标签: Oceania

大洋洲

  • David Pocock refuses to rule out lower house pivot as independents eye One Nation rise

    David Pocock refuses to rule out lower house pivot as independents eye One Nation rise

    Australia’s political landscape is facing growing turbulence as Pauline Hanson’s right-wing populist One Nation party surges in recent polling, and high-profile independent Senator David Pocock is refusing to rule out a cross-party shift as like-minded centrist and progressive independents explore forming a unified political bloc to counter the far-right party’s growth.

    A former professional Super Rugby player for the ACT Brumbies, Pocock entered federal parliament as an independent senator for the Australian Capital Territory in 2022, quickly emerging as one of the upper house’s most vocal crossbench figures. In recent months, he has led high-profile advocacy for two key policy priorities: implementing a 25 percent tax on gas exports and pressuring the ruling Labor government to deliver long-delayed gambling regulation reform.

    In an interview with the Australian Broadcasting Corporation, Pocock addressed growing speculation about independents organizing into a formal registered party to challenge the dominance of Australia’s major parties and respond to One Nation’s rising poll numbers. He framed the question of independent coordination as a critical priority for Australia’s current political climate, asking: “As an independent, how do you be part of changing our country for the better?”

    “For me, at the moment, that is serving people in the ACT, engaging on each issue, bringing solutions, using whatever power I have in the Senate to actually work on behalf of the people that have sent me there,” Pocock said. “As to what that looks like in the future, who knows. I think we’re in a real time of flux politically, and there’s people actually looking for candidates who are going to come to Canberra and actually put them first, put them ahead of vested interests.”

    When asked about ongoing discussions between independents about launching a new party, Pocock confirmed that informal talks are a constant occurrence in the current political environment, noting he is always open to conversations about the future direction of Australian governance. For now, he said he remains fully committed to his current Senate role, which he says offers ample opportunity to deliver for constituents and advance policy change.

    Pressed repeatedly on whether he would consider leaving the Senate to run for a seat in the House of Representatives, Australia’s lower house of parliament, Pocock declined to close the door on a future shift. “I don’t know why you’d rule something out,” he said, adding: “But, certainly at the moment, I’m committed to doing what I’m doing, and my hope is that there’ll be really great candidates” running for office across the country as independents.

    Pocock pushed back against the modern political focus on charismatic personalities and rhetorical flair, arguing that effective governance relies on consistent, grounded work that prioritizes public good. That, he said, is exactly what community-backed independent candidates have already proven they can deliver once in office.

    Addressing One Nation’s unexpected surge, new polling released Saturday suggests the party could win as many as 59 federal parliamentary seats if an election were held tomorrow. Pocock argued that the party’s rise is a symptom of a larger failure among Australia’s established major parties, who he says have refused to tackle pressing national challenges in good faith.

    He listed a range of long-term policy failures that have eroded public trust in major parties: no coherent long-term plan for immigration and population growth, no actionable strategy to address the ongoing national housing and homelessness crisis, and a constant focus on short-term three-year election cycles rather than planning for Australia’s needs over the next 10 to 20 years.

    “No wonder we’re lurching from crisis to crisis,” Pocock said. “What I’ve seen is major parties who aren’t willing to engage in that, in that debate.”

  • Labor minister Andrew Charlton grilled over trust, start-up over CGT reform

    Labor minister Andrew Charlton grilled over trust, start-up over CGT reform

    Australia’s Albanese government’s proposed capital gains tax (CGT) reforms have landed a senior cabinet minister in the hot seat, as he faced intense public questioning over his personal financial arrangements while defending the policy. Speaking in a televised interview on Sky News on Sunday, Cabinet Secretary and Assistant Technology Minister Andrew Charlton pushed back against critics, arguing the changes to Australia’s capital gains tax framework will create a fairer system and boost long-term economic growth.

    Under the current system, Australian taxpayers are eligible for a 50 percent discount on capital gains for assets held over 12 months. Labor’s reform proposal would adjust this discount to be pegged to inflation, extending the new rule across all asset classes including residential property, publicly traded shares and startup business ventures.

    Charlton has rejected widespread claims that the new framework would push Australia’s burgeoning startup sector to relocate overseas in search of more competitive tax treatments. He argued that comparisons between Australia’s proposed new system and international capital gains tax regimes are misleading, noting that the new Australian model taxes only real gains adjusted for inflation, while many other nations tax nominal gains without adjusting for rising prices. “In many cases, our regime will be more generous to assets that have experienced high inflation over a long holding period, a benefit that does not exist in other countries’ systems,” he explained.

