.
It is alleged that KPMG improperly used confidential information from its client Lendlease to win audit work with Westpac and Dexus, and that the accounting firm repeatedly failed to act on the whistleblower’s complaint.
KPMG’s Australian chief, Andrew Yates, stepped down on 29 May after taking responsibility for the consultancy firm’s failure to properly respond to whistleblower allegations around the misuse of client information.
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Woman attacked by a shark at Coogee beach has ‘severe and life-threatening injuries’, family says
The family of Leah Stewart, who was attacked by a shark while she was swimming, have released this statement:
Leah Stewart is a dedicated and loving mother, a passionate teacher, and Coogee local. On June 13, while on a morning swim, in the flags, close to the shore, Leah was attacked by a shark and sustained severe and life-threatening injuries. She remains in a critical condition and has undergone multiple surgeries in the days after the attack.
Leah’s injuries are severe and life-threatening. She will need extensive ongoing care, support and rehabilitation. We have launched a GoFundMe campaign and thank you in advance for your generosity.
As a family we are shocked and devastated that this could happen to our beloved partner, daughter, and mother who is so full of life and energy. We share our sincere thanks and gratitude to the lifesavers, first responders, helicopter crew, and the dedicated medical team of doctors, nurses, and support staff at St Vincent’s Hospital Sydney who have been caring for Leah. Our thanks to all who have reached out to the family with sympathy, care and prayer.
We ask that the media and members of the public please respect our need for privacy at this time as we focus on supporting Leah through her care and recovery, as well as her daughter and partner, as we navigate the challenges ahead.
The statement also links to a GoFundMe page set up for the victim by her brother, which says she has had her arm amputated.
“Leah remains in a critical condition on life support and has undergone multiple surgeries in the days after the attack. Tragically her treatment has required the amputation of her arm, and more surgeries are scheduled for the coming days.”
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Ugg retailer pays $39,600 fine for allegedly misleading “Was/Is” pricing, ACCC says
An Ugg footwear retailer has paid a $39,600 fine after the consumer watchdog issued it with two infringement notices for allegedly making misleading “Was/Is” comparative pricing claims.
The Australian Competition and Consumer Commission (ACCC) announced earlier today that Christofi Investments, which owns the Ugg Australia Classic website and administers the Ugg Originals website, had paid the penalty.
Christofi Investments advertised classic ugg slippers and platform uggs at an apparently discounted price alongside a higher strikethrough “was” price on both websites, the ACCC said.
The ACCC alleges that these claims were false or misleading in breach of the Australian Consumer Law because the products had not been offered for sale or sold at the higher price claimed in the advertisements in a reasonable period beforehand.
Guardian Australia has sought comment from Christofi Investments.
Luke Woodward, one of the ACCC’s commissioners, said:
The ACCC was concerned that consumers were likely to have been misled by the Ugg websites’ claims they were getting ugg boots and slippers at a genuine discount, when we allege this was not the case.
Last week, the ACCC announced JB Hi-Fi would refund customers after advertising allegedly misleading “Was/Is” pricing on some of its products.
Earlier this year, the federal court scrutinised how Coles and Woolworths use this comparative pricing strategy, which you can read more about here:
Gina Rinehart company buys shares in Elon Musk’s SpaceX and hopes to help on AI
Gina Rinehart’s company has invested a reported $1bn in Elon Musk’s SpaceX and said it hopes to collaborate in future on AI infrastructure.
Hancock Prospecting won a “significant” investment allocation after SpaceX began being traded on sharemarkets on Friday, Rinehart said in a statement today. She said her investment reflected her confidence in Musk, congratulating him:
Elon has done what very few people in history have done – he has not just imagined the future, he has built companies capable of delivering it, and helped to keep American technology at the forefront …
We see SpaceX as a rare business: led by a truly exceptional person, technically exceptional and operating in sectors that are crucial, and with long-term potential. Hancock favours investing in industries led by sensible, hard working, patriotic and exceptional people. Elon excels in every regard.
