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Australia news: Government will consider carveout in CGT legislation for start-up owners; Trump was ‘an hour away’ from striking Iran, warns of attack within days

Emily Kaine and Isabel McMillan
Updated ,first published
Pinned post from 6.00pm on May 20, 2026
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That’s all for today

By Isabel McMillan

Thanks for reading the national news blog for today, Wednesday, May 20. This is where we’ll end today’s rolling coverage.

Here’s a recap of some of the day’s biggest stories.

  • Shadow treasurer Tim Wilson has addressed the National Press Club, and has been highly critical of the government’s agenda, including changes to negative gearing and the capital gains tax discount that were not taken to the last election. Wilson has leaned into memes targeting Prime Minister Anthony Albanese as a “co-owner” of startup businesses, following changes to the capital gains tax discount.
  • In his reply to Wilson’s address, Treasurer Jim Chalmers said the Coalition’s response to the federal budget was the “least responsible, most divisive” response from an opposition leader in memory. “So, a budget reply with no credibility and no coherence, unable to defend the most basic policy announcements in the budget reply. Tim Wilson was unable to explain his policy for bigger deficits, more debt, and more inflation,” he said.
  • The federal government’s tax changes will combine with higher interest rates to take steam out of the nation’s housing market, the Reserve Bank’s chief economist has signalled, while warning that businesses are likely to keep lifting prices as the war against Iran drags on.
  • The last two bodies of Italian divers killed in a scuba diving accident in the Maldives have been recovered, the media office of the Maldives president said on Wednesday, completing recovery efforts after the island nation’s deadliest diving tragedy. Five Italian divers died last week after entering a deepwater cave for exploration. Maldivian authorities are probing all causes, including whether the group descended far deeper than expected.

  • Donald Trump said the US may need to strike Iran again and that he had been an hour away from ordering an attack before postponing it. The US president made the remarks while speaking to reporters at the White House, just one day after saying he had paused a planned resumption of hostilities against Iran.

Thanks again for reading. We will also continue our rolling coverage tomorrow morning with the latest updates and discussions.

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Bodies of all five divers in Maldives cave accident recovered

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The last two bodies of Italian divers killed in a scuba diving accident in the Maldives have been recovered, the media office of the Maldives president said on Wednesday, completing recovery efforts after the island nation’s deadliest diving tragedy.

Five Italian divers died last week after entering a deepwater cave for exploration.

Maldivian authorities are probing all causes, including whether the group descended far deeper than expected.

Reuters

Ebola vaccine may need months of work before human trials

By

Doctors battling a rare strain of Ebola in central Africa will probably need to wait many months for a vaccine to be ready for human trials, the Coalition for Epidemic Preparedness Innovations said, underscoring the challenges health authorities face in combating the outbreak.

CEPI and its partners will start the vaccine development process immediately for multiple candidates, Chief Executive Officer Richard Hatchett said in an interview overnight. However, lab testing and evidence from animal trials will be needed before human studies can begin, he said. Some potential candidates have undergone initial animal testing.

“These are very, very early-stage vaccines,” Hatchett said. “These are not vaccines that have been developed and tested in animals and had any human work that’s been done.”

A World Health Organization technical advisory group is meeting on Tuesday to discuss and provide recommendations on which potential vaccines should be prioritized, WHO said. The rare Bundibugyo strain implicated in this outbreak has no approved treatment and no vaccine. It’s believed to have circulated for weeks before being officially confirmed on May 15, complicating efforts to stop its spread.

Bloomberg

Australia’s mining sector burning through more diesel

By Lucinda Garbutt-Young

Australia’s mining industry is using a quarter more diesel than it did four years ago just to achieve the same output, despite fuel shortages crippling the nation.

Every major Australian coal mining company is using more fuel now than in 2021/22, modelling from the Institute for Energy Economics and Financial Analysis shows.

But even as the price of diesel skyrockets due to the closure of the Strait of Hormuz, fuel intensity rates are locked in, due to Australia’s mining sector not yet having the ability to move to alternatives.

Australia’s mining industry is using a quarter more diesel than it did four years ago just to achieve the same output, despite fuel shortages crippling the nation.Glen Hunt

Workers also have to dig deeper in open-cut mines to reach coal seams than they did in previous years.

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Schools evacuated as magnitude 5.6 quake hits eastern Turkey

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Eastern Turkey has been struck by a 5.6 magnitude earthquake today.

