Budget Won't Be 'Main Driver' If House Prices Fall, Housing Minister Says
Housing Minister Clare O'Neil told reporters that even if house prices fall 10 percent, the federal budget will not be the main cause, emphasizing interest rates as the dominant factor. Analysts at Morgan Stanley and Westpac warn that proposed changes to negative gearing and capital‑gains tax could depress investor returns, potentially triggering a sharp price correction and a one‑third drop in new investor activity. The budget includes a $2 billion AUD (≈$1.3 billion USD) housing‑infrastructure injection expected to add about 30,000 homes, part of a broader $47 billion AUD (≈$31 billion USD) package aimed at delivering 420,000 new dwellings over the decade. Treasury projects house‑price growth will slow by roughly 2 percent in the short term, while rental growth remains modest.
Russia Looks for New Soldiers in Transnistria as War Casualty Numbers Grow
President Vladimir Putin signed a decree that erases up to 10 million roubles (about $195,000) of debt for anyone who signs a one‑year Russian military contract, extending the benefit to spouses. At the same time, a new law makes it easier...
How to Check if Your Vaccines Are up to Date as Diphtheria Outbreak Continues
Australia is facing a diphtheria outbreak with more than 240 confirmed cases and a possible death, prompting health officials to urge immediate vaccination updates. The combined diphtheria‑tetanus‑pertussis (DTP) booster is recommended for adolescents, pregnant women and adults over 50 whose...
Man's Death Confirmed as Diphtheria-Related After Overseas Toxicology Test
The Northern Territory has reported a decline in diphtheria cases after a rapid vaccination campaign that immunised over 10,000 residents. Health officials confirmed one death in Darwin was diphtheria‑related, while another suspected fatality tested negative. Cases fell from a peak...
'Intolerable': When $786m Bridge Was Being Designed, Engineers Raised a Red Flag
The $786 million Bridgewater Bridge in Hobart is under renewed scrutiny after a technical advisory team flagged the single‑pile foundation as “intolerable” given the River Derwent’s uncertain, soft riverbed. Engineers warned the concrete piles might lack sufficient lateral support, potentially forcing...
Recent Fall in Auction Clearance Rates Could Be Good News for First Home Buyers
Auction clearance rates slipped to 50.4% nationally in the week to May 17, before rebounding to 58.2% by the week ending May 24, according to Cotality data. The dip followed the federal budget’s announcement of changes to negative gearing and capital gains...
Why There's More Talk of an AUKUS 'Plan B'
Australia faces a potential submarine capability gap as the AUKUS timeline stretches into the 2040s. The government plans an $11 billion life‑extension for the aging Collins‑class fleet while awaiting three U.S.‑built Virginia‑class subs in the early 2030s and domestically built nuclear...
Banks, Telcos Briefed on Threat of 'Dangerous' AI Model
Australia is courting leading AI firms after Anthropic’s new Claude Mythos and OpenAI’s GPT‑5.5‑Cyber were deemed too dangerous for unrestricted release. Government officials met with Anthropic’s general counsel to discuss access, investment, and possible copyright law adjustments to attract a...
Diphtheria Is Spreading in Australia and so Is Misinformation About It
Australia is experiencing a diphtheria outbreak that has reached several states and territories, with one confirmed death in the Northern Territory. The disease, once curbed by 1930s vaccination campaigns, is resurging in remote Aboriginal communities where immunisation rates have slipped....
Why the US, UK and NZ Haven't Raised Interest Rates in Years
Australia’s Reserve Bank lifted its cash rate to 4.35% in May, while the United States, United Kingdom and New Zealand have left policy rates unchanged since 2023. The three countries cite weaker labour markets, higher unemployment and volatile currencies as reasons...
Power Rationed, Medical Supplies in Doubt as Fuel Crisis Lingers for Millions
The Iran‑Israel conflict has triggered a global fuel shock, pushing diesel to a peak of $3.30 per litre and inflating transport costs worldwide. Governments from Japan to Australia are scrambling with multi‑billion‑dollar aid packages, while Russia’s crude exports surged to...
AI Psychosis Is on the Rise and Experts Are Sounding the Alarm
New research flags a surge in "AI psychosis," where users develop delusional beliefs after extensive chatbot interactions. Studies from Stanford and the Human Line Project catalog over 400 self‑reported cases, including 17 deaths, 109 hospitalisations and numerous financial losses. OpenAI...
How Australians Across Generations Feel About the Budget
The Australian federal budget introduced reforms to the capital gains tax (CGT) discount and limited negative‑gearing deductions to newly built homes, aiming to curb investor‑driven price inflation and address intergenerational wealth gaps. It also announced a $22 billion (≈$14.5 bn US) cut...
Cricket Australia Hoping Private Owners Can Make BBL a Cricket 'Grand Slam'
Cricket Australia chief executive Todd Greenberg says privatizing the Big Bash League is inevitable if the competition is to stay competitive amid a crowded global T20 market. He envisions the BBL joining the IPL and The Hundred in a cricket...
What Will Be in Tonight's Federal Budget? Here Are the Major Measures We Know About so Far
Treasurer Jim Chalmers' fifth federal budget focuses on housing for younger Australians amid rising interest rates and inflation. The plan earmarks AUD 2 billion (≈US 1.3 billion) for councils and utilities to build 65,000 homes, while reforming negative gearing and capital gains tax...