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.