00:02One Nation is certainly feeling very buoyed after this success in FARA, the New South Wales
00:08federal seat on the weekend. It is their first win for a House of Representatives seats. Of course,
00:14Barnaby Joyce does have one, but he didn't win that as a One Nation MP. So a very big win
00:20for
00:20this party. He was pushing back really against this criticism you often hear from people within
00:27the government saying One Nation isn't a party of government. He said this morning, One Nation
00:32isn't a party of government yet. So really eyeing off seats, whether that's federal seats in the
00:38future, seats within Victoria as part of the state election there. He said he's already in
00:43conversations with potential candidates as the party really looks to win more seats. Of course,
00:50not only following FARA, but also following the success that One Nation had in the South Australian
00:55election in March as well. Of course, One Nation's win did mean it was a disastrous night for the
01:01coalition. The seat of FARA is coalition heartland. Between the Nationals and the Liberals, they have
01:07held onto it forever. So there's a lot to learn in the wash up for the Liberals and Nationals.
01:13They say that they will be listening and trying to learn these lessons. And look, we will hear more
01:19from the coalition throughout this week, particularly as Angus Taylor, the leader, does give his budget
01:25reply speech later in the week, which will contain some new policy direction for the party. So that
01:31will be one to watch closely as we sort of see the direction that the coalition now goes in after
01:36such a big loss this weekend. Yeah. And Evelyn, we know that Labor didn't run a candidate there,
01:41but we're watching those results very closely. That's as the Treasurer is preparing for tomorrow
01:45night's budget. Could that be risky? Well, the Treasurer knows it's going to be definitely a
01:51potential political risk in the budget. Of course, we know it's going to contain changes to negative
01:56gearing and the capital gains tax concession, despite the government and the Prime Minister
02:02in particular clearly ruling this out during the last election. He was quite frustrated really at
02:07the amount of questions he got about it during the election campaign last year, but that is certainly
02:13part of the budget tomorrow night. So there is a political risk there, but the government is now
02:18trying to sell this message as necessary to help young voters. They say so far in terms of housing,
02:25we've been working on supply to try and increase the amount of houses in Australia to help young
02:30people who feel like they can't buy a home to be able to get into the market. But now they
02:35say we need
02:36to do more. In terms of the exact changes to negative gearing and capital gains, we'll get more detail
02:43about that tomorrow. The Treasurer does say that there'll be transitional arrangements. So exactly
02:48what that could look like in terms of existing investors and new builds, we'll have all that
02:53detail tomorrow night. But Minister Murray, what we're saying earlier, there does need to be change.
02:59While we have been investing an enormous amount in supply, we do recognise that there are other
03:04barriers facing especially younger people when it comes to getting into the housing market.
03:08I mean, I bought my first home when I was in my early 30s, about 20 years ago. It's much,
03:14much harder for younger people to get into the market than it was when I bought my home.
03:18So we've got to do something about that.
03:21Now, the Coalition is really jumping on this broken promise. Jane Hume says the Prime Minister
03:27and the government lied.
03:29Well, if Jim Chalmers can't explain how these changes are going to affect housing supply,
03:34it's simply a cash grab. Labor are coming after your money because they've run out of their own.
03:39Now, the government will be doing more for housing supply in the budget. We know that they're spending
03:44a couple of billion dollars on infrastructure that will unlock, is the word they use, housing. So it'll
03:50be things like water and sewage and then you can build sort of houses around that to connect to that.
03:55In terms of if there'll be sort of other cash splashes, the Treasurer says there won't be in
04:01terms of handouts. Of course, he and Treasurers around the country are under March pressure after
04:06that warning from the RBA Governor Michelle Bullock last week to do things to tame inflation.
04:12So look, there'll be a lot more detail in the budget. It's gone to the printers now,
04:16Gemma, so it's all finalised and we'll have it all, all the coverage for you tomorrow night once
04:21it's all locked in.
Comments