Malcolm Turnbull says government is ‘engaged in an exercise of denial’, as defence minister insists $368bn deal is ‘full steam ahead’ * Get our breaking news email, free app or daily news podcast Australia’s submarine agency insists the Aukus agreement is progressing “at pace and on schedule”, but skeptics of the $368bn deal argue the chances of the US ever selling promised Virginia-class submarines to Australia are increasingly remote. The former prime minister Malcolm Turnbull has said the Australian government is engaged “in an exercise of denial” about the parlous state of Aukus’s progress, while the Greens senator David Shoebridge said the deal was a “pantomime”, hopelessly one-sided in America’s favour. Continue reading...

There is a profound inequity when it comes to tax breaks for investors. The reform could boost the government’s budget bottom line and reduce renters being outbid by investors * Get our breaking news email, free app or daily news podcast Slashing tax breaks for property investors might not put much of a dent in house prices, but that’s not to say it can’t make a meaningful difference to home ownership rates over the coming years. Reading through the submissions to Greens-led Senate committee on the capital gains tax discount and talking to economists delivers a series of convincing arguments for why the Albanese government might be on a winner if it finally finds the courage to prosecute this reform. Continue reading...