Rinehart cited SpaceX’s early rocket efforts and Starlink satellite communication network but expressed excitement at its AI prospects.
Hancock Prospecting’s chief executive, Garry Korte, said Rinehart had met Musk several times. He said Hancock used the Grok AI platform and would “look forward” to potentially working with SpaceX as a supplier of critical minerals for its advanced technology infrastructure.
Hancock Prospecting declined to detail how large the investment was, when asked about the Wall Street Journal’s report that Rinehart bought over US$1bn (A$1.4bn) worth of the US$2.1tn (A$2.97bn) company. If accurate, that would dwarf her biggest US shareholdings, of US$0.7bn each in MP Materials and an Invesco Nasdaq index fund.
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‘We are taxed like tobacco,’ Property Council boss says
Mike Zorbas, the chief executive of the Property Council, has hit back against earlier accusations that his and other lobby groups’ opposition to the proposed tax changes runs against the national interest.
Those representing builders and property developers are not vested interests, Zorbas told the Senate inquiry into proposed tax changes, including capital gains reform.
They are directly invested in the prosperity of Australia, as they employ 1.4 million people across the economy.
He argued that government overspending at all levels and by all political parties, alongside a lack of “actual” tax reform, “has left us taxing the life out of new property projects and existing operating assets”.
Zorbas said last year’s economic reform roundtable “appears to have been largely a tax hike forum”.
“Investment in industrial, commercial, and residential property in this country is already taxed like tobacco at a federal, state and local government level to the tune of $130bn a year,” he said.
He argued high taxes were contributing to unaffordable housing.
The cost of each new home is now, in some states, almost 40% federal, state and local government charges.
Master Builders Australia chief, Denita Wawn, said there was “immense frustration” among her members about the prospect of higher taxes when they are already struggling.
“We are of the view that, combined, these tax hikes … will stifle business and are likely to cause a private investment strike, leading to a significant decline in terms of economic capacity of our country,” Wawn said.
Jocelyn Martin, managing director of the Housing Industry Association, said “we do not support measures that Treasury itself expects will reduce housing supply”.
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That’s all for me. Cait Kelly is on deck to take the blog reins. Enjoy the Monday!
Albanese says he won’t engage in any attacks or ‘personalised politics’ with One Nation
The prime minister said he didn’t plan to engage in “the sort of personalised politics” amid One Nation’s “fire the liar” fundraising campaign.
Albanese said his government was focused on delivering for Australians, building homes and increasing the minimum wage, “all of which has been opposed by the three rightwing parties in our parliament”. He went on:
We’ll continue to deliver for Australians and we’ll continue to be focused on their needs.
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Albanese says decision on future of fuel excise tax cut coming soon
The prime minister, Anthony Albanese, held a press conference a moment ago, where he was asked about the US-Iran ceasefire deal and its impact, if any, on the fuel excise tax cut.
He said the government would make an assessment in the coming days, as a decision “obviously” needs to be made prior to 30 June, when the temporary cut expires.
He said:
We’ll make an assessment over the coming period … We know that an end to the conflict doesn’t mean that it’s business as usual …
We obviously need to make a decision prior to June 30, and we need to do that in advance of June 30 so people have appropriate notice … We’ll make an appropriate assessment.
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Farnham song ‘Two Strong Hearts’ not banned under hate speech laws, Queensland government confirms
The John Farnham song Two Strong Hearts is not banned as hate speech, the Queensland government has confirmed.
Seven protestors were arrested in Brisbane’s CBD yesterday for allegedly saying or holding a sign reading “from the river to the sea”, which was banned under specific circumstances under legislation passed earlier this year.
The Farnham song features the lyric “like a river to the sea”.
The attorney general, Deb Frecklington, responded to a parliamentary petition on Monday asking her to exempt songs and books from being banned under the legislation.