    The minister framed the reforms as a targeted adjustment that discourages unproductive short-term housing speculation while creating more even taxation across all asset groups. “Some people will pay less under the new system, and others will pay more,” he said. “But overall, the entire system becomes fairer because every investor is taxed evenly on the actual gains they earn, rather than artificial gains driven by inflation. We are not incentivizing the short-term speculation that the old, overly generous CGT framework encouraged.”

    Pressed on how the reforms would have impacted his own sale of a private startup he founded earlier in his career, Charlton acknowledged he has held a diverse portfolio of assets over his professional life. “I have built and sold my own business, and I have owned property like many Australians,” he said. “Some of the assets I have held would be treated more generously under the new CGT framework, and others less so. Even with that personal impact, I can say this is a fairer system overall – I would lose out on some sales, gain on others, but the system as a whole is much more equitable.”

    The interview also turned to Charlton’s personal use of a discretionary trust, an arrangement that has drawn criticism from opponents who argue it is a common tax workaround. Charlton flatly denied that his trust was established for tax minimization purposes. He explained that setting up a trust alongside a new proprietary limited company is an extremely standard step for Australian entrepreneurs following their accountant’s advice. “The primary purpose of a trust in this context is asset protection, not tax reduction,” he said. “This is exactly what many small business owners across the country do when they launch a new venture, and that was my reason for setting it up.”

    Charlton did acknowledge that trusts are sometimes used to reduce tax liabilities, saying “that is precisely why these reforms are needed” while adding that trusts hold a legitimate role in Australian business structure for asset protection purposes. He confirmed all details of his financial dealings are already disclosed on the official government register of ministerial interests.

    The Albanese government has faced growing pressure from the business community over the potential impact of CGT reforms on the startup and small business sectors, and recently committed to ongoing consultation with industry stakeholders as part of the latest federal budget. It has also faced criticism over potential impacts of the reforms on trust structures, and the government has not ruled out introducing additional tax exemptions for certain trust arrangements. Responding to questions after Charlton’s interview, opposition housing shadow spokesperson Andrew Bragg disclosed he has never held a personal trust.

  • Missile strikes pound Kyiv after Russia vows retaliation

    Missile strikes pound Kyiv after Russia vows retaliation

    In an early Sunday attack that followed explicit Russian threats of retaliation for a deadly Ukrainian drone strike on Russian-occupied eastern Ukraine, a large-scale ballistic missile barrage slammed into Ukraine’s capital Kyiv, leaving at least five people wounded, local officials confirmed.

    AFP correspondents on the ground reported hearing multiple loud explosions across the city, which rattled a residential structure located close to Kyiv’s government district. Dozens of panicked residents rushed to take shelter in underground metro stations in the city’s central core as the attack unfolded.

    Tymur Tkachenko, head of the Kyiv City Military Administration, announced the mass attack via his official Telegram channel, confirming that blasts had impacted at least four districts across the capital: Shevchenkivsky, Dniprovsky, and Podilsky. Initial assessments documented multiple blazes and structural damage to civilian residential buildings. As the attack continued, Tkachenko warned that additional drone strikes were still ongoing and the threat of more ballistic missile launches remained active, urging all residents to remain in secured shelters.

    Kyiv Mayor Vitali Klitschko later confirmed the casualty count, noting that five people had been hurt, with one person admitted to a local hospital for treatment. Klitschko added that response teams had been deployed to Podilsky district in northwest Kyiv, where missile debris fell on a non-residential plot of land, while a separate fire broke out adjacent to a residential building in Shevchenkivsky district.

    The Sunday strike came as no surprise to Ukrainian and international authorities, who had explicitly warned of imminent large-scale Russian retaliation in the 24 hours leading up to the attack. The escalation followed a major Ukrainian drone barrage launched overnight between Thursday and Friday against Starobilsk, a city held by Russian forces in the occupied Lugansk region. Russian officials claimed the strike hit a college dormitory, pushing the confirmed death toll to 18 with an additional 42 people wounded after rescuers pulled two more bodies from the rubble on Saturday. Leonid Pasechnik, the Moscow-appointed governor of occupied Lugansk, reported that most of the fatalities were young women born between 2003 and 2008.

