From July 1, earnings on the part of a superannuation balance above $3 million will be taxed at about 30 per cent under the Division 296 law passed in March. The same day brings higher contribution caps, an income tax cut, and a requirement that employers pay super on every payday.
The Albanese government has returned to parliament with legislation limiting negative gearing to new residential builds from 2027-28, scrapping the 50 per cent CGT discount in favour of an inflation-adjusted equivalent, and imposing a minimum 30 per cent tax on investment gains. The Greens are withholding support over grandfathering that shields existing investors entirely from all three changes.
The ABS released May labour force data showing the seasonally adjusted unemployment rate fell to 4.4 per cent, down from 4.5 per cent in April, with 40,000 jobs added. The resilient result keeps alive the possibility of a further RBA rate rise.
The benchmark index fell 60 points on June 23, its worst session in three weeks, dragged by healthcare and technology stocks. Miners provided the only support as BHP and Rio Tinto gained on rising copper prices.
The Reserve Bank board paused its 2026 hiking cycle at its June meeting, keeping the cash rate at 4.35% after increases in February, March, and May. Governor Michele Bullock said the decision does not rule out further tightening.
The national home value index recorded zero growth in May, the first stall in the current cycle, as three RBA rate rises in 2026 compound affordability pressures. Sydney is down 2.1 per cent from its November 2025 peak; Melbourne is down 3.2 per cent.