She said the law had a “high bar” for conduct that would be prohibited, which is only illegal if it causes a member of the public to feel menaced, harassed or offended, though under the act the person does not have to exist. It also allows a person to do so for a genuine artistic, religious, educational or historical purpose. It also does not prohibit “expressions which closely resemble a prohibited expression”.
“The act does not prevent or prohibit the publication of books or the playing or recitation of songs as noted in the petition unless it meets the requirements set out in the act … for example, Two Strong Hearts by John Farnham is not proposed to be banned as suggested in the petition,” she said.
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Graeme Samuel criticises ‘very loud voices’ of vested interests fighting tax reform
Graeme Samuel, a former ACCC chair, says the proposed changes to capital gains tax and negative gearing are in the public interest, and has called out the “very, very loud” complaints by “private vested interests” attempting to derail the changes.
Samuel, at the Senate committee hearing into the tax changes, ran through his long history in public life, before saying “and the one thing that I have learned over all these 35 years is this, that the measure of the public interest in relation to reform is generally in inverse proportion to the noise that is made by private vested interests”.
And I can tell you now that the noise in relation to these tax reform proposals announced in the budget has been very, very loud indeed, which persuades me that the public interest is trying to be submerged by the loud voices of private vested interests.
Saul Eslake, an independent economist, also strongly backed the tax changes, saying it was “far from obvious” that the arrangements that have been in place since 1999 “have aided the achievement of any worthwhile public policy objectives”.
But, like other experts appearing earlier in the day, he had suggestions for improvements.
He backed a carve-out for start-ups with a zero cost base, worried the 30% minimum tax rate on capital gains would hurt low-income earners, and argued in favour of investors being able to average their capital gains over a number of years for tax purposes.
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Fire ants detected on Sunshine Coast
Residents of the Sunshine Coast have been urged to be on alert, after fire ants were detected outside the south-east Queensland containment boundary.
The aggressive ants arrived in Brisbane more than two decades ago, and have spread since, despite an nationally funded eradication campaign.
The Invasive Species Council said on Monday that a nest had been discovered outside the current containment boundary during proactive surveillance activities.
The council’s advocacy director, Reece Pianta, said nests often become more visible during winter, because the ants will often build distinctive mounds above ground to capture warmth from the sun, making them easier to spot than at other times of the year.
“Every colony found and treated this winter reduces the risk of fire ants spreading further and helps keep eradication on track,” Pianta said.
Australia still has a chance to become the first country in the world to eradicate an established fire ant invasion, but success depends on finding every last nest.
Fire ants are considered one of the world’s worst invasive species and pose a serious threat to Australia’s environment, economy, agriculture and way of life.
Residents can report suspected fire ants, or notify the program that they have checked their property and found none, online or by calling 132 ANT (13 22 68).
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Penny Wong to meet activists from Global Sumud Flotilla
The foreign minister, Penny Wong, is to meet activists who took part in a Gaza flotilla protest and were arrested by Israeli authorities in international waters last month.
Eleven Australians were part of the Global Sumud Flotilla, sailing from Mediterranean ports in an attempt to deliver food, medicine and baby formula to the war-ravaged Gaza Strip, blockaded by Israel.
Wong told a budget estimates hearing earlier this month she believes the Australian women who have alleged they were sexually assaulted and beaten by Israeli soldiers.
Israel’s national security minister, Itamar Ben-Gvir, sparked outrage by posting a video of himself taunting detainees as they knelt with their heads on the ground and their hands zip-tied behind their backs.
Members of the group will meet Wong on Monday afternoon, and are expected to push for an independent Australian investigation into the matter.
The Australian government has raised concerns with Israel over the treatment of the flotilla’s members, as well as Israel’s refusal to grant Australian diplomats access to the detained activists.
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Ben Carroll rules out leadership tilt against Victoria premier
Victorian deputy premier and education minister, Ben Carroll, was grilled at a press conference earlier about a possible leadership spill against the premier, Jacinta Allan, when Labor MPs gather for their final caucus meeting before the winter parliamentary break on Tuesday.