    Ukrainian officials have rejected Russia’s claims of targeting civilians, asserting that the strike was focused exclusively on a Russian military drone unit based in the Starobilsk area.

    Within days of the strike, the Russian Ministry of Foreign Affairs vowed that those responsible would face “inevitable and severe punishment”, setting off warnings from Ukrainian leadership. On Saturday, Ukrainian President Volodymyr Zelenskyy posted a public alert on social media noting that intelligence showed clear preparations for a combined large-scale strike across Ukrainian territory, with a specific focus on Kyiv that could include deployment of the Oreshnik, Russia’s nuclear-capable hypersonic missile. The United States Embassy in Kyiv echoed the warning hours later, confirming it had received credible intelligence of a potentially major air attack that could strike at any point within the following 24 hours.

    The United Nations issued a statement Friday condemning all attacks on civilians and civilian infrastructure regardless of location, though the organization added it could not independently verify casualty and targeting details due to restricted access to occupied Ukrainian territories.

    This latest exchange of heavy strikes fits within a broader pattern of escalating cross-border attacks that has defined the 4-year full-scale Russian invasion of Ukraine. Kyiv has significantly expanded its domestic drone production capabilities in recent months, allowing it to step up strikes against both Russian-occupied Ukrainian territory and undisputed Russian soil, targeting military positions, energy infrastructure, and logistics hubs. For its part, Russia has launched near-daily mass missile and drone barrages across Ukraine since it launched its full-scale invasion in 2022, causing widespread damage to civilian infrastructure and thousands of civilian casualties. Like Ukraine, Russia denies intentionally targeting civilian populations.

    Starobilsk, the site of last week’s fatal drone strike, sits roughly 40 miles from the active front line in eastern Ukraine and was captured by Russian forces in the early weeks of the 2022 full-scale invasion.

    International diplomatic efforts to end the conflict, led by the United States, have stalled in recent months as U.S. political and military attention has been diverted to the ongoing conflict in the Middle East, leaving little momentum for new peace negotiations.

  • China rescuers search for missing after mine blast kills 82

    China rescuers search for missing after mine blast kills 82

    Two days after a devastating gas explosion ripped through the Liushenyu coal mine in northern China’s Shanxi province, emergency response teams continued a desperate search operation Sunday for the last two missing workers, after the blast claimed the lives of 82 people. The explosion, which occurred Friday, ranks as China’s deadliest mining disaster in nearly 20 years, and unfolded when 247 miners were working underground at the shaft, according to official Chinese state media. Hundreds of rescuers have been deployed to the remote accident site, with medical teams evacuating 12 injured people to nearby hospitals by Saturday evening. Late Saturday, AFP correspondents observed a heavy police cordon blocking all access roads to the mine, with only credentialed emergency and official vehicles permitted entry. State media reports confirm teams of helmeted rescue workers rotated shifts descending into the damaged mine shaft overnight to continue the hunt for the two missing workers. “As long as there is hope, we will make every possible effort,” one rescue worker told China’s official Xinhua News Agency. In the wake of the disaster, Chinese national and provincial authorities have launched a full formal investigation into what caused the blast. Preliminary investigations have already uncovered “serious illegal violations” on the part of the company that operates the mine, officials told a press conference carried live on state-run China Central Television (CCTV). Authorities have pledged that anyone found responsible for the accident will face strict punishment under Chinese laws and regulations. Xinhua also confirmed that a senior leader of the operating company has already been taken into police custody. China’s national cabinet, the State Council, has responded to the disaster by ordering immediate sweeping nationwide safety crackdowns on violations common in the country’s mining sector, including falsification of workplace safety data, unreported underground worker headcounts, and unregulated illegal contracting of mining work. One survivor of the blast, Wang Yong, recounted his harrowing escape to CCTV, saying he detected no loud explosion but noticed a strong sulphur odor right before toxic smoke filled the mine tunnel. “I didn’t hear any sound at all, but then a cloud of smoke appeared. When I smelled it, it was the smell of sulphur like when people set off firecrackers. When the smoke came down, I shouted for people to run,” he told reporters. Wang recalled seeing multiple fellow miners overcome by toxic smoke before he lost consciousness. “After more than an hour, I came to on my own, and then I woke up the person next to me” before the pair escaped the mine, he said. Shanxi, one of China’s less economically developed provinces, is the core of the country’s national coal mining industry, producing much of the fossil fuel that powers China’s industrial grid. While national mine workplace safety has improved markedly over the past three decades, deadly accidents still occur with some regularity, as many smaller operations cut corners on safety protocols and regulatory enforcement remains inconsistent in many regions. Just last year, an open-pit coal mine collapse in the northern region of Inner Mongolia killed 53 workers. Beyond the human cost of the disaster, the accident draws renewed attention to China’s ongoing reliance on coal: the country is the world’s largest consumer of coal, and the world’s top greenhouse gas emitter, even as it expands renewable energy capacity at a global record pace.

