House prices are forecast to grow 2 per cent slower over the long term, according to Treasury modelling, prompting frontbencher Tanya Plibersek to urge the public to “take a deep breath” over recent reports of a cooling market. Speaking on ABC’s News Breakfast, Plibersek said the Treasury figures indicated prices would continue to rise, but at a more modest pace, giving young people a better chance of entering home ownership. “Most people don’t buy a house and sell it tomorrow,” she said, arguing that a slowdown would help first-home buyers at auction.
The Treasury’s forecast, however, is more optimistic than several private-sector projections. Commonwealth Bank economists now expect national dwelling prices to be flat over 2026, a downgrade from earlier estimates, and predict the tax changes will weigh on home values by 5 per cent. Westpac anticipates a 34 per cent fall in new investor activity and a 20 per cent decline in total housing market turnover, with dwelling price growth stalling and Sydney and Melbourne potentially seeing declines. UBS forecasts a 3–5 per cent drop over the coming year, while Morgan Stanley predicts a sharper downturn of 5–10 per cent nationally. The Reserve Bank has held its official cash rate at 4.35 per cent, with markets divided on whether the next move will be a hike in August 2026 or cuts in 2027. Despite the cooling sales market, rental vacancy rates remain extraordinarily low, and rents are predicted to rise again.
NDIS Reforms and Political Standoff
The Greens have argued that Labor’s proposed reforms to the National Disability Insurance Scheme are “punching down” on the very people the scheme is designed to protect, and have pledged to fight the legislation “with every tool in our toolkit”. Senator Nick McKim told the ABC’s 7:30 program that the party wanted to see the bill “killed”. The Greens secured an eight-week delay in the passage of the NDIS reforms as part of a deal with Labor to pass key budget tax measures on negative gearing and capital gains tax. In exchange for supporting those tax reforms, the Greens also pushed the government to close a loophole allowing investors to use self-managed superannuation funds to avoid capital gains tax increases.
McKim said the eight-week delay and the amendments the party had already secured would “take some of the worst elements out of this bill”, but that the Greens would continue to oppose it. “When this eight-week period is done, if we need another inquiry or more delay, that’s what we will be moving for,” he said. He argued that Labor’s changes would cause harm to people currently supported by the NDIS, including “the withdrawal of desperately needed supports that allow disabled Australians to live a more dignified life and respite and relief for families who put so much into supporting disabled family members”. The extended inquiry into the NDIS reforms will run until 14 August 2026.
Labor’s tax reforms, which the Greens backed, remove negative gearing for established properties purchased after 12 May 2026, with exceptions for new builds and some government housing programs. The current 50 per cent capital gains tax discount will be replaced from July 2027 with a cost-based indexation model and a minimum 30 per cent tax rate on the taxable portion. Treasurer Jim Chalmers has said Treasury modelling assumes house prices will continue to grow, albeit more slowly, and Prime Minister Anthony Albanese has emphasised that the changes are designed to help “hard-working Australians” own their own home. The Coalition, led by Angus Taylor, has labelled the deal a “dangerous deal” that will harm investment and housing supply, while remaining coy on its voting intentions for the NDIS bill.
War Memorial Opens New Gallery
A major new gallery at the Australian War Memorial was officially opened in Canberra last night, with the Prime Minister telling those gathered that they were bonded by the power of “lest we forget”. The Atrium and Anzac Hall, which focuses on Australia’s commitments to the Middle East, Afghanistan and peacekeeping operations, marks a significant milestone in the Memorial’s redevelopment project, which began in 2020 and is scheduled for completion in 2028 at a total cost of more than $550 million.
Albanese said the new addition made the “flame of memory” burn brighter and implored attendees to “read all the words” about those who have served, adding: “Look at the faces and get lost amid the smiles, the hope and camaraderie – the counterpoint to war’s relentless, inhuman arithmetic. They are its true cost.” The three-level Anzac Hall includes exhibits such as the G for George Lancaster Bomber, a Chinook helicopter and a Japanese Midget Submarine, with a roof design inspired by the Australian Army’s Rising Sun badge. The Anzac Atrium, described as a “light-filled gateway”, is constructed from Wondabyne sandstone – quarried from the same rockface as the original building – and houses large technology objects including an RF-111 aircraft, a Black Hawk helicopter, an Australian Light Armoured Vehicle and the bridge of HMAS Brisbane. Governor-General Sam Mostyn, who also attended, described the new galleries as a “mosaic of memory”. Retiring Chief of the Defence Force David Johnston and incoming Chief of Navy Mark Hammond were among other dignitaries present. The opening came amid notable absence: alleged war criminal Ben Roberts-Smith, a Victoria Cross recipient, had received a bail variation to attend but was barred from discussing his ongoing court cases and did not appear.
Media Controversy
Broadcaster Karl Stefanovic appears to have taken his controversial interview with British far‑right activist Tommy Robinson mostly offline overnight. The video, in which Stefanovic praised Robinson’s “tenacity and courage”, was posted on the broadcaster’s personal YouTube channel after an earlier teaser promo on his social media. By this morning, the video was no longer on the YouTube channel or podcast RSS feed, nor was the promo on Instagram. At the time of writing, Stefanovic’s feed on X still featured both the promo and a clip from the interview. Robinson, whose real name is Stephen Yaxley-Lennon, used the platform to criticise Islam, multiculturalism and hate‑speech laws, and expressed admiration for One Nation leader Pauline Hanson. Critics have argued that providing a platform to figures like Robinson risks normalising extremist rhetoric. Stefanovic’s employer, Nine Network, has declined to comment on his independent podcast project.
Bird Flu Alert
The nation remains on red alert for bird flu, with new reports of dead birds coming into a dedicated hotline. Authorities have urged the public to report any unusual illness or death in wild birds to the Emergency Animal Disease Hotline on 1800 675 888. So far, none of the reported cases have been confirmed as caused by the virus, though H5 bird flu has already been confirmed in Western Australia.
