The treasurer says he's not concerned about first home buyers falling into negative equity if prices fall because property is a "longer-term" investment. Follow all the updates in our live blog. Collapse all postsFilter PostsAll16Key Events4Tue 2 Jun 2026 at 9:34amTue 2 Jun 2026 at 9:34amGreens accuse Australian billionaires of buying political influenceBy Courtney GouldGreens leader Larissa Waters isn't a fan of the latest report about Australia's billionaires.Australia has 178 billionaires, with total wealth exceeding $686 billion, according to Oxfam analysis.The anti-poverty organisation said the collective wealth of Australia's billionaires increased by $25.67 billion over the past year, equivalent to almost $50,000 per minute.The eye-watering numbers are based on Oxfam's analysis of the 2026 Australian Financial Review Rich List.Waters took to social media where she accused the billionaires using their wealth to "buy more political influence"."The major parties aren’t interested in fixing anything, they won’t bite the hand that feeds them. And One Nation? They’re not here to change the system, they serve the same billionaires and vested interests," she wrote."While Pauline dines with Gina Rinehart and Albanese protects the profits of gas corporations and professional property investors, the Greens are fighting for people. We are not powerless. We can demand better."Tue 2 Jun 2026 at 9:03amTue 2 Jun 2026 at 9:03amHanson knows polling isn't everything but major parties have their work cut outBy Clare ArmstrongWhen it comes to reading political polling, it is worth taking a leaf out of Pauline Hanson's book.The One Nation leader, whose popularity has soared in the past 12 months, would be the first to say she doesn't put too much stock in the numbers.That's not to suggest the results aren't to be taken seriously, only that a poll can only reveal so much.Polling is a useful tool for detecting trends and providing a snapshot of sentiment in a moment of time.Few, including Hanson, count them as predictors of results — particularly elections that remain years away.Even as One Nation has continued to hoover up a sizeable chunk of Australians' first preference vote, Hanson has generally been cautious in her direct commentary not to count her chickens before they've hatched.Read the full analysis at the link below.Tue 2 Jun 2026 at 8:28amTue 2 Jun 2026 at 8:28amNationals backbencher 'worried sick' as One Nation support risesBy Monte BovillNationals backbencher Colin Boyce says his party is "definitely" in deep trouble, following recent polling showing a continued rise in popularity for One Nation."I am worried sick about the ramifications of what might happen if there is an election tomorrow and indeed when there is an election in 18 months, two years' time," he says."It is most definitely not a fun time in Canberra at the moment."The Queensland MP was asked what needs to change."[The Nationals] have to go back to their grassroots membership, back to their core values and start understanding and listening to people [about] what they want," he says."As people would probably realise, internal politics gets to be ugly and vicious, and that is because you have to have these conversations."He was then asked if the Nationals were listening to the constituents in their electorates."If they were, we wouldn't be in this situation," he says.Despite that, he said he was committed to his party and its leadership and said he would contest the next election as a National.Tue 2 Jun 2026 at 8:19amTue 2 Jun 2026 at 8:19amHanson's estimates record 'reflects badly': PatersonBy Courtney GouldLiberal frontbencher James Paterson has taken aim at Pauline Hanson for skipping out on Senate estimates.A report in The Australian suggested the One Nation leader had been absent from 88 per cent of estimates hearings over the past decade.Paterson concedes voters may or may not care. But that's not the point."Senators are paid very well by taxpayers to do our job, and there's no more important forum for an opposition or cross-bench senator than Senate estimates," he told ABC Radio National Breakfast. "And if on 88 per cent of the time Senator Hanson can't be bothered showing up to do her job, to advocate for her constituents, I think that reflects badly on her commitment to her job."Tue 2 Jun 2026 at 8:09amTue 2 Jun 2026 at 8:09amSecond-hand AUKUS subs a concern for CoalitionBy Courtney GouldAustralia will now receive three second-hand Virginia-class submarines under the AUKUS agreement. Under the original deal, Australia was expected to receive one new and two second-hand vessels.Shadow Defence Minister James Paterson says he's concerned the used submarines will have a shorter life span and will need to be replaced sooner."The Virginia-class submarine has a rough operational life span of 33-years. I understand from media reports that we're going to get these boats when they're about a decade old. So that's a much