The Coalition’s proposed income tax plan could deplete the federal budget by an estimated $200 billion over a decade, according to new analysis. The policy, which aims to index taxation brackets to inflation, has drawn sharp criticism from Labor. The opposition party argues that the Coalition would be forced to significantly cut spending on essential services to offset the substantial revenue shortfall, intensifying the fiscal debate ahead of the next federal election.
On the Australian share market, early gains reversed near midday AEST, with the ASX turning lower as mining stocks experienced heavy selling pressure. Mineral Resources Limited (MinRes), a diversified mining services company with a growing portfolio of commodity operations primarily in iron ore and lithium, saw its shares fall sharply following news that its managing director sold $122 million worth of shares. Meanwhile, property group Vicinity Centres announced the acquisition of a $400 million Sydney site, signalling continued activity in the real estate sector.
Further economic discussions are ongoing, with Queensland Premier David Crisafulli calling for clearer modelling behind proposed capital gains tax and negative gearing changes, questioning their effectiveness in boosting housing supply. In Victoria, state Premier Jacinta Allan’s additional spending commitments are projected to cost the state’s bottom line $6 billion, ten times the equivalent national figure allocated by the Albanese government. In corporate news, KPMG has admitted a partner used confidential Lendlease files during a pitch to Westpac, a significant development after the firm had initially stated such allegations could not be substantiated.
