News and politics: Albanese denies inheritance impact as Labor MP flags small business concerns

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Former Prime Minister Tony Abbott is set to become the next Federal President of the Liberal Party following confirmation he is the sole candidate to take over the position.

Nominations for the party’s federal office bearers closed earlier today.

The Nightly can reveal former Foreign Minister Alexander Downer has been nominated by his daughter Georgina to become Federal Vice President.

WA Liberal Party President Caroline Di Russo has been nominated by Senator Michaelia Cash for the Vice President position.

A scathing report into planned upgrades for Australia’s Collins-class submarines reveals Defence has spent nearly $700 million on a now largely abandoned strategy to keep them operational, without conducting proper planning or risk assessments.

The Australian National Audit Office has found the Collins “life-of-type-extension” (LOTE) program which aims to keep the ageing boats in service for another decade before AUKUS submarines arrive, has “not been effective”.

Earlier this the defence minister announced a dramatic de-scoping of the LOTE upgrades but revealed the cost of the complex work had been revived up to $11 billion over the next decade.

Opposition leader Angus Taylor has accused Labor of appearing to rush the Budget and insisted they appeared “panicked” and “scrambling” after the fall out.

“There’s no plan here. There’s a panic and they’re scrambling for the exit because they hadn’t realised what they were doing,” Mr Taylor said on Friday.

“This Treasurer and this Prime Minister does not understand business, does not understand the private sector.

“Does not understand what it takes to grow an economy and certainly doesn’t understand what it takes to grow a business.

“They’re looking for any distraction. They can find at the moment because they’ve realised, what a mistake they’ve made.”

He also accused the government of trying to erode Australia’s standard of living and highlighted the cutting of the counter-terrorism budget in the lead up to the Bondi Beach massacre.

Former Labor Minister Joel Fitzgibbon questioned the party’s approach, saying from the outside it appeared like “reform for reform’s sake” and characterised the Budget’s sell as “messy”.

“It looks to me a little bit like reform for reform’s sake,” he told Sky News on Friday.

“I mean, they’re only securing about . . . just over a billion dollars a year in revenue terms — that sounds a lot of money to your viewers — but in Federal Budget returns, it’s not.

“I mean, it’s a lot less than we spend on subsidising renewables each year.

“I think the government got caught up in this push to . . . use their 94 seats in the House of Representatives to pursue some reform.

“So there’s not a big return for the government in any of this. Now, of course, they’re right to focus on housing affordability.

“But of course, there’s too much doubt in the community, and indeed, amongst the experts in that area as to whether this is going to make any rule and meaningful difference in housing affordability.

“I doubt right now whether the government’s going to get any bang for its buck out of this budget.

“Alternative, of course, it’s likely to be a drain on it’s political support for some time.”

Anthony Albanese has responded to reports that his government is considering a possible carve out for the changes to new discretionary testamentary trusts.

A concession could help Labor counter claims from opponents that the changes would be a “death tax” or “death duty” on Australians.

When asked about the speculation on Friday, the Prime Minister labelled claims Labor was trying to hit to inheritances as “misreporting” but added there would be consultation around trusts.

“Let’s be very clear. When it comes to some of the misreporting that’s there, we’re not interested,” he said.

“There’s no measures in there that are going to hurt inheritances.

“On trusts, there’ll be a consultation period about that, and we made that clear on Budget night.

“So, we’ll work through the legislation. We’ve said (it) will be introduced in the second half of the year.”

Prime Minister Anthony Albanese has said he will be meeting with the family of Warrant Officer Class Two Lachlan Muddle.

The 50-year-old died during a training exercise in Jervis Bay earlier this month.

“I’ll be joining some of his colleagues to express first hand my condolences. Of course, that will be a private occasion,” Mr Albanese said.

“The death of... Muddle is indeed a deep tragedy and the community, family will be mourning his passing in an untimely way.

“But also the family that is the Australian Defence Force, (is) mourning as well.”

Mr Albanese, who was near Jervis Bay for a bridge opening, added that the accident was a “stark reminder” of the risks faced by those in the ADF.

Angus Taylor has defended Jacinta Nampijinpa Price after she appeared on a right-wing podcast.

Senator Nampijinpa Price released a statement denying she agreed with comments the 2 Worlds Collide podcast host made that suggested immigrants are “flooding” Australia.

The Opposition leader backed Senator Nampijinpa Price and dismissed calls from Labor MPs Anne Aly and Julian Hill to fire her from his frontbench.

“She made it very clear, she agrees with the party position and my position, which is that we shouldn’t discriminate in immigration based on race or ethnicity or religion, but we should based on values,” Mr Taylor said.

“People who come to this country should share our core values, and we ask them to do that in the citizenship ceremony.”

The Greens say controversial tax changes in the budget are a “step in the right direction” but the minor party wants the government to go further before pledging to give their support.

The Greens’ vote is crucial to Labor’s hopes of getting legislation through the Senate, given the coalition has vowed to repeal the changes to investor tax breaks if elected.

While the government has faced significant blowback from small business owners and landlords over the changes to the capital gains tax discount and negative gearing, Greens economics spokesman Nick McKim said Labor hadn’t gone far enough.

“Faced with a once in a generation opportunity to shift more of the tax burden onto super wealthy people, and in particular super wealthy property speculators, Labor blinked,” he told ABC Radio on Friday.

Senator McKim said the Greens would fight the government on its decision to grandfather the tax changes for existing property investors, which had in effect “pulled up the drawbridge” in front of young people.

Opposition Leader Angus Taylor said the taxes were “toxic” and the government was scrambling for the exit.

- with AAP

Labor MP Andrew Charlton has conceded the new capital gains tax regime “doesn’t interact well” with small businesses that have a low capital base.

The comments made by the Assistant Science Minister on Nine’s Today show appear to validate the sector’s concerns about the reform.

Asked if the Budget “outcry” was “unwarranted”, Mr Charlton acknowledged the new system hurts underfunded businesses, as you need money to make money.

“The point that many start-up founders, the point that many small businesses have been making is valid,” he said.

“It’s a valid point because that new regime doesn’t interact well if you have a really low capital base because you’ve got nothing to inflate off.

“So, there are real concerns out there.”

It comes after the Prime Minister featured in a wave of AI memes that were posted online by small business owners mocking the government’s Capital Gains Tax changes outlined in the Budget.

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