AAP Rolling News Bulletin for June 16 at 0830
Tax (CANBERRA)
The federal government's planned tax changes will dump compliance costs on taxpayers and their advisers, an accounting body warns.
Under Labor's reforms, the capital gains tax discount of 50 per cent will be replaced with an inflation-indexed calculation and a 30 per cent minimum rate.
Negative gearing of investment properties will also be scaled back to only apply to new houses from July 2027.
The Chartered Accountants Australia and New Zealand will tell a senate inquiry on Tuesday a statutory review of the legislation should take place within 12 months due to the short consultation time and complexity of the changes.
This would act as a safeguard mechanism to ensure the legislation was operating as intended and to provide an opportunity for any "fixes" that needed to be made.
Ukraine (KIEV)
Ukrainian President Volodymyr Zelenskiy says he had proposed a meeting with Russian President Vladimir Putin on the sidelines of the G7 summit in France this week but that the Kremlin had rejected the idea.
"Before the start of the G7 summit, we made it clear that we were prepared to meet with Putin during the G7 summit, as (US President Donald) Trump and (French President Emmanuel) Macron would be present there," Zelenskiy told reporters in Kyiv.
He made the remarks while inspecting damage to the main cathedral of the Pechersk Lavra monastery complex following a major Russian air attack.
The damage to the Kyiv monastery, a UNESCO World Heritage site founded in 1051, drew international condemnation.
France's foreign minister said the attack was akin to bombing Notre Dame cathedral in Paris.
Economy (CANBERRA)
Borrowers can be reassured interest rates are likely to remain on hold for now, but with the inflation dragon still rampant, they should not expect the Reserve Bank to come to their rescue any time soon.
During economic slowdowns, the central bank has often been the "knight in shining armour" for households, cutting interest rates when times are tough to give the economy a boost, HSBC chief economist Paul Bloxham said.
A sluggish GDP print for the March quarter and rising unemployment suggest Australia is already in a downswing.
But while he predicted no more hikes from the Reserve Bank this cycle, mortgage holders were unlikely to receive any rate relief until at least 2027, Mr Bloxham said.
The board should take a lesson from 2025, when it cut interest rates three times as inflation was still coming down, and not turn its back on the inflation dragon until it is sufficiently tamed, he said.
Legal: Porter (ORANGE)
For years after Bridgette Porter was killed, her family felt like the 10-year-old girl had been erased.
Bridgette, also known by the nickname Biddy, was killed by a teenager known to her in rural NSW in 2020.
The NSW Supreme Court found Biddy's killer, who cannot be identified for legal reasons, was not criminally responsible due to mental illness in 2021.
Much of the case was anonymised due to the ages of Biddy and the perpetrator, while graphic details surrounding the killing are protected by a court order.
Biddy's identity was made public in mid-2024, when her parents and campaigners from Advocacy Australia launched a petition calling for an inquest and a review of the handling of the case.
The inquest is due to open on Tuesday before NSW State Coroner Teresa O'Sullivan.
Iran (WASHINGTON, D. C.)
A memorandum of understanding aiming to end the war in the Gulf has already been signed by US President Donald Trump, Vice President JD Vance and Iranian parliament Speaker Mohammad Bagher Qalibaf who heads its negotiating team, a US official says.
Speaking at a briefing with reporters, the US official added that there will also be a signing ceremony on Friday.
"You will see significant increase in traffic in the Strait of Hormuz, actually starting already, and that will ramp up slowly over time," the US official, speaking on the condition of anonymity, said.
"We probably won't return to normal in two weeks but we will see a significant increase in strait traffic," the official said.
The US and Iran said they had agreed terms to end their war and reopen the strait, news that brought relief to markets, although the pact may hinge on an end to hostilities in Lebanon and defers talks on Iran's nuclear program.
Ukraine (KYIV)
A 1000-year-old monastery that symbolises Ukraine's spiritual and cultural heritage has been badly damaged in the heaviest Russian aerial attack on Kyiv in a fortnight, while at least 10 people were killed in air strikes.
France's foreign minister said the attack on the Kyiv Pechersk Lavra monastery, a UNESCO World Heritage site founded in 1051, was akin to bombing Notre Dame cathedral in Paris.
The Russian strikes came after Ukraine's President Volodymyr Zelenskiy said on Sunday he had discussed with US President Donald Trump efforts to secure an end to the more than four-year conflict, ahead of a G7 meeting in France this week.
"A Russian strike on the Kyiv-Pechersk Lavra set the Dormition Cathedral on fire - a church whose history dates back to the 11th century. And this is one of Russia's most serious crimes against Christian culture to date," Zelenskiy said on X.
Iran (DUBAI)
US and Iranian officials have reached an agreement to end their war and reopen the Strait of Hormuz, a preliminary pact that sent oil prices falling but leaves the fate of Tehran's nuclear program to further negotiations.
While still a framework, the deal marked the biggest breakthrough towards resolving the conflict that has killed thousands and upended energy markets since it began with joint US-Israeli strikes on Iran in February.