  • Security forces swarm White House after shots fired

    Security forces swarm White House after shots fired

    On a Saturday evening when U.S. President Donald Trump was inside the White House negotiating a diplomatic agreement with Iran, a shooting incident near the executive residence triggered a massive emergency response from law enforcement and security agencies, sending the complex into immediate lockdown.

    Within minutes of reports of gunfire, heavily armed police and security forces converged on the site, establishing cordons to block public and media access to the downtown Washington area. National Guard troops deployed to the perimeter prevented an Agence France-Presse (AFP) reporter from entering the secured zone, as multiple federal agencies coordinated their response to the threat.

    FBI Director Kash Patel confirmed via social media platform X that the bureau was on site assisting the U.S. Secret Service, which leads security operations for the White House. Fox News anchor Bret Baier, citing an anonymous senior administration official, shared key details of the incident: an unidentified gunman approached the White House’s west perimeter and fired three shots. Secret Service agents returned fire, striking the attacker, while an unrelated bystander was hit by gunfire during the exchange. Crucially, the official confirmed the gunman never managed to breach the White House’s layered security perimeter.

    Witnesses on the ground described scenes of chaos and panic as the shooting unfolded. Canadian tourist Reid Adrian, who was visiting the area, told AFP that the group heard what they initially mistook for 20 to 25 fireworks, only to realize the sounds were gunshots, prompting a mass rush of evacuating civilians. Reporters working on the White House North Lawn at the time received urgent orders to run for shelter, and all gathered in the locked-down press briefing room.

    ABC News correspondent Selina Wang was recording a social media update when the gunfire began. Her on-location recording captured the sound of shots as she dove for cover, and she later posted on X that the gunfire sounded like dozens of separate shots. As of initial reporting, a U.S. Secret Service spokesperson told AFP via text that the agency was still actively collecting details and confirming facts about the incident, with no immediate update on the conditions of the gunman and the injured bystander.

    This latest shooting near President Trump marks the fourth alleged assassination attempt against the 79-year-old commander-in-chief in less than a year. The string of threats began in April 2024, when an armed individual tried to force his way through a security checkpoint at a Washington hotel where Trump was speaking at a media gala. That attacker never reached the former candidate or other event attendees.

    In July 2024, a far more severe attack unfolded during a Trump campaign rally in Butler, Pennsylvania. A shooter opened fire on the crowd, killing one attendee and striking Trump in the ear with a bullet, leaving him with a minor wound. Just a few months after that rally attack, law enforcement arrested another armed man on a golf course in West Palm Beach, Florida, where Trump was playing a round of golf.

    Following Saturday’s incident, House Republicans released a statement on X confirming that President Trump was unharmed. “Thank God President Trump is safe,” the statement read. “Endless gratitude to the Secret Service for their immediate, heroic response. Political violence has to stop.”

  • Usyk rocked but beats Verhoeven to retain heavyweight titles

    Usyk rocked but beats Verhoeven to retain heavyweight titles

    One of the most unusual cross-sport heavyweight boxing bouts in recent memory delivered chaos, controversy and a stunning late finish on Saturday, as unified heavyweight champion Oleksandr Usyk retained his WBA, WBC and IBF titles against elite kickboxer Rico Verhoeven in a spectacular event staged in the shadow of Egypt’s Great Pyramid of Giza.

    The bout was billed as a ceremonial showcase for Usyk, who has already defeated former champions Anthony Joshua, Tyson Fury and Daniel Dubois in one of the most dominant reigns in modern heavyweight boxing. Few gave Verhoeven — a kickboxing legend who had only competed in one professional boxing bout, back in 2014 — a serious chance of troubling the Ukrainian champion. But what unfolded over 10 and a half rounds defied all pre-fight expectations.