The quake hit the Battalgazi district of Malatya province at 9am (Turkish time) and the depth was seven kilometres, the Disaster and Emergency Management Presidency said.

There were no immediate reports of damage, but TV images showed schools being evacuated and residents rushing outside.

Turkey sits on top of major fault lines and earthquakes are frequent.

In 2023, a 7.8 magnitude earthquake killed more than 53,000 people in Turkey and destroyed or damaged hundreds of thousands of buildings in 11 southern and southeastern provinces. Another 6000 people were killed in the northern parts of neighbouring Syria.

AP

Former Nationals candidate charged over death of teacher

By Rebecca Peppiatt

A former Nationals candidate has been accused of the hit-and-run death of a high school teacher in the West Australian town of Katanning, about 280 kilometres south-east of Perth.

Luke Russell, 49, was found unresponsive and bleeding by a passerby on Marri Road in the early hours of May 13. The passerby called for help, but Russell died a short time later.

Ben Simpkins (left) is accused of the hit-and-run death of Katanning teacher Luke Russell. Facebook

Police, including homicide detectives, launched a search for witnesses and scoured nearby CCTV cameras. Days later, they arrested local labourer Benjamin Thomas Simpkins.

Police allege the 26-year-old was on his way to work in Gnowangerup from Katanning when he hit Russell before driving away without stopping to help or call emergency services.

Simpkins appeared today in Perth Magistrates Court, where prosecutors said his driving licence was suspended at the time of the incident.

Read the full story here.

Diphtheria outbreak due to lower vaccination rates, vaccination hesitancy, say experts

By Emily Kaine

A diphtheria outbreak spreading around the country has been caused by factors including lower vaccination rates and increased vaccination hesitancy, experts say.

Global biosecurity professor Raina MacIntyre spoke to ABC Radio this morning, and said vaccination rates had decreased in recent years, including for the combination diphtheria shot.

“We have more people who are incompletely vaccinated … as well as vaccine hesitancy that is caused by all the misinformation and disinformation that’s spreading.”

MacIntyre said a holistic approach was required to improve confidence in vaccines and reduce hesitancy.

Yesterday, Health Minister Mark Butler said the outbreak was the worst Australia had seen for diphtheria in decades.

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Woodside: World underestimating Iran war impact

By Keira Wright

The world is underestimating how long the Iran war will affect global supply of liquefied natural gas, the head of Australia’s top exporter of the fuel says.

“I don’t think markets and consumers and society are yet fully appreciating it, and there’s a belief that things will return to normal at some soon point,” Woodside chief executive Liz Westcott said on the sidelines of the Australian Energy Producers Conference in Adelaide.

Woodside chief executive Liz Westcott.Roy VanDerVegt

The near-closure of the Strait of Hormuz since the US and Israel began strikes on Iran in late February has choked a fifth of global LNG supply.

While spot gas prices in Asia and Europe are up more than 60 per cent over pre-war levels, they have moderated from the highs of March and are far lower than in 2022, after Russia invaded Ukraine.

Xi welcomes Putin to Beijing days after Trump’s visit

By Lisa Visentin

Chinese leader Xi Jinping is hosting his Russian counterpart, Vladimir Putin, for a state visit in Beijing, a mere five days after he hosted US President Donald Trump.

Putin has been welcomed with a similar red carpet ceremony to the one Trump received, featuring a military guard of honour, a 21-gun salute and flag-waving children at the Great Hall of the People.

Xi Jinping and Vladimir Putin in Beijing today on their way to talks in the Great Hall of the People.Pool Sputnik Kremlin via AP

It is Putin’s 25th visit to China.

Calling Xi his “dear friend”, Putin said as they sat down for talks that Russia-China ties were at an “unprecedentedly high level”.

Albanese calls for inclusive approach from NT government

By Nick Newling

The prime minister has warned the Northern Territory government, led by Country Liberal Chief Minister Lia Finocchiaro, to be more inclusive so as to improve outcomes for child protection in Indigenous communities.

“I would say to the Northern Territory government that you’ll get better outcomes if you have an inclusive approach and you have buy-in to these issues, and that’s why that consultation and engagement is so important,” Albanese told journalists in Alice Springs.

Prime Minister Anthony AlbaneseDominic Lorrimer

“We want to see, though, outcomes which are appropriate. We do think that everything possible should be done, of course, to keep children safe. That’s the No.1 priority,” he said.

“Tragedies such as Kumanjayi Little Baby, should never occur. Every child has a right to live in safety and to be treated with respect.”

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