shorter span of life in the water than we otherwise would have had," he told ABC Radio National Breakfast. He says it risks opening up a capability gap should our plan to build our own nuclear-powered submarines are delayed for any reason."The government has to make a compelling case that it is better for Australia to get used submarines and I'll be pursuing that with them in Senate estimates this week," he says.Tue 2 Jun 2026 at 8:00amTue 2 Jun 2026 at 8:00amGovernment won't 'pre-empt' talks on CGT carve-outsBy Courtney GouldCircling back to the capital gains tax discount (CGT). It looks like we're no closer to finding more details about potential carve-outs.The government is undertaking consultation about its plans to replace the 50 per cent CGT discount with an indexation model. But Treasurer Jim Chalmers doesn't want to pre-empt the outcome of those talks."We'll do it as swiftly as we can but making sure that we get it right and that people have the opportunity to make their views clear to us," he says.Chalmers says he wants the first tranche of legislation, which includes changes to the CGT discount, negative gearing, the $1,000 standard tax deduction for works and the $250 tax offset, to pass the lower house "as soon as we can".The legislation is expected to be back for debate later today.Key EventTue 2 Jun 2026 at 7:55amTue 2 Jun 2026 at 7:55amTurn to One Nation all about economic, housing concerns: ChalmersBy Courtney GouldAn inability to get into the housing market is part of the reason voters are turning to One Nation, Treasurer Jim Chalmers says.An Australian Financial Review and Redbridge poll published on Sunday evening showed that One Nation had overtaken Labor on primary vote support.Chalmers named housing, the difference between the tax treatment of wages and assets and the war in the Middle East as reasons people are feeling frustrated."We don't dismiss for one second or disregard for one moment the very legitimate concern that people have about where they fit in our economy and in our society," he told ABC Radio National Breakfast. "The difference between us and the three-ring circus on the right of politics is that they want to benefit politically from this sense of dislocation, whereas we want to address it."Key EventTue 2 Jun 2026 at 7:49amTue 2 Jun 2026 at 7:49amHousing a 'long-term' investment, Chalmers says to concerns about negative equityBy Courtney Gould(ABC News: Adam Kennedy)Treasurer Jim Chalmers has again reiterated that changes to negative gearing and the capital gains tax would not entirely be to blame for a downturn in house prices."The tax changes aren’t the only factor here. The last few decisions from the independent Reserve Bank are playing a role, the softer economic conditions are playing a role as well," he says.After the election, the government expanded access to a scheme to help first home buyers into a property with a 5 per cent deposit. So is the treasurer concerned about those buyers going into negative equity (when a home is worth less than a mortgage)?It doesn't sound so. Instead he notes housing is a longer-term investment."Overwhelmingly, what that policy is about and what the budget is about is about making things fairer for first home buyers," he says.Tue 2 Jun 2026 at 7:40amTue 2 Jun 2026 at 7:40amHousing market 'softening' before budget release: ChalmersBy Courtney GouldThe lower house will debate the government's proposed changes to negative gearing and the capital gains tax.But the prospect of a downturn in the housing market and low auction clearance rates is complicating the government's pitch to younger voters.Treasurer Jim Chalmers says the housing market was already "softening" before the government handed down it's budget almost a month ago."The budget decisions, the tax reforms in the budget are not the only factor when it comes to the housing market. But what we want to see is ... first home buyers getting a fair chance at auctions," he told ABC's Radio National Breakfast. He says the Treasury modelling the accompanied the budget assumed house prices would continue to grow, albeit more slowly."Our job here is not to target a particular price outcome. Our job here is to make sure that there are more affordable options for first home buyers to get a toehold in what has been historically a really difficult market," he says.Tue 2 Jun 2026 at 7:33amTue 2 Jun 2026 at 7:33amSolomon Islands PM to meet with AlbaneseBy Stephanie BorysThe Prime Minister of Solomon Islands has arrived in Australia, with talks set to focus on security in the region. This is the first international trip for Matthew Wale since he took office last month. He will meet with Prime Minister Anthony Albanese and senior cabinet ministers.Amid the growing influence of China in the Pacific, the Australian government is looking to strengthen security ties with the Solomon Islands. Tue 2 Jun 2026 at 7:29amTue 2 Jun 2026 at 7:29amFarley won't comment on Hanson's