    Verhoeven’s unorthodox, jerky striking style, relentless bulldozing aggression and devastating right hand kept a sluggish Usyk off balance for almost the entire contest. He landed brutal clean shots early, rocking the champion in the opening rounds and leaving Usyk struggling to find his consistent range. While Usyk claimed a strong fourth round after rocking Verhoeven with a sharp uppercut, the challenger largely controlled the pace of the fight through the first 10 rounds, and most ringside observers had him ahead on the unofficial scorecards heading into the championship rounds.

    The turning point came late in the 11th round, as a fatigued Verhoeven began to slow under the cumulative pressure of 12-round professional boxing. Usyk, digging deep, landed a stunning uppercut that dropped the Dutch challenger to the canvas. Verhoeven beat the count and climbed back to his feet with just 10 seconds remaining in the round, but Usyk immediately pressed forward, unloading a flurry of follow-up shots that sent Verhoeven stumbling against the ropes. With just one second left on the round clock, the referee stepped in to stop the contest, triggering immediate controversy over the early stoppage.

    Speaking after the bout, Verhoeven expressed disappointment with the referee’s decision, arguing he had earned the chance to see out the final seconds of the round and compete in the 12th. “I thought it was an early stoppage but in the end it’s not up to me,” Verhoeven told broadcaster DAZN. “I wanted the referee to let me go out on my shield or let me go in the 12th. I felt we were pretty even on the scorecards.” Despite the result, Verhoeven said he was proud of his performance, thanked organizers for the opportunity, and revealed that Usyk had already offered him a rematch. “I am super proud of my performance and hopefully, the boxing world embraces me as a boxer,” he added.

    For Usyk, the victory marked another successful title defense, but the champion made clear the fight carried far more meaning than just a belt retention. With his home country of Ukraine continuing to endure Russian missile attacks, Usyk shared a heartfelt message from his daughter, who was sheltering in a bomb shelter while watching the bout. “I know right now, Ukrainian people are sitting in the bomb shelter, my daughter too, in a bomb shelter, sent me a message saying, ‘Papa, I love you, you will win’,” Usyk said after the fight.

    Paying tribute to his game challenger, Usyk added: “Thank you so much, Rico. You are an amazing fighter. Thank you so much to your team. My team, I love you. My wife, I love you. You are my light and my heart. This fight was hard. It was a good fight.”

    The result leaves Usyk’s reign intact, but the controversial late stoppage and Verhoeven’s shock performance have already left fans calling for a rematch to settle the score.

  • Liberal Party too close to Labor, ‘failed’ on economy as One Nation surges, senator says

    Liberal Party too close to Labor, ‘failed’ on economy as One Nation surges, senator says

    Fresh voter polling has painted a seismic shift in Australia’s political landscape, projecting a historic surge for Pauline Hanson’s One Nation party and near-total collapse for the Liberal-National Coalition if a federal election were held today. A senior Liberal figure has publicly slammed his own party’s decades of ideological drift and economic policy missteps as the root cause of the projected catastrophe.

    The joint survey, conducted by the Redbridge Group and Accent Research, outlines a worst-case scenario for Australia’s two traditional major parties. The poll forecasts that the Coalition would be completely wiped out of parliamentary representation across four key states: Queensland, Western Australia, South Australia, and Tasmania. center-left Labor would hold onto a razor-thin 76-seat majority, while One Nation would capture up to 59 seats — a result that would upend nearly a century of two-party politics in Australia.

    Responding to the survey’s findings, Liberal opposition housing spokesperson Senator Andrew Bragg did not mince words in his criticism of his own party. Speaking to Sky News’ Sunday Agenda program, Bragg argued that the Liberal Party has steadily abandoned its ideological distinctiveness on economic policy, growing indistinguishable from the Labor Party to the point of becoming what he called a “uni-party” with the incumbent government on core fiscal issues.

    Bragg argued that the party’s failure to differentiate itself from Labor on tax policy, industrial relations, superannuation, and federal budget management over the past 10 years has left voters with no clear reason to support the Coalition, resulting in a widespread voter backlash that the new polling captures. “That’s my main takeaway, that we’ve had too much similarity with the Labor Party,” Bragg said. “We should have done more on tax, more on industrial relations, more on super, more on budget stuff … we’ve just been too similar to Labor over a long period, and we’re being punished. The chickens are coming home to roost.”

    The senator warned that the Liberal Party faces political oblivion if it does not immediately course-correct and draw sharp contrasts with Labor on policy, pointing to emerging work on addressing bracket creep as a first step in the right direction. He added that Australian voters are hungry for substantive economic change, and that it is still not too late for the party to reset its agenda and win back disaffected voters.

