Budget to target negative gearing, capital gains tax | ABC News Top Stories

May 4, 2026 · 2 min

About this episode

The episode discusses a boating tragedy, escalating tensions between the US and Iran, and upcoming changes to Australia's federal budget regarding tax reforms.

Three people have died in a boating tragedy off the NSW North Coast. Police have confirmed two members of the local Marine Rescue organisation are among the dead after their rescue craft rolled on the Ballina bar early last night as the crew went out to help a yacht in distress. One person was winched from the water by a rescue helicopter crew, while three other people made it to shore, where they were treated by paramedics. A search is continuing for any survivors. US President Donald Trump warns there'll be a dramatic escalation in the war with Iran if American ships near the Strait of Hormuz are targeted. The US claims to have destroyed six Iranian boats and intercepted cruise missiles and drones, while Iran claims to have fired warning shots at US ships. Mr Trump says the US Navy has assisted two US-flagged ships to move through the strait but as many as 2000 vessels remain unable to move. Next week's federal budget will include changes to capital gains tax, negative gearing, and trust-fund rules, as the Albanese government braces for a fierce debate about housing, wealth and intergenerational fairness. Several government sources have confirmed negative gearing will be pared…

Topics covered

boating tragedy
US-Iran relations
capital gains tax
negative gearing
federal budget
housing debate

Mentioned in this episode

Organizations: Albanese government

Places: NSW North Coast, Ballina bar, Strait of Hormuz

Budget to target negative gearing, capital gains tax | ABC News Top Stories

About this episode

Topics covered

Mentioned in this episode

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