Australian news and politics recap: Federal politicians, partners attend black-tie Midwinter Ball in Canberra

Labor Minister Tanya Plibesek has seized on comments from Liberal frontbencher Melissa McIntosh that the party needed a “rebrand”, suggesting that former prime minister Scott Morrison could take on the task.

Earlier this week, Ms McIntosh suggested her party might need a “rebrand” to win back voters who continue to desert the Opposition.

During Question Time, Ms Plibersek mocked the comments and suggested former Liberal prime minister Scott Morrison needed to come back.

“The shadow minister says they should do a rebranding exercise,” she said.

“They’re gonna get ‘Scotty from marketing’ back. And he’s gonna have to ask modern Liberals, ‘Where the hell are they?’”

Federal Parliament has paused to remember former Australian of the Year Richard Scolyer, who died last month after a three-year battle with brain cancer.

Prime Minister Anthony Albanese led tributes in the House to the leading medical researcher ahead of a State memorial service at the Sydney Opera House next month.

“Richard was on what he so gently called his uncertain path,” he said.

“But he travelled it with determination and a grace that never ceased to be simply extraordinary.

“He reminded us, we all have a responsibility to try to change the future for others and leave the world a better place.”

Opposition leader Angus Taylor joined Mr Albanese ahead of question time in paying tribute to the “gifted scientist and a generous and gracious man”.

“He was a rarity, bright, brilliant, brave, big hearted, the very best of us,” he said.

“Today, as a Parliament, we commemorate the remarkable Australian.”

Mr Scolyer family, including wife Katie and their three children, watched on from the chamber.

Anthony Albanese has hailed the biggest monthly drop in home prices in almost four years as good for first-homebuyers amid fears Australia is bracing for one of the worst housing market downturns in more than four decades.

The Prime Minister, who co-owns an investment property on the NSW Central Coast north of Sydney with his new wife Jodie Haydon, said a slowdown would mean less competition from investors, following Labor’s May Budget changes to negative gearing and capital gains tax concessions.

“The great news is that this Saturday, like last Saturday, first-homebuyers would have rocked up to auctions and not be competing with investors who want to negatively gear their property and have taxpayers backing in those investments. So, a level playing field,” he told ABC News Breakfast on Wednesday.

“There will be an increase in the value of homes but it will be slightly lower.”

​Full story here​.

Shadow housing minister Andrew Bragg says Labor’s decision to restrict self-managed super funds from buying residential property will reduce housing supply by up to 10,000 homes a year.

The ban was included in the Government’s tax legislation after a deal with the Greens to secure passage through the Senate.

Senator Bragg said Australia, which needs about 250,000 new homes annually, should be doing everything possible to boost supply rather than restrict investment in housing construction.

“The Government’s dirty deal with the Greens means that there’ll be 10,000 fewer houses each year for Australians,” he said.

Senator Bragg also pointed to Treasury estimates suggesting Labor’s broader changes to negative gearing and capital gains tax could already reduce housing supply by around 35,000 homes.

He dismissed recent falls in property prices as temporary fluctuations, arguing underlying pressures were worsening due to population growth outpacing construction.

“The fundamentals haven’t changed,” he said, warning that housing affordability would continue to deteriorate under current policy settings.

Building approvals have fallen for a third consecutive month, falling 1.1 per cent in May as early signs emerge of the impact from the Federal Government’s housing tax changes.

The latest Australian Bureau of Statistics data provides one of the first post-Budget snapshots of construction activity, capturing only a partial effect of the May 12 tax reforms.

While private sector house approvals rose 2.8 per cent in May, approvals for private sector dwellings excluding houses plunged 10.4 per cent on a seasonally adjusted basis.

The declines were most pronounced in WA, Queensland and Victoria, contributing to a 5.7 per cent fall in the total value of residential building work to $10.24 billion, a sharper drop than the 0.3 per cent decline recorded in April.

Despite the housing downturn, non-residential building surged 41 per cent to a record high, driven largely by a spike in data centre approvals in New South Wales and Victoria.

The brother of former NSW premier Dominic Perrottet and fugitive property developer Jean Nassif will be investigated by the state’s anti-corruption commission as part of a bombshell inqury into possible election funding offences.

The NSW Independent Commission Against Corruption announced on Wednesday it would begin hearings in July into allegations involving people associated with the NSW Liberal Party, the CEO of Catholic Schools NSW, Toplace executive Jean Nassif, a prominent hotelier, and a number of Strathfield councillors.

The Commission will look into allegations that a number of people, including Mr Perrottet’s brother Jean-Claude Perrottet, “solicited or accepted political donations, including from prohibited donors, in amounts that were not declared and exceeded applicable donation caps”.

None of the people mentioned are accused of wrongdoing, and ICAC will be investigating the allegations.

​Read the full story here.​

Shadow treasurer Tim Wilson has accused Treasurer Jim Chalmers of undermining confidence in the Australian economy, pointing to falling house prices and uncertainty in the property market as evidence banks are tightening lending to first-homebuyers.

Mr Wilson said it was the Government’s responsibility to give Australians confidence to invest, build wealth and “go on to build a better nation” but argued Labor was instead eroding that trust.

“Instead, we have a Government that’s trying to eat into the savings of the middle class, destroying the Australian dream and trying to crash the Australian economy. I mean, it’s just disgraceful,” he said.

Mr Wilson rejected Government claims that tax changes were helping first-homebuyers compete more easily at auctions by sidelining investors.

He said young Australians needed “hope and ambition”.

The Federal Government is considering sweeping changes to Australia’s consulting giants, with options including breaking up the big four or capping their size after a string of high-profile scandals.

Assistant Treasurer Daniel Mulino said that the conduct exposed at KPMG, Ernst and Young and PricewaterhouseCoopers was “simply isn’t good enough”, accusing some firms of misusing confidential information across their audit, accounting and consulting businesses.

Speaking to ABC Radio National, Mr Mulino said one option would prevent firms from providing both audit and consulting services to the same client, while a tougher alternative could force them to separate those businesses altogether.

The Government is also considering cutting the maximum number of partners in a consulting firm from 1000 to 400, in line with recommendations from a parliamentary inquiry.

Mr Mulino stressed that no decisions had been made, saying he did not have a “strong disposition” towards any one reform as the Government consults on the industry’s future.

The Australian share market started the new financial year in the red after consumer staples dived and financials felt the weight of the property market suffering its biggest monthly hit in almost four years.

The benchmark S&P/ASX200 index tested 8730 levels in the first hour of trade on Wednesday before rebounding to 8753.4, down 25.3 points or 0.29 per cent, while the broader All Ords dipped 21.9 points or 0.24 per cent to 8964.3.

Coles slumped more than 6 per cent to $22.82 after the Australian Competition and Consumer Commission knocked back its acquisition of a lease for a supermarket and liquor store in Kalgoorlie-Boulder.

The retail giant said it disagreed with the decision and was considering its next steps.

Coles also confirmed it was in talks with TPG about potentially acquiring Greencross Pet Wellness Company, which owns Petbarn and City Farmers, and is Australia’s largest pet care company with 267 retail stores.

​Read the full story.​