    Outlining his policy priorities, Bragg said he supports increasing the capital gains tax discount, rather than reducing it or rolling it back to the previous 50 per cent rate, arguing that adjustments to capital gains tax can be structured to incentivize greater private investment across the Australian economy. When pressed to identify which government programs he would cut to offset the cost of his proposed tax cuts, Bragg called out what he described as government “boondoggles” including the National Reconstruction Fund and the Housing Australia Future Fund as programs the Coalition could scale back or eliminate, noting that while the Coalition would continue to support the National Disability Insurance Scheme, other wasteful spending programs are fair game for cuts. “People are too afraid to say what they would cut,” he said, adding that the party needs to be clear about its policy trade-offs.

    Reacting to the same polling data, Labor’s Assistant Technology Minister Andrew Charlton acknowledged that the rise of One Nation in voter surveys is impossible to ignore, framing the far-right party’s growing support as part of a global populist trend. However, Charlton argued that One Nation has excelled at exploiting voter grievances but failed to deliver substantive policy solutions that benefit working Australian families.

    Charlton criticized One Nation’s voting record, noting that the party has repeatedly opposed policies that support ordinary workers, including the Same Job Same Pay legislation, wage increase measures, and cost of living relief. “Every opportunity they get … they vote against things that will benefit Australian families and workers,” Charlton said. “One Nation, every single time they face a choice between battlers and billionaires, they choose the billionaires.”

    When asked if Labor risks losing significant seats to One Nation ahead of the next federal election, Charlton said the outcome remains uncertain, but that Labor’s best strategy is to continue delivering tangible policy solutions to address the daily economic challenges facing Australian households, pointing to the recent federal budget as evidence of that approach.

    The polling shift comes as One Nation continues to build its electoral presence: earlier this month, the party seated only its second ever lower house federal MP, its first elected outright on a One Nation party ticket, and Pauline Hanson recently unveiled a new gas policy during a campaign visit to South Australia.

  • Large police presence around White House after reports of shots fired: AFP

    Large police presence around White House after reports of shots fired: AFP

    On a Saturday evening in downtown Washington D.C., a sudden report of gunshots near the White House triggered a massive emergency response from law enforcement and national security agencies, sending the complex into lockdown as sitting U.S. President Donald Trump conducted high-stakes negotiations with Iranian officials inside the compound.

    Witnesses and on-site journalists described scenes of chaos immediately after the shots rang out. Reid Adrian, a Canadian tourist visiting the iconic area, told Agence France-Presse (AFP) that his group heard what initially sounded like fireworks, but quickly realized the noise was live gunfire. “We heard probably 20 to 25 what sounded like fireworks, but they’re gunshots, and then everyone started running,” Adrian recounted.

    Multiple journalists working on the White House North Lawn at the time of the incident confirmed the chaos via social media platform X. ABC News correspondent Selina Wang, who was filming a social media update when the gunfire began, captured the audio of the repeated shots while diving for cover. “It sounded like dozens of gunshots,” Wang wrote in a post following the incident.

    Within minutes of the first reports, uniformed and plainclothes police officers and Secret Service agents swarmed the perimeter of the White House, establishing tight cordons to block public and media access to the area. National Guard troops deployed to the site intercepted an AFP reporter and barred entry to the locked-down downtown zone. Federal law enforcement leadership confirmed their agencies joined the response shortly after: FBI Director Kash Patel posted on X that the bureau was on-site providing support to the United States Secret Service, which holds primary responsibility for protecting the sitting president and securing White House grounds.

    A spokesperson for the Secret Service told AFP in an initial text statement that the agency was still in the process of collecting details, verifying witness accounts, and securing the area, with no immediate update on potential suspects or casualties. The incident comes against a backdrop of heightened security for Trump, 79, who has already survived three separate reported assassination attempts. The most recent prior attempt took place on April 25, when an armed suspect breached a security checkpoint near a ballroom where Trump was attending a media gala.

