Chalmers defends housing outlook as Coalition unveils tobacco excise cuts

Jim Chalmers fielded a barrage of questions about the latest property market data, noting that price movements are typical and emphasizing that buying a home remains a long-term decision. He pointed to recent interest-rate increases as the primary driver, while acknowledging Treasury forecasts of slower growth. Labor colleague Matt Thistlethwaite publicly stated that the government's reversal on negative-gearing and capital-gains tax discounts is certainly influencing price drops.

In parallel, the opposition released a comprehensive tobacco-excise reduction plan, proposing cuts of up to 80 per cent and allocating $200 million for intensified enforcement actions, with the Treasury estimating an $8 billion revenue gain over four years. The proposal builds on earlier One Nation suggestions for a 75-per-cent cut. Both issues dominated the parliamentary agenda, reflecting ongoing debates over economic policy and public-health taxation.