Carroll repeatedly dismissed suggestions that he was positioning himself as a challenger, telling reporters:
I have said I’ve got the job that I want.
When asked directly if he wanted to be premier, Carroll replied:
I have always aspired to be the education minister.
Asked whether he had ever aspired to the state’s top job, he said:
We have a premier, and she’s working harder than anyone every day. I want to serve Jacinta Allan. I’ve got a young daughter at home, and I couldn’t be more proud to make sure she grows up knowing that I supported Jacinta Allan to be a world-class premier and get re-elected in her own right.
He then flatly rejected a possible spill on Tuesday.
Reporter: “Are you going to try to get the premier’s job tomorrow?
Carroll: “No.”
Reporter: “Are you going to ask her to step aside?”
Carroll: “No.”
Still not satisfied, a reporter then asked Carroll to “look her [Allan] in the eye and say that”. Carroll proceeded to look the premier in the eye and say: “I can look her in the eye and say that.”
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CGT discount same as spending $50bn to subsidise wealthiest investors, expert says
Imagine spending $50bn a year to subsidise investment returns for the country’s wealthiest people.
This is how Kathryn James, an associate professor from the University of Melbourne’s law school, has described the current investor tax concession regime to the Senate committee hearing today.
James strongly backed changes to what she called the “costly and inequitable” tax concessions for capital gains, pointing to the tens of billions of dollars of revenue foregone each year.
While there has been vocal opposition to switching to the inflation-adjusted discount model, James said “it is worth highlighting that taxing real gains is a special concession in and of itself”.
“The combination of capital gains and negative gearing enables investors to immediately claim investment losses, often at the top marginal rate, and defer capital gains, which are then only taxed on half the gain, and so tax half the effective marginal rate,” she said.
The budget papers showed that the current system results in the government “subsidising the investment preferences of these investors”.
Imagine a government proposal to spend more than $50bn a year, subsidising the investment activities of the wealthiest 10% of Australians. It would be politically unthinkable, but this is effectively what we do when we provide the same support through tax concessions.
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Reduced housing supply from tax changes worth it to improve equity, expert says
Proposed changes to CGT and negative gearing will mean an estimated 35,000 fewer new homes over coming years, but Susan Lloyd-Hurwitz, the chair of the National Housing Supply and Affordability Council, says it will be worth it in the goal of reducing inequality in the housing market.
Lloyd-Hurwitz was questioned by Liberal senator Andrew Bragg, who asked whether “there was ever a good argument to suppress any supply”.
“I think the good argument around accepting that impact is to do with an intergenerational inequity and the fact that we are building a society that is being divided into Australians that have housing wealth and those that don’t,” Lloyd-Hurwitz says.
She said the reforms “go some way to reduce the speculative investment demand to overconsume housing, which we are highly incentivized to do by the current settings”.
And so in the council’s view, assuming that that is a correct assessment, accepting that for the greater payoff is something that we would support.
Lloyd-Hurwitz said the tax bill should pass and that the council would be conducting its own modelling into the changes.
She did, however, warn of potential “unintended consequences” from tax changes that could dissuade institutional investment in rent-to-buy projects.
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Victorian high-school students will be able to use devices for only two hours a day
Carroll provided some more detail on device-free time for secondary schools during the press conference.
He said guidelines will launch in the coming months after consultation with schools but he expects devices will only be allowed for two hours a day in secondary schools:
There shouldn’t be any more than two hours. We want eyes up, screens down. A full reset in the classroom is so important – for behaviour, for calmness, for the students’ own mental health – the focus needs to be on the most important adult in the classroom, and that’s the teacher, and that’s why we are moving down this with a relentless focus on excellence inside every classroom.
He said the device limit would be “strict”, though exceptions would exist for neurodiverse students who rely on technology, as well as for those studying science and technology.
