Morning everyone. Jim Chalmers declared in his budget address last night that the “time is right” to tackle some of Australia’s thorniest problems, from housing to intergenerational inequality, and from NDIS blowouts to the cost of living. Our coverage explains and decodes the issues, following the money to assess who gets what.
We also report on the historic decision to rename polycystic ovary syndrome and give hope to millions of women, Keir Starmer’s continuing struggle to remain as UK prime minister, and why Australian gothic is back in fashion.
Australia
Hope for millions | After a 15-year global campaign, polycystic ovary syndrome (PCOS) has been renamed to better reflect the condition’s whole-body symptoms. Patients tell us how the misnomer affected their treatment and we have an explainer on everything you need to know about the condition.
‘Road to reform’ | At a time of strong domestic and global headwinds, Jim Chalmers has delivered the most ambitious and politically risky tax changes since the Howard era in a budget launching Australia along the “hard road to reform”. It aims to do so by scaling back tax breaks for landlords by abolishing negative gearing for new investors and replacing the 50% capital gains tax discount. His officials think the policies will help an extra 75,000 Australians “achieve the dream of home ownership” over the coming decade. Here’s what you need to know about the budget measures, what it means for your generation, and who will be the winners and losers. You can also check out our interactive, along with catching up with a few things you might have missed last night.
Aukus blowout | The budget for Australia’s contentious Aukus deal has ballooned by more than $430m over four years, and the budget papers also warned that Australia would be pushed to the brink of recession if the oil crisis worsens.
Virus warning | As the WHO warns countries to prepare for more cases, four Australians, one permanent resident and one New Zealander on the hantavirus-hit cruise ship are expected to arrive in Australia before a seven-week quarantine.
World
Starmer support | More than 100 British Labour MPs have signed a statement saying this is “no time for a leadership contest”, as Keir Starmer told his cabinet he would not stand down without a formal leadership contest. An expected challenge from rival Wes Streeting has so far not materialised. A podcast looks at the prime minister’s fight for survival.
Gulf risk | The risk of some Gulf states becoming embroiled in a direct war with Iran has risen after it was reported the United Arab Emirates had secretly launched a major attack on Iran during the conflict. US inflation jumped to 3.8% in April as the war in the Middle East continued.
‘Fascist takeover’ | More than 600 cinema figures have said the growing influence of the far right on French cinema production risks turning into a “fascist takeover of the collective imagination”.
Ship mystery | A Russian ship that suffered a series of mysterious explosions before sinking off the coast of Spain 17 months ago may have been carrying nuclear submarine reactors destined for North Korea, according to reports.
Ted talk | Ireland’s national broadcaster RTÉ is boycotting Eurovision because of the involvement of Israel, and will instead show an episode of Father Ted.
Full Story
Labor’s ‘ambitious’ budget: will it be enough to fix the housing crisis?
Nour Haydar joins Tom McIlroy and Patrick Commins as they break down a budget that comes with big reforms and big questions.
In-depth
Greg Jericho hails long overdue changes to the tax system and says “the government deserves big credit” for trying to fix what our chart suggests is 25 years of bad policy. Our political editor reckons the budget grasped the nettle on fixing intergenerational inequality but may not succeed in drawing the sting.
Not the news
“I love to walk the line between fantasy and reality,” says Suzaan Stander, a newly graduated designer showcasing her work at Australian fashion week, where the trend is for gothic-heavy corsetry, frills and floor-length gowns, writes Lucianne Tonti.
Sport
AFL | Michael Voss has quit as Carlton coach after a disastrous start to the AFL season with the Blues admitting the club is in “genuine transition”.
Boxing | The YouTuber turned boxer Jake Paul has admitted the broken jaw he suffered during his loss to Anthony Joshua in December may have ended his boxing career.
Golf | Rory McIlroy has revealed he heard rumblings of impending trouble for LIV Golf weeks before Saudi Arabia pulled its funding and said joining the breakaway was always a risk.
Media roundup
The Financial Review thinks the heart of the budget is to “whack Boomer wealth” to win the support of younger voters, and it’s much the same angle in the Australian, which claims the treasurer is making a $77bn tax grab. There’s a more sympathetic take in the Sydney Morning Herald, which argues that Jim Chalmers is simply trying to extend the benefits of the economic golden age to younger people. Away from finance, the NT News says the territory government is planning a sweeping overhaul of child protection.
What’s happening today
Business | Commonwealth Bank releases its third-quarter trading update.
Canberra | Treasurer Jim Chalmers gives his post-budget speech at the National Press Club.
Arts | Stella prize announced.
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Brain teaser
And finally, here are the Guardian’s crosswords to keep you entertained throughout the day. Until tomorrow.
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