"The Deal with the Islamic Republic of Iran is now complete," US President Donald Trump wrote on his Truth Social platform.
His post came shortly after Pakistani Prime Minister Shehbaz Sharif, whose country has served as a mediator, announced a deal had been struck early on Monday.
The memorandum of understanding is scheduled to be officially signed on Friday in Switzerland.
Social UK (LONDON)
British Prime Minister Keir Starmer says he will ban social media sites for the under-16s and impose restrictions on gaming and livestreaming platforms, in some of the most far-reaching online restrictions to date.
Starmer said he would introduce sweeping changes to social media regulation to better protect the wellbeing of children when they are online.
"It is clear to me a full ban is the right choice," he said, adding that while it would not be easy, the government had agency in pushing back against the power of big technology companies.
As well as a ban on sites such as TikTok, Snapchat and Instagram, the prime minister said he would take action against gaming and livestreaming services which allow children to talk to strangers.
In finance ...
Tax (CANBERRA)
Warnings that looming tax reforms will worsen Australia's productivity malaise are overblown, financial experts say.
If anything, the reforms may boost productivity, senators heard as day one of a two-day snap inquiry into the tax changes began on Monday.
Under the changes, the 50 per cent discount for capital gains tax will be replaced with a rate tied to inflation and a 30 per cent minimum, while negative gearing will be limited to new houses only from July 2027.
That would remove distortions in the tax system and incentivise people to invest in assets that have higher rates of return, rather than a higher tax advantage, tax expert Peter Varela told the inquiry.
"Tax neutrality will always get you more productivity," said Dr Varela, from the Tax and Transfer Policy Institute at ANU.
US Tariffs France (EVIAN-LES-BAINS)
President Emmanuel Macron says France will not bow to pressure from US President Donald Trump and scrap its digital tax on US tech giants, hours before the two met at a summit.
Before setting off for the G7 leaders summit, which Macron is hosting on the shores of Lake Geneva, Trump warned that the US would "have no choice" but to apply 100 per cent tariffs on French wine unless officials in Paris eliminated their digital tax.
Trump told the New York Post he had delivered the warning directly to Macron, demanding he remove the 3 per cent tax on US tech giants or face duties in the US market.
"All (Macron) has to do is get rid of the sales tax, and he wouldn't have that kind of pressure," Trump was quoted as saying by the newspaper.
In entertainment ...
Tyler (LONDON)
Welsh singer Bonnie Tyler is "no longer in a coma" but remains "very unwell" in intensive care, according to a post on her official website.
She has also cancelled or postponed all her remaining shows this years.
It had been announced that the 75-year-old was taken to a hospital near to her home in Faro, Portugal for emergency intestinal surgery earlier this month.
"Bonnie's family and team would like to update everyone on how she is progressing with her recovery," the statement said.
"Bonnie is no longer in a coma but remains very unwell and in intensive care in hospital in Portugal. Although her condition is improving it is a slow process.
"Her doctors remain confident that she will make a good recovery but it is going to take time.
Dylan (LONDON)
Bob Dylan has broken his customary silence via The New York Times, contributing to an op-ed tied to US President Donald Trump's 80th birthday.
The 85-year-old rock legend offered some words of wisdom with selection of octogenarians on what it means to reach the milestone age.
"The old fire in your heart still tells you to do this and that, but your body says we already did it. Also, nothing surprises you," Dylan wrote in the New York Times.
"It sounds like a luxury but it's not, and also you've run out of illusions.
"The really worst part about being 80 is that you find, at last, you've got an understanding of something that might have altered everything in the past, had it come at a time when something could still be altered.
In sport ...
WC26 Aust (OAKLAND)
The Socceroos don't have to look too far back to know the danger of getting ahead of themselves at the World Cup.
Australia has one foot in the knockout stage after a brilliant opening 2-0 win over Turkey.
But the coaches and players are well aware things could easily change with a poor result against co-hosts the United States in Seattle on Friday (Saturday 0500 AEST).
Assistant coach Hayden Foxe pointed to Saudi Arabia's famous opening win over eventual champions Argentina at the 2022 tournament - and what happened next.
"It's one game, and you winning the first game doesn't dictate where you go in the tournament," assistant coach Hayden Foxe said.
"There was a good example of Saudi doing that in the past tournament, they beat Argentina first game, and we're talking about Saudi - 'how fantastic' ... which is great.
Com26 Ath (MELBOURNE)
Australia's fastest man knows what he wants - and he wants it now.
If sprint king Lachie Kennedy has his way, Commonwealth Games gold and breaking Patrick Johnson's long-standing national 100m record may only be weeks away.
The 22-year-old was a whisker off Johnson's mark of 9.93 seconds, set in 2003, when he ran a personal best 9.96 to win the national 100m title in Sydney in April.
"I'm not too far off it. I think it will fall pretty soon, to be honest," Kennedy told AAP.
"My goal this year was to run 9.80, so I think definitely before the end of the year.
"I don't like putting a limit on how fast I can go, but all I know is it's fast. I see no reason why I can't be one of the best."
Ends Bulletin
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