Carroll stressed the limit was in the best interest of students, following “world best practice” from international experts:
The big tech giants, their algorithms, they do not have these young people’s best interests at heart. They’re focused on eyeballs, and we’re focused on their minds and their hearts for the future.
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Jacinta Allan announces device-free time for secondary schools
The Victorian premier, Jacinta Allan, and deputy premier and education minister, Ben Carroll, held a press conference earlier this morning to announce that all state secondary schools will be required to incorporate planned device-free time in their learning starting in term 1, 2027.
It complements digital device limits that will come into effect in primary schools at the same time, of a maximum of 90 minutes per day for students in years 3-6 and “minimal device time” for those in prep to year 2.
The government says this device-free time at high schools could include using whiteboards or paper, group debates, practical experiments or performances instead. Speaking from Ngayuk College in Kalkallo, in Melbourne’s outer north, Allan told reporters:
Victoria was the first state in the nation to ban mobile phones in schools, and that has now been modeled in every other jurisdiction … Today we’re making a further announcement about how we are going to be supporting teachers in how they manage the time in the classroom with devices, limiting the time that devices are in used in classrooms.
Carroll added:
We were the first jurisdiction in Australia to limit screen times. And now we’re also going further at our secondary colleges. We want to make sure that students know their focus is on the teacher, the most important adult in the classroom, and their focus is on their learning.
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Minns says bull sharks may be culled but great whites sharks are protected
NSW’s premier, Chris Minns, has said the government will consider a cull of bull sharks in the harbour after a woman was attacked while swimming at Coogee beach on Monday morning.
White sharks are a protected species, and the premier said there is no evidence to suggest a cull would help protect swimmers.
As it relates to bull sharks in the harbour, that’s a different story.
They’re not a protected species and we’re currently undertaking a head count … of whether there’s been an increase in the harbour as a result of a healthier harbour and more fish stocks within that tributary [and] what it means for swimming and recreating in the harbour. But a cull of great whites is not going to be the answer to this and we’re not contemplating that as a change.
The state government would look at AI-powered drones and having shark nets set across the year, he said.
Our beaches on the Pacific Ocean are open to all sea life from anywhere in the Pacific Ocean at any time and we can’t promise 100% safety in all circumstances.
But if we can put in mitigation devices, drone technology and nets, a little bit from the old and some from the new, then I think we can significantly increase our safety protocols on those beaches and make it safer, not completely safe, but safer to swim in Sydney’s beaches.
Here is some previous reporting we’ve done on the effectiveness of shark nets:
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Budget’s tax reform measures will deliver small boost to productivity, experts say
The proposed changes to the capital gains tax discount and negative gearing will push productivity in the right direction but won’t meaningfully shift the dial, experts say.
Back to the Senate committee hearing into the budget’s tax reform measures, and ANU tax economist Peter Varela said there was a benefit from taxing different assets such as shares and property in the same way.
“Tax neutrality will always get you more productivity,” Varela said, as that way investors make decisions based on the underlying fundamentals of the investment.
Michael Brennan, the head of the e61 Institute and a former boss of the Productivity Commission, agreed with that in principle, but said the proposed reforms were “not economy changing”.
“I wouldn’t want to overstate the overall productivity gain,” he said, noting that the higher overall capital gains tax would offset the benefits.
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In a bit of silliness, someone briefly revised the Wikipedia page for the Australian defence minister last night to show the position filled with a new representative: Socceroos star Harry Souttar.
The page didn’t last long, but in an alternate universe…
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Drones given short-term approval to fly at Coogee beach after shark attack
Drones have been approved to circle above a popular city beach where a woman was mauled by a shark despite its proximity to an airport.
The Civil Aviation Safety Authority has given a temporary exemption for aerial surveillance of Coogee Beach after the woman, in her 30s, was critically injured by a shark on Saturday.