attendance recordBy Courtney GouldBack to One Nation's David Farley for a moment, as he declined to comment on reports about his leader's Senate attendance record.The Australian reported yesterday that the senator had been absent from 88 per cent of Senate estimates hearings over the past decade.Farley said that was a matter for Hanson.Regarding his own attendance, Farley said his objective was to attend "as much as I can".Tue 2 Jun 2026 at 7:24amTue 2 Jun 2026 at 7:24amAustralia applies further sanctions over West Bank settler violenceBy Courtney GouldAustralia has sanctioned three Israelis and four entities in response to escalating settler violence against Palestinians in the West Bank.The government has applied the Magnitsky-style sanctions, which include targeted financial sanctions and travel bans, as it calls on Israel to take urgent action to end settler violence and ensure accountability for perpetrators."The individuals and entities sanctioned today have undermined Israel’s own security and its standing in the world and harmed the interests of the Israeli people," Foreign Minister Penny Wong said in a statement."Australia’s imposition of sanctions against them reflects our commitment to Israel and Palestine’s security and future."This adds to sanctions already imposed on people including Israeli Ministers Itamar Ben-Gvir and Bezalel Smotrich.Tue 2 Jun 2026 at 7:18amTue 2 Jun 2026 at 7:18amWorkers deserve 'real and decent' wage increase: ChalmersBy Courtney GouldTreasurer Jim Chalmers was quick off the mark today, getting ahead of the release of the Fair Work Commission's annual wage review.The decision will apply to almost 3 million workers on the minimum and award wage.Speaking with ABC's News Breakfast, Chalmers says the government has made it clear minimum wage and award workers deserve "a real and decent wage increase".But he didn't put a number on how the government would like to see wages rise by."Governments for good reason don't nominate a specific number but we've made our views clear on this occasion, as we have on other occasions," he says, adding it would be important to assist with the cost-of-living.Chalmers is keen to link whatever today's decision is to the upcoming tax cuts and the government's focus on housing.Key EventTue 2 Jun 2026 at 7:07amTue 2 Jun 2026 at 7:07amWages umpire to hand down annual reviewBy Isabella TollhurstUnions are hoping for a pay increase for minimum wage workers as the Fair Work Commission's annual wage review is handed down today.Each year, the wages umpire review's Australia's minimum wage and decides whether or not pay rates should increase.The Australian Council of Trade Unions is hoping for a 6 per cent pay rise for the country's lowest paid workers. But the Australian Industry Group, which represents businesses, have said that would be "ludicrous" and that businesses cannot absorb such costs.Any changes would come into affect on July 1.Key EventTue 2 Jun 2026 at 6:59amTue 2 Jun 2026 at 6:59amOne Nation's David Farley to be sworn in todayBy Courtney GouldOne Nation's representation in the lower house will double on when Farrer MP David Farley is sworn in today."It's quite humbling to be the first One Nation member to enter the lower house .. it's also quite exciting that we've been able to achieve this," he told ABC's Radio National Breakfast. "Not only exciting for myself but exciting for all the constituents of Farrer and extremely exciting and proud moment for Pauline Hanson herself."Farley was elected to the seat of Farrer in a by-election last month, sparked by the resignation of Sussan Ley.He arrives in parliament a day after the latest Australian Financial Review/Redbridge poll put One Nation ahead of Labor on primary vote support.Farley reiterated his leader and colleague Barnaby Joyce, urging people to keep the poll in perspective."It is a poll. It is not a ballot," he says.Farley says Australians are feeling discomfort across the board and that's why they are turning to One Nation."People cannot put their head above the daily parapet and look at a target and say, we're going here. The government's having a lot of problems in articulating their narrative of where they want Australia to be."Tue 2 Jun 2026 at 6:47amTue 2 Jun 2026 at 6:47amGood morning 👋By Courtney GouldHi friends. Welcome to our daily federal politics live blog.I'm Courtney Gould from the ABC's Parliament House team, here and ready to guide you through the day.Well, MPs are back in town for another sitting week. Meanwhile, Senators and bureaucrats are warming up for four days of everyone's favourite part of the schedule: estimates.Elsewhere, a little birdy has told me Treasurer Jim Chalmers will be out and about this morning ahead of the release of the Fair Work Commission's annual wage review decision. Solomon Islands PM Matthew Wale is also in town for meetings with Anthony Albanese. It's gearing up to be a busy day. So let's jump straight in.