  • Job-creating businesses punished by CGT ‘productivity tax’, Professor Richard Holden says

    Job-creating businesses punished by CGT ‘productivity tax’, Professor Richard Holden says

    Australia’s upcoming changes to the capital gains tax (CGT) regime will disproportionately penalize high-growth, job-creating small businesses while rewarding stagnant, low-productivity firms, a leading Australian economist has warned. Richard Holden, a respected professor of economics at the University of New South Wales (UNSW), has slammed the reforms as a “productivity tax” implemented at the worst possible time, as the nation grapples with a prolonged national productivity crisis. “This is the worst possible plan for a country desperate for more jobs and faster economic growth,” Holden said in his analysis, released publicly on Sunday. “It’s a productivity tax dropped right in the middle of a productivity crisis. The perverse logic of this policy is that it punishes high-productivity businesses for succeeding, scaling up, and creating new work for Australians.”

    To illustrate the inequity of the new framework, Holden modeled the tax outcome for two hypothetical small cleaning businesses launched by a husband-and-wife pair, each started with the couple’s combined $450,000 life savings, and both sold after five years of operation. The first business follows a low-growth trajectory, expanding just 3% annually and adding no new employees beyond the four founding staff over its five years. When sold, the new CGT regime imposes an effective tax rate of 26.6% on the capital gain from the sale. The second business, by contrast, grows 15% each year, scales to six employees, and delivers far stronger output and profit. When sold at the same four-times-fifth-year-profit multiple as the slower-growing business, the effective CGT rate jumps to 41.2% — more than 55% higher than the tax paid by the low-growth enterprise.

    The reforms, passed as part of the federal government’s May 12 budget, will ax the 50% CGT discount introduced in 1999, replacing it with an inflation indexation model applied to all asset classes starting July 1, 2027. The change will apply to investment properties, shares, and privately held small businesses alike. Originally, the Albanese government planned to limit CGT reform solely to residential housing to address a well-documented generational divide in Australian home ownership, a gap that has been confirmed by multiple independent inquiries including a March Senate inquiry report. But just four weeks before budget day, the Department of the Treasury advised the government to extend the changes to all asset classes, a last-minute shift that has triggered sharp criticism from Holden.

    While the CGT changes are the most controversial element of the government’s broader “productivity package”, the budget included a suite of pro-business measures alongside the tax overhaul. Officials made the $20,000 small business instant asset write-off permanent, cut redundant data requests from financial regulators, streamlined national retail tenancy rules, and eliminated Australian Standards access fees for construction, occupational health and safety, and product safety businesses, a change expected to save eligible firms up to $1,600 annually. The budget also expanded tax incentives for venture capital investment and introduced a new loss refundability provision for businesses amending prior year tax returns. In total, the government projects the full productivity package will cut business costs by $10.2 billion per year across the country.

    Many independent analysts have acknowledged the positive elements of the broader package, even as they push back on the scale and impact of the CGT changes. Analysts from the Commonwealth Bank of Australia noted in their post-budget assessment that the red tape cutting and pro-productivity small business measures are welcome changes. Still, they warned that the full suite of reforms is not large enough to materially lift Australia’s long-term economic growth ceiling or resolve the capacity constraints that are currently contributing to persistent domestic inflation.

    Holden called the skewed incentives of the new CGT regime a “profound oversight” that runs directly counter to the government’s stated goal of boosting national productivity, which has averaged just 0.8% annual growth across the last two decades. “Two identical businesses, delivering the exact same service — one highly productive, the other unproductive — will now face vastly different effective capital gains tax rates,” he explained. “Both took a risk, built a business, employed people, and paid taxes, and both sold for the same multiple of annual profit. The only difference is that one business was more productive, and in return, its owners get punished with a tax rate 55% higher than their less productive competitors. Put simply, this new system punishes the businesses most likely to create jobs and grow the economy, and rewards those that are more likely to cut positions and stagnate.”

    Treasurer Jim Chalmers has defended the full package, arguing that the reforms deliver progress on 13 of the 17 priority productivity reform areas identified by the independent Productivity Commission. Making the instant asset write-off permanent will save small businesses 376,000 hours of unnecessary tax compliance work annually, Chalmers said, while cutting duplicative regulatory data requests will save businesses a combined $181 million per year.

  • How the ‘Netflix effect’ is hampering a generation’s Australian dream

    How the ‘Netflix effect’ is hampering a generation’s Australian dream

    For generations, the Great Australian Dream – owning a fully paid-off home by retirement – stood as a defining life goal for working people across the country. Once widely achievable for most households, this long-held ambition has grown increasingly out of reach for younger generations today, driven by a toxic mix of skyrocketing property values and a shifting cultural attitude toward consumption and instant access that financial experts have dubbed the “Netflix effect.”