Surf Lifesaving NSW’s public safety manager, Brent Manieri, confirmed the CASA ban was lifted to allow drones to fly across several beaches for the rest of the week.
“We will be operating … to ensure there’s a level of aerial surveillance that the community can feel safe and assured in when they want to come back down and have a swim,” he told ABC on Monday.
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BHP hits record high $332bn as Australian share market bounces
The Australian share market has added $40bn in value after Iran announced an “immediate and permanent” peace with the US and Israel.
The benchmark S&P/ASX200 index, worth $2.7tn, has jumped 1.45% to 8,931 points this morning.
BHP, the Anglo-Australian mining company, briefly hit a record high share price this morning of $65.44, with a market value of over $332bn for the first time. It’s now sitting at $65.13.
The big four banks have all added at least $1bn in market value in early trading.
But today’s ASX bounce is smaller than the one observed the prior trading day, Friday, which was in response to Trump cancelling scheduled strikes on Iran. By comparison, Japan’s Nikkei is up 4.3%.
Australian traders seem to be more sanguine in the face of good news and more scared of bad news so far, suggesting Donald Trump’s threats are more trusted than his promises.
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Big capital gains will be taxed more under budget reforms
The proposed changes to the taxation of capital gains “isn’t going to shift the dial very much” in terms of average tax rates here versus comparable countries, unless you are an investor who is betting on very high returns, an expert says.
A Senate committee hearing is asking tax experts about whether foreign investors will see Australia as a less attractive place to put their money, should Labor’s reforms go through.
Matt Nolan, a senior research manager at the e61 Institute, said Australia will remain in the “middle to lower-middle of the pack” when it comes to average tax rates.
But the switch from a flat 50% CGT discount to an inflation-adjusted approach will have different impacts depending on your rate of return.
“Once real rates of return go over about 15% we start looking similar to [high taxing] Denmark,” Nolan said.
This [inflation-adjusted] system will tax low returns less heavily, so if things go wrong, you don’t get as punished. But when things go really right, society shares in that a bit more.
So the overall effect on taxes might be minimal, but individuals who anticipate quite substantial gains might see Australia as relatively higher tax.
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Who is donating to One Nation? – Back to Back Barries podcast
Tony Barry and Barrie Cassidy discuss One Nation’s successful fundraising drive. They look at how the major parties are handling the rise of the rightwing party and where they agree the prime minister made a missstep.
Take a listen:
Tax experts back budget tax reforms, but bill not ‘perfect’
The two-day senate committee hearing into the budget tax reform started this morning, with tax experts and economists backing the broad direction of the changes to the capital gains tax discount.
But there is room for improvement, said Michael Brennan, the head of the e61 Institute. Brennan says an inflation-adjusted capital gains tax treatment, as proposed in the budget, is an improvement, saying there is a “fundamental weakness in any fixed discount relative to an inflation discount”.
He said the 50% discount “taxes high returns pretty lightly, and taxes low returns very heavily”.
Brennan disagreed with some arguments that the changes should be restricted to housing, saying that was a poor approach as a matter of first principles in tax design – which says all assets should be treated commonly.
But he says just as real gains should be taxed, losses should also be adjusted by inflation. And the minimum 30% tax rate for capital gains as proposed should be replaced with averaging of the gains over five years.
Peter Varela, a tax economist at the ANU’s Tax and Transfer Policy Institute, agreed the reforms were a “step in the right direction”, although “the bill is not perfect”.
Like Brennan, Varela said “we want tax neutrality across different types of savings investments”.
Woman injured in shark attack remains in critical but stable condition
The 35-year-old woman injured by a shark at Sydney’s Coogee beach yesterday remains in hospital in critical but stable condition, a spokesperson for St Vincent’s hospital confirmed this morning.
You can read more here:
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Albanese and Wong welcome US-Iran agreement, calling for ‘continued restraint’
The prime minister and foreign minister have issued a lengthier statement welcoming the agreement made by the US and Iran, and called for continued restraint to avoid further escalation.
