The Liberal leader, Angus Taylor, is set to deliver his first budget reply speech today, outlining a plan to restrict Australia's temporary immigration intake based on the number of new homes built in the previous year. This policy aims to directly link immigration levels to housing availability, using completion figures as a hard ceiling for overseas arrivals.
Budget Wash-Up and Rent-Vesting
As the budget debate continues, experts question whether the government's tax reforms will spell the end of 'rent-vesting,' a strategy where investors buy properties in affordable areas while renting in more expensive ones. The budget's changes to tax concessions may make loans harder to obtain for young Australians, potentially reducing the benefits of this approach.
International News
In other news, Donald Trump has arrived in Beijing for his summit with Xi Jinping, marking the first visit by a US president to China in nearly a decade. Meanwhile, a cruise ship docked in Bordeaux has been quarantined after a suspected norovirus outbreak, affecting over 1,700 passengers and crew. The fugitive Malaysian financier Jho Low is reportedly seeking a pardon from Trump.
Stella Prize and Non-Binary Winner
Melbourne-born writer Lee Lai has become the first non-binary person and first graphic novelist to win the Stella prize for her book 'Cannon,' praised for its 'elegant artistry.'
Domestic Affairs
A 19-year-old man has died at Sydney's Long Bay prison in a unit previously recommended for closure due to safety concerns. The peak body for Palestinians in Australia claims their voices are being excluded from the social cohesion debate, after being denied leave to appear before the royal commission on antisemitism. Japan's rugby head coach Eddie Jones has been suspended for four games for verbal abuse during a tour of Australia.
Sports and Culture
In sports, Dyson Daniels reflects on his breakout NBA season as he receives a top sports award in Victoria. The San Francisco 49ers will play the Los Angeles Rams at the MCG in September as part of the NFL's expansion to Australia. Hearts could win their first league title in 66 years, while Manchester City faces Crystal Palace. The Archibald Prize finalists are on display at the Art Gallery of NSW, with critics noting the 'beautifully daggy' nature of the portraits.
Media and Business
The Australian reports wealth managers condemning the budget for 'entrenching socialism,' while WAtoday notes investors are braced for falling property values after tax changes. The Sydney Morning Herald says NSW Premier Chris Minns is calling for an overhaul of tobacco excise after a $62bn collapse in revenue from legal sales. Today's events include a federal court judgment in ACCC v Coles over fake discounts, Taylor's budget reply speech at 7:30pm, and the Women's State of Origin game two.