    Unlike the structural economic pressure of housing costs that have outstripped real wage growth for decades, the Netflix effect describes a broader cultural shift away from delayed gratification, a core value that allowed previous generations to slowly build wealth and save for a down payment on a home. Today’s young people, raised in an on-demand economy defined by streaming services like Netflix, ride-hailing apps such as Uber, and constant instant digital access, have grown accustomed to getting what they want immediately – a mindset that financial industry leaders argue is spilling over into long-term financial planning.

    Adelaide-based mortgage expert Marissa Schulze, founder of High Rise Financial Solutions, explains that the generational gap in expectation traces directly to this cultural shift. “When older generations were growing up, they had to wait for things – whether that was waiting until next week for the next episode of their favourite sitcom. They come to learn that good things come to those who wait,” Schulze said. “But nowadays, people are so much more use to having things now and at their convenience, through things like Uber and Netflix.”

    This constant access to instant satisfaction, she added, has eroded young people’s intuitive understanding of the value of long-term saving, making it far harder for many to set aside the funds needed for a property down payment. Even so, Schulze stressed that the Australian dream is not dead – just harder to reach than it was for previous generations. “It certainly is a lot harder for young people to save for a deposit, that is the big part, but it is still possible,” she noted. “I think maybe young people as a result of changing ideas and values do perhaps have less realistic expectations for what they want in a first home and so are less prepared to have a home as a first step then trade up. But I do also think there is a greater need to be more disciplined about saving, and lots of young people are.”

    That assessment is echoed by Sean Lee, director of Finance Quarter, who argues that the “want it now” mindset that defines modern culture comes with a tangible long-term cost. Lee points to social media as a key amplifier of this attitude, encouraging young people to take on debt for discretionary purchases ranging from new cars to international vacations just because they can qualify for borrowing. Small recurring costs, from multiple streaming subscriptions to monthly gym memberships, also add up over time, eating into funds that could otherwise go toward a housing deposit.

    “Social media in particular has created a culture where we want things now – so people may borrow for a new car or a holiday just because they can,” Lee explained. “This type of lifestyle makes it far more difficult to save up for a deposit. Things like subscription services and gym memberships do not sound a lot, but it does all add up. We have a ‘want it now’ society, but that does come at a price.”

    Like Schulze, Lee confirms that the dream remains achievable, but it looks different today than it did for older generations. It requires far more intentional financial planning, and is particularly challenging for single buyers, he said, adding that improved financial literacy education would go a long way to helping young people reach their goals. He also acknowledged that structural economic factors play a major role: in many parts of Australia, property prices have jumped 50% to 100% over just the past five years, a surge that average wage growth has nowhere near kept up with.

    Veteran financial advisor Peter White of the Financial Brokers Association of Australia, who has worked with first-time home buyers for 47 years, said saving for a deposit has always been challenging, even for previous generations. The biggest difference today, he argues, is the soaring cost of everyday living that leaves less disposable income for saving. To make the dream work, modern first-time buyers must be willing to compromise on location and size, he said.

    “It may be that you have to come to terms with not being able to buy in the same area as your mum and dad – you may have to move to a different suburb or something smaller,” White said. “Saving in the modern world is quite different to what it once was and it is a lot harder to do – and there’s always something that makes it harder. I do think we’ve become a bit more relaxed and prefer to have things the easy way than the hard.”

    His top advice for aspiring homeowners? Set realistic expectations, start saving immediately, and be prepared to make short-term sacrifices, such as taking on extra work to build up funds. He also reminds buyers to account for extra closing costs that can add up to roughly 5% of a home’s purchase price on top of the down payment.

    Ben Kingsley, managing director of Empower Wealth, echoes the call for adjusted expectations, emphasizing that younger buyers should not expect to purchase their ideal forever home as their first property. Instead, he encourages buyers to get on the property ladder with a more affordable entry-level home, then build equity to trade up to a larger or more desirable property later in life. That first step is particularly challenging for buyers who want to settle in major Australian capital cities, where prices have risen fastest, he noted.

    “Getting that deposit is definitely getting harder and harder,” Kingsley said. “However, if you trade down your expectations, you also trade down the size of the deposit you need and then have your first step. What you are finding is that people are coming into home ownership later in life. A big question is whether there is any sense of delayed gratification nowadays? The truth is, if you want the dream to become a reality, you are going to have to be prepared to buckle down.”