President Donald Trump made the announcement he had signed a deal this morning, saying the strait of Hormuz would be reopened.
Anthony Albanese and Penny Wong said a full recovery from the impact of the closure to date will take time, and that the government will continue to “do all we can to shield Australians from the worst impacts of this conflict”.
They said Australia has more fuel in its reserves than ever.
Continued restraint and constructive engagement will be essential to prevent further escalation and secure a lasting agreement. We are pleased the agreement between the US and Iran includes steps to reopening the Strait of Hormuz …
We encourage all parties to use this opportunity to pursue a durable and lasting peace through dialogue and diplomacy. Iran must address longstanding concerns about its nuclear program and the threat it poses to international security.
The terms of the deal remain unknown. Read more here.
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University students report ‘serious’ free speech problem in new survey
At least one-in-five students at every public university in Australia don’t feel free to express their views on campus, according to a new analysis of government survey data.
AAP reports the findings come from a report by the Liberal-aligned Menzies Research Centre, based on responses to the federal government’s annual Student Experiences Survey.
The survey has asked higher education students about freedom of expression since 2021 but university-level results have not previously been released.
The report says the trend has worsened in recent years and universities should be held accountable for how free students feel in expressing themselves.
In 2024, 28.3% of domestic undergraduate students did not agree that they were free to express their views at university. Among postgraduates, 32.5% reported the same.
This is up from 24% among undergraduates and 28% among postgraduates in 2021.
Penny Wong welcomes US-Iran peace deal
The Australian government has welcomed the announcement of a peace deal to end the US and Iran conflict and reopen the strait of Hormuz.
The foreign minister, Penny Wong, said:
We welcome President Trump and Pakistan’s announcement of an agreement, including to reopen the strait of Hormuz. Australia has long called for de-escalation and an end to the conflict, including in Lebanon. As we have said, the longer this war goes on, the greater the impact will be.
Read the latest on what we know so far about the pending deal here:
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Seven arrests at Brisbane Palestine rally, including flotilla participant
Seven protesters, including a participant in last month’s Global Sumud Flotilla, were arrested at a Justice for Palestine rally yesterday.
All seven were arrested for allegedly saying the phrase “from the river to the sea” or for holding a sign bearing the expression.
Spokesperson Remah Naji said a mooted lawsuit by Justice for Palestine was intended to test whether police would still enforce a ban on saying the phrase passed into law earlier this year. She said many people displayed or said the banned phrases at a rally the weekend before without being arrested.
“Today we’re going to test these laws again. We have people who are willing to challenge the laws with the banned expressions, because we understand our responsibility here as people with freedoms and the right and the duty to speak out against those crimes (of Israel),” she said.
Flotilla participant Sam Watson was the first arrested, after a brief speech.
Naji said the mooted high court challenge against the laws was still on foot, and is expected to be filed mid-July.
A spokesperson for the Queensland police said about 300 people attended the rally in King George Square.
“The QPS acknowledges the overall peaceful behaviour of protesters in Brisbane City today, 14 June,” the spokesperson said.
Seven people were charged with recital, distribution, publication or display of prohibited expressions.
Updated
Lyle Shelton loses challenge against vilification ruling
Conservative commentator Lyle Shelton has lost a legal challenge against a six-year old vilification ruling.
The case dates to a January 2020 blog post by Shelton about two Drag Queen story time performers from Brisbane.
“Have we learned nothing from creeps like Harvey Weinstein, Jeffrey Epstein and Prince Andrew?” he blogged.
The performers complained to the state’s human rights commission that the posts amounted to vilification under the state’s anti-discrimination act.
The Queensland Civil and Administrative tribunal dismissed their complaint in 2023 partly on the basis that transphobia and homophobia “lives in the past” meaning “any such incitement it could not be vilification” under the act. That judgement was set aside earlier this year by the same court.
