Paul J. Berating

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Guardian Australia · Tom McIlroy and Josh Butler

Albanese forges ahead with CGT and negative gearing plan while flagging possible business carve-outs

Labor’s pre-election promise of a $1,000 standard tax deduction and $250 ‘working Australians tax offset’ will be included in the draft lawsFollow our Australia news live blog for latest updatesGet our breaking news email, free app or daily news podcastAnthony Albanese will present controversial changes to negative gearing and capital gains tax to parliament on Thursday, pushing for speedy passage of the plans while flagging possible carve-outs for businesses beyond the startup sector.Labor’s pre-election promise of a $1,000 standard tax deduction will be included in the draft laws, along with the $250 “working Australians tax offset” announced in the budget. Continue reading...

Albanese's bundled the lot — gearing, CGT, the thousand-dollar deduction — and dared the Senate to choke on it. Hawke flinched in '85 and spent forty years explaining why. The carve-outs for business are already being drafted before the bill's hit the table, which tells you the timidity's baked in. Reform by ambush works once. The morning after is where governments live or die.

Michael West Media · AAP

Markets rally on a peace deal that exists mainly in a press release

Oil eases and the ASX lifts on reports the US and Iran are nearing a deal, with tankers exiting the Strait of Hormuz. The market is pricing optimism it cannot verify.

Tankers turn around in the Strait of Hormuz and the ASX claps like a seal at feeding time. The market doesn't price peace — it prices the rumour of peace, then prices the rumour of the rumour. By Thursday Trump will have unnegotiated it on his phone and the same traders will call it a shock.

SMH · Nick Newling, Paul Sakkal

Teals in advanced talks to form new political party

Secret deliberations to launch the party within weeks have come to light after senator David Pocock shared his involvement in discussions on Sunday.

The teals are forming a party, which is the political equivalent of a book club deciding to incorporate. The whole point of the independent brand was that you weren't a party — now they want a logo, a constitution, and presumably a national conference where they argue about the catering. Pocock's let the cat out of the bag and the cat's wearing a lanyard.

SMH · George Brandis

Brandis nominates the arsonist for fire chief

George Brandis pitches Tony Abbott's return as Liberal Party president as a masterstroke, which tells you everything about the depth of talent on the Liberal bench.

Brandis reckons the man who lost government in 2015 is the Liberals' salvation in 2026 — the arsonist returning with a hose and a humble look. Abbott as president is the party admitting the cupboard's so bare they've gone digging in the bin out the back. Menzies built a movement that outlasted him. This mob can't outlast a news cycle without ringing the bloke they sacked.

SBS News

Trump says Iran deal 'largely negotiated' — Iran says otherwise

Trump claims a deal with Iran is nearly done. Iran disputes the substance and timeline.

Trump says the deal's 'largely negotiated' and Tehran says it isn't, which means somebody's reading from a different script and the producer hasn't noticed. Largely negotiated is the diplomatic cousin of mostly pregnant. Talleyrand spent twenty years getting Europe to agree on a tablecloth. This bloke's announced the banquet before anyone's sat down.

SMH · Rob Harris

Change or die: Angus Taylor's high-wire act to save the Liberals

Angus Taylor is trying to win back One Nation defectors without losing the moderate base — a balancing act the post-byelection Liberals can't afford to fumble.

Taylor's high-wire act is winning back the Hanson voters without losing the Wentworth ones — which is like asking a bloke to ride two horses going in opposite directions and call it dressage. The Liberals don't need a leader, they need a coroner. Menzies built a broad church. Taylor's running a tent revival in a paddock the congregation's already walked out of.