Australian news and politics live: Chalmers to get major ministerial powers from controversial tax change bill
LIVE UPDATES: Treasurer Jim Chalmers will be handed significant ministerial powers from Labor’s controversial tax change bill, as Budget backlash continues.
Scroll down for the latest news and updates.
Max Corstorphan is reporting live.
Middle East uncertainty as Trump, Iran, Netanyahu split
US President Donald Trump claims to have made a ceasefire agreement between Israel and Hezbollah after Iran reportedly walked away from peace talks over escalating conflict in Lebanon.
Mr Trump claims negotiations are continuing and Israel will stop striking Hezbollah.
Israeli Prime Minister Benjamin Netanyahu says that he told Mr Trump his position has not changed, threatening to strike terrorists in Lebanon and move troops deeper into the country.
As for Iran, state media outlets claim that Tehran has called off ceasefire talks in protest until Israel stops striking Lebanon.
Almighty Chalmers’ CGT, negative gearing powers
Jim Chalmers will reportedly be granted extraordinary discretionary powers from Labor’s controversial tax change bill, allowing the treasurer to make captain’s calls at his will.
The legislation has “ministerial discretion” inclusions that would allow Dr Chalmers to have final say over unclear elements in Labor’s post-Budget package.
It is understood that Dr Chalmers would be able to decide which assets can retain CGT discounts, what incomes could be exempt from minimum CGT and what is classified as a “new build” to be eligible for negative gearing.
If passed as is, Dr Chalmers would be free to make changes and final decisions after Labor rushes through their controversial changes.