Shelton challenged the latter decision in a judicial review at the Supreme Court, but on Friday the court ruled against him. The case will now return to the Queensland Civil and Administrative Tribunal.
Little evidence that shark culls improve beach safety, experts say
Experts warn there is little evidence shark culls keep ocean-goers safer following the latest shocking encounter at a busy city beach, AAP reports.
A woman, 35, was swimming about 30 meters offshore at Coogee beach in Sydney when she was bitten by a shark on Saturday. She remained in critical but stable condition on Sunday.
A great white shark, which is a protected species, is thought to have been responsible. It follows a cluster of attacks nationwide, including several bull shark bites in Sydney Harbour.
The latest incident has reignited calls for culls to protect swimmers, which NSW Agriculture Minister Tara Moriarty has not expressly ruled out.
Adelaide University program director of environmental science Brianna Le Brusque said harmful encounters with the predators were tragic and cull discussions an understandable response.
But she said there was no science on how many animals would need to be removed to keep swimmers safe nor evidence it would meaningfully improve community safety.
Surveillance methods to alert swimmers were more effective, though complicated by a flight path keeping drones out of the air around Coogee.
Updated
Nearly $200m given to industry in zero-interest government loans amid Middle East conflict
The federal government’s Economic Resilience Program has provided nearly $200m in zero-interest loans since its announcement last month.
The program offers $1bn in zero-interest loans for industrial manufacturing and critical supply chains impacted by market disruptions caused by the conflict in the Middle East.
In an update provided on Monday, more than 200 businesses have signed up for the zero-interest loans, totalling almost $195m.
The industry and innovation minister, Tim Ayres, said more than three-quarters of the loans have been for under $1m.
Ayres said:
Firms in crucial sectors like freight and logistics, fuel, plastics and fertiliser are receiving vital support from the National Reconstruction Fund in partnership with Australian banks.
Updated
Barnaby Joyce says One Nation's fundraised money to go towards ad campaign
One Nation’s Barnaby Joyce is speaking now, saying the millions in fundraising the party has raised in recent days will go towards “the removal of the Labor party because they have not been good for Australia”.
Joyce spoke to RN, saying the money would largely go to an advertising campaign in the lead up to the next election.
He said the party would not get “carried away”, saying he’s “very aware of hubris” and would solely focus on the “here and now”:
The election is still somewhere away, and polls are indicators, not votes.
Updated
Assistant treasurer says One Nation’s rise reflects ‘frustration’ of many people
Daniel Mulino, the assistant treasurer, said One Nation’s rise began “well before” the latest federal budget and reflected a “frustration on the part of many people” at the way the system is working for them.
Mulino spoke to RN Breakfast this morning as Pauline Hanson’s party continues to surge in the polls. He said:
I think it, for me, reflects a frustration on the part of many people at the way the system is working for them and the fact that they’re feeling pressures on a number of fronts: pressures from cost of living, pressures from Increasingly uncertain global economy and political situation.
What I’d say about One Nation is that they are very good at identifying grievances. They’re not very good at solutions. And in fact, Pauline Hanson’s voting record over recent years has often been to the detriment of people seeking pay rises, to the detriment of workers’ rights. And so that’s something which, as that comes to light more, I think people will judge that in due course.
Good morning
Good morning, Nick Visser here once again as we start a new week. Here’s what’s on deck:
Experts say there is little evidence for a shark cull after an attack at one of Sydney’s most popular beaches this weekend. They say there is no science on how many animals would need to be removed to keep swimmers safe, nor evidence it would meaningfully improve safety.
At least one in five students at Australian public universities don’t feel free to express their views on campus, according to a new analysis. The survey asked students about free speech on campuses, but found the trend has worsened in recent years and advised universities should be held accountable for how students feel in expressing themselves.
The federal government has provided almost $200m in no-interest loans to help support manufacturing supply chains since disruptions in the Middle East began. More than 200 businesses have signed up for the program.
Stick with us.
