Australian Parliament Passes Major Tax Reforms

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Australian Parliament Passes Major Tax Reforms

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Australia’s Parliament has approved substantial reforms to the country’s capital gains tax (CGT) and negative gearing arrangements, following a contentious session that saw Labor MPs celebrating and the Coalition voicing strong opposition. The Treasury Laws Amendment (Tax Reform No. 1) Bill 2026 passed the Senate and was ratified by the House of Representatives on Thursday, June 25, 2026.

The new legislation will replace the 50% CGT discount for individuals, trusts, and partnerships with cost base indexation and a minimum 30% tax rate on capital gains accruing from July 1, 2027. Additionally, negative gearing for residential property investments will be limited to new builds starting July 1, 2027. Properties held at the time of the budget announcement (7:30 PM AEST on May 12, 2026) will be exempt from the negative gearing changes.

Treasury figures indicate that approximately 85% of the estimated $3.6 billion in additional tax revenue over the forward estimates will be generated from the negative gearing restrictions, with the remaining 15% from CGT changes. The reforms also include a $1,000 standard deduction for work-related expenses for Australian tax residents earning labor income, effective from the 2026-27 financial year.

The government secured the passage of the bill with the support of the Greens, who negotiated amendments, including the removal of a loophole allowing self-managed super funds to exploit tax breaks. The Coalition has criticized the changes, with Opposition Leader Angus Taylor stating they would harm business investment and housing supply, and pledging to repeal them if they win the next election.

Venezuela Rocked by Powerful Double Earthquakes, Thousands Feared Dead

Two powerful earthquakes struck Venezuela on Wednesday, June 24, 2026, killing at least 32 people and injuring 700, with the US Geological Survey (USGS) predicting the death toll could rise significantly into the thousands.

Interim President Delcy Rodriguez declared a state of emergency, and former US President Donald Trump pledged American support and aid in the wake of the disaster.

Venezuela was hit by two powerful earthquakes on Wednesday, June 24, 2026, resulting in significant casualties and widespread damage. The first quake, a magnitude 7.2, struck approximately 160 km west of Caracas, followed less than a minute later by a magnitude 7.5 tremor. Interim President Delcy Rodriguez confirmed at least 32 fatalities and 700 injuries, warning that the death toll is expected to climb as rescue efforts continue in collapsed buildings. The US Geological Survey (USGS) has indicated a high probability of thousands of deaths, with some models suggesting a range of 10,000 to 100,000 fatalities.

The earthquakes, among the strongest to strike Venezuela in over a century, caused dozens of buildings to collapse in and around the capital, Caracas. La Guaira state, near Caracas, has been particularly hard-hit and declared a disaster zone. Communications and essential services have been disrupted across several regions.

In response to the tragedy, Interim President Delcy Rodriguez declared a state of emergency to facilitate the rapid deployment of humanitarian aid and coordinate search-and-rescue operations. Former US President Donald Trump expressed his condolences

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