Welcome to our live coverage of Australia's news for May 29, 2026. Key developments include Senate estimates hearings, ongoing debate over capital gains tax reforms, the housing affordability crisis, and severe weather warnings for northern regions.
Senate Estimates Underway
Senate estimates hearings continue today, with scrutiny on government spending and policy implementation. Opposition senators are pressing ministers on budget allocations and the effectiveness of recent measures. The hearings provide a platform for cross-examination of public officials and are expected to dominate political discourse.
Capital Gains Tax Debate Intensifies
The capital gains tax (CGT) remains a contentious issue, with the government defending its current stance against calls for reform. Critics argue the tax disproportionately benefits wealthy investors and exacerbates housing inequality. The opposition has proposed changes to increase revenue and improve affordability, but the government warns of unintended consequences for the property market.
Housing Crisis Worsens
Australia's housing crisis shows no signs of abating, with rental prices soaring and home ownership out of reach for many. Policymakers are under pressure to address supply shortages and affordability. Recent data indicates a record low in housing starts, while demand continues to rise, particularly in major cities. Experts call for coordinated federal and state action.
Flood Warnings in Northern Australia
Severe weather has triggered flood warnings in parts of the Northern Territory and Queensland. Heavy rainfall is expected to continue, with potential for flash flooding in low-lying areas. Emergency services are on alert, and residents are advised to stay informed and prepare for possible evacuations. The Bureau of Meteorology has issued updates for affected regions.
Stay tuned for further updates as these stories develop throughout the day.
