CGT backdown; Qantas long-haul plans delayed; Trump in no rush to do deal
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Welcome to Fear and Greed, business news you can use today. The federal government backs down slightly on capital gains tax changes, Qantas' plans for non-stop flights from Sydney and Melbourne to London and New York delayed again, and why people don't trust AI in the property market. Plus, Donald Trump says he is in no rush to do a deal with Iran. And the competition watchdog ponders a fair price for a stamp. It is Tuesday, the 26th of May, 2026. I'm Michael Thompson, and good morning, Sean Aylmer. Good morning, Michael. Sean. The main story this morning, the federal government says legislation enacting Labor's changes to capital gains tax and negative gearing will be introduced to Parliament on Thursday.
What recent changes were made to capital gains tax in Australia?
The legislation will include the $250 working Australian tax offset and the standard $1,000 tax deduction option, really wedging the opposition who support the latter changes but not the capital gains tax and negative gearing alterations. The PM yesterday said that there'll be a second round of legislation then that will consider any carve-outs for start-ups. He emphasised that the exceptions were not just for tech companies and that the government would discuss potential changes with a range of small business organisations.
That's a real shift for the government to be talking about carving out small businesses. There has been plenty of unrest on the Labor backbench about the GST changes not carving out startups. And clearly, Albanese is feeling the pressure. Putting controversial elements of budgets in with popular ones is a well-worn tactic by all political parties. It does put the opposition in a difficult position because when they oppose the legislation, the government can say they oppose tax cuts. which is true in practice, though probably not in theory. Meanwhile, Anthony Albanese talked about petrol yesterday. He said Australia now has 43 days worth of petrol stockpiled, five days more than when the Iranian war broke out.
Amazing what you can do when you have to. The national diesel supply is now up to 38 days, six days better than what it was before the war. Jet fuel supplies have increased by two days, up to 31 days.
Starting to sound a little bit cynical.
I was, wasn't I?
Just a wee bit. Starting to creep in. That's all right. Staying in Canberra, Sean, some of the Teal members of federal parliament, including Zali Stegall and Allegra Spender, are in discussions to form a new party structure for the independents to expand their influence in the Senate and to counter the growing threat of One Nation. Now, the high-profile Warringah MP says, Zali Stegall, is among the leaders of the push. And yesterday, the Olympian said that, as an athlete, you always have to meet the field of play, which actually, I like that. I like that quote. It sums it up nicely. She said that changes, including the rise of One Nation and altered campaign finance laws, mean that it was beholden on her to find a way to evolve the community independent movement.
Yeah.
Allegra Spender, who's a member of Wentworth in Sydney's eastern suburbs, added that the rise in the community independence has shown that people, I quote, want to be connected to what's important to their community, but they also want advocacy and work on national policy, end quote. Not all the Teals are interested in forming an alliance. So Monique Ryan, member for Kooyong in Melbourne, she distanced herself from the idea yesterday, as did Kate Cheney, the member for Curtin in Perth. Helen Haynes, a member for Indy, northeast Victoria, was a little... Less enamoured by it. Sophie Scamps, she's a member for McKellar on the northern beaches of Sydney. She kind of neither ruled herself in or out. The member for Bradfield, Nicolette Bowl, same deal.
So the Sydney teals seem to be kind of interested in it, but the others less so. Opposition leader Angus Taylor said the Till independence-forming party wouldn't change anything. Barnaby Joyce was quite colourful. He said in a somewhat condescending manner, shall we say. He talked about what yacht would they be having their gin and tonics on.
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