Tag Archives: oceania

NSW urges federal government to scrap $23 billion tax discount

The NSW government has urged the federal government to review the capital gains tax, saying it is having a damaging effect on housing affordability and home ownership and is disproportionately skewed to benefit wealthy investors over first-home buyers.

The capital gains tax (CGT) discount, a 50 per cent reduction on investments held for over 12 months, was welcomed when it was first introduced by the Howard government in 1999, but has more recently been blamed for contributing to the country's housing crisis.

In a submission to a select committee investigating the discount, NSW Treasury called for it to be reduced or reworked due to the "major implications" it has had across Australia, but particularly in the state.

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"While intended to encourage long-term investment, the discount has contributed to increased investor demand for property, placing upward pressure on housing prices and exacerbating affordability challenges," the submission read.

"These effects have, in turn, made it more difficult for first-home buyers to enter the market, contributing to declining home ownership rates."

Australian home ownership rates have dropped from 71 per cent in 1999-00 to 66 per cent in 2019-20, according to the Australian Bureau of Statistics data.

The decline was also seen in lending patterns.

Data calculated by the Treasury showed $13 billion was lent to investors and $10 billion was lent to first-home buyers in Australia in 1994.

Last year, $139 billion was lent to investors, more than double the $64 billion lent to first-home buyers.

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Treasurer Dr Jim Chalmers at a press conference at Parliament House in Canberra on Monday 13 October 2025. fedpol Photo: Alex Ellinghausen

Treasury wrote that the CGT discount benefited higher-income earners the most, and reducing the discount would reduce demand from investors and lead to either lower property prices or slower increases in property prices.

"The scale of the concession, its concentration among wealthier investors, and its role in distorting investment behaviour, particularly in the housing market, all highlight the importance of reconsidering the current settings," the submission read. 

Federal Treasurer Jim Chalmers has repeatedly ruled out any changes to the discount.

Labor has campaigned for CGT discount reductions in the 2016 and 2019 elections, but lost both times to the Coalition.

Australia has lost $23 billion in potential revenue due to the discount, with $8.7 billion of that from NSW.

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At least 22 killed, 79 injured after crane collapses onto train in Thailand

At least 22 people have been killed and another 79 are injured after a crane collapsed onto a train in Thailand.

It is believed a train travelling north from Bangkok was derailed when a construction crane fell onto a carriage as it was passing through Ban Thanon Khot in Nakhon Ratchasima.

A further seven people are feared dead after a car caught fire nearby.

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This photo released from State Railway of Thailand, shows a scene after a construction crane fell into a passenger train in Nakhon Ratchasima province, Thailand Wednesday, Jan. 14, 2026. (State Railway of Thailand via AP)

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The State Railway of Thailand confirmed 195 people were travelling on the train when the crane fell.

The accident occurred about 9am local time (approx. 1pm AEDT) when a crane being used in the construction of a high-speed rail bridge fell onto a train.

Some of the passengers were school students, according to authorities.

Rescue operations are under way.

This photo provided by State Railway of Thailand shows a scene after a construction crane fell into a passenger train in Nakhon Ratchasima province, Thailand Wednesday, Jan. 14, 2026. (State Railway of Thailand via AP)

The State Railway said there would be a "thorough" investigation into how the incident occurred.

More to come.

Renewed calls for number plates on e-bikes following several crashes

There are renewed calls for e-bikes to require number plates after two separate incidents across Sydney involving teenagers colliding with cars while riding the electronic vehicles.

Two 16-year-olds were struck by a Mercedes-Benz on Birrell Street in Bondi yesterday while riding e-bikes.

The driver of the vehicle was uninjured and the pair escaped with only minor injuries before being taken to Sydney Children's Hospital.

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A damaged Mercedes-Benz that collided with an e-bike in Sydney's eastern suburbs.

The same day in Crows Nest, three 15-year-olds on an e-rideable bike were struck by a car.

The trio walked away with minor injuries. 

The NSW government recently introduced new safety laws reducing the power and speed of e-bikes, however, NSW opposition transport spokeswoman Natalie Ward told the Sydney Morning Herald that more could be done to prevent safety incidents.

Ward believes that licence plates for specific groups, including people under 18, are a necessary step to minimise the number of e-bike crashes.

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Three teens were struck by a car while riding an e-bike in Crows Nest yesterday.

Others who could be targeted include those who use e-bikes for commercial purposes and commercial shared service schemes.

"For young riders, accountability can't just be a trip to the hospital emergency room," Ward told the Nine newspaper.

"The overwhelming community view is to take action on these unaccountable rider cohorts who need enforcement and behaviour change before it is too late."

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Minister for Metropolitan Roads Natalie Ward

The Liberal plan would also include new penalties for non-compliance, alongside educating young riders so that the risks associated with e-bike technology and how to use them safely are understood.

"I am hearing loud and clear that the community wants enforcement and accountability for e-bikes that prevent crashes, the opposition has a plan to deliver it, while the government tinkers," Ward said in a statement.

"This isn't complicated. If Labor don't like our solution, what is their plan?

"It's time for action and accountability, whether it is an e-bike rider or the transport minister."

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