News and politics live updates: Albanese, Chalmers walk back hated changes from broken promises Budget

Opposition Leader Angus Taylor has declared the Albanese government’s Budget is “in tatters” following Labor’s decision to back down on key measures.

The Prime Minister has announced the government will now allow more small businesses to access the most-used existing capital gains tax exemption by increasing the annual turnover threshold from $2 million to $10 million.

Speaking in Sydney, Mr Taylor says the government must now rework the entire Budget.

“This Budget is in chaos. It is in tatters, because the government simply got it wrong from the start,” he said.

“No point going on with these carve-outs. Scrap it, scrap the bill, start the Budget again”.

WA Premier Roger Cook has been one of the first State leaders to react to Anthony Albanese’s Budget CGT backflip, crediting the PM for listening.

“I haven’t got my head around the full details of the CGT carve-outs this morning. I think you were saying he’s literally on his feet at the moment, but they’re important,” he said on Thursday morning at a UDIA breakfast in Perth.

“That’s an important part of what he committed to doing, and that is listening to the community and concerns that people have around some of those tax changes.

“Importantly, it’s significantly changed the application of the CGT rules in relation to family trusts, and that will impact a lot of small businesses, and from that perspective, that’s very welcome, and obviously, we will now look at the detail in relation to that.

“What we want to see from governments, and it’s one of the things I always say to my team, I say to my team, stay humble and listen, keep your ears on at all times, and so hopefully the Federal government has listened to the concerns that were voiced in relation to the Budget announcements, and that we see some good policy put in place”

Anthony Albanese is asked about the GetUp protest stunt that briefly interrupted One Nation leader Pauline Hanson’s speech to the National Press Club yesterday.

He says it’s a matter for police, who are investigating, but “quite clearly, these actions can be counterproductive”.

The Prime Minister reiterates his call for people to turn the temperature down in political debate.

“I think that people should be allowed to go to the National Press Club and address the press club with whatever views people have in a respectful manner, and that should be treated respectfully,” he says.

Anthony Albanese and Jim Chalmers continue to insist that it’s business as usual to have several rounds of legislation for big tax changes.

“We understand that there’s never a unanimous view about economic reform, and particularly about tax reform. It’s always contested, it’s always contentious, but it will be worth it,” Dr Chalmers says.

The Prime Minister says they’ve had consultation “across the Senate”.

The Senate committee examining the tax changes is due to hand down its report tomorrow.

Dr Chalmers says the changes will see the government forego about $475 million over the next four years, or one-seventeenth of the total amount it was forecast to raise.

A sheepish Anthony Albanese and Jim Chalmers have delivered a sensational Budget backdown, walking back parts of their broken promises fiscal plan that turned Aussies against Labor.

The government will allow more small businesses to access the most-used existing capital gains tax exemption by increasing the annual turnover threshold from $2 million to $10 million, Mr Albanese has announced.

The Prime Minister and Treasurer Chalmers will also release a discussion paper detailing the carve-outs from changes to the CGT discounts for innovative businesses.

Their spate of barnacle-clearing also involves exempting all testamentary trusts from the CGT changes that were included in the Budget, thus sidestepping the accusations that it was imposing a death tax.

Mr Trump and the Iranian president both signed the deal digitally, with Axios reporting an image of a signed document was sent to Tehran.

Iranian officials reportedly did not want the details of the deal published until it was signed, however, the text was distributed by a Trump administration official on Wednesday.

Pressure had mounted on the US Government to share the details of what was being agreed to, something they appeared to cave to.

The two parties had also reportedly become more comfortable with the deal, and were ready to sign it into full effect and open the Strait of Hormuz, something that will have enormous economic impacts for Iran, the US and the world.

Mr Trump said on Wednesday that no country or ally had come to him requesting he not make the deal, adding no one was asking him to “keep bombing”.

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Iran’s chief negotiator has branded the newly signed US-Iran peace agreement a defeat for US, arguing the deal demonstrates Iran successfully resisted American pressure during months of conflict.

Speaking on state television after the release of the memorandum of understanding, Iranian parliamentary speaker Mohammad Bagher Ghalibaf declared, “The agreement is a record of US failure. People will see it and judge.”

Mr Ghalibaf also signalled that Iran intends to impose fees on vessels using the Strait of Hormuz once a 60-day toll-free period expires.

“Payment of service fees for passage through the Strait of Hormuz has been formalised in the memorandum of understanding,” he said.

Donald Trump has confirmed he personally signed the newly agreed US-Iran Memorandum of Understanding while attending a dinner at the Palace of Versailles with French President Emmanuel Macron.

Speaking to reporters as he departed the historic French venue, the US President was asked whether he had signed the agreement designed to end hostilities between Washington and Tehran.

“Did you sign the MOU?” a reporter asked.

“It’s signed, yeah... I signed it in Versailles,” Mr Trump replied.

The deal had originally been expected to be formally signed in Switzerland later this week.

The newly signed US-Iran Memorandum of Understanding guarantees toll-free passage through the Strait of Hormuz for the next 60 days, although the agreement leaves open the possibility of future fees being introduced.

Despite that provision, senior US officials have expressed confidence the crucial shipping route will remain open without tolls.

The framework also establishes a $US300 billion ($424 billion) reconstruction fund for Iran, although US officials insist Washington will not be directly funding the program.

While the agreement restates Tehran’s commitment not to acquire or develop nuclear weapons, the most contentious issues surrounding Iran’s nuclear activities have been deferred to the next round of negotiations.

Donald Trump and Iranian President Masoud Pezeshkian have formally signed a 14-point Memorandum of Understanding aimed at ending hostilities and reopening the Strait of Hormuz, bringing the agreement into effect ahead of a planned signing ceremony in Switzerland.

Reports indicate Mr Trump signed the document while attending the G7 summit in France before a copy was sent to Tehran for Mr Pezeshkian’s signature. Iranian Foreign

Ministry spokesman Esmaeil Baghaei confirmed the agreement had been finalised, saying, “The text of the Iran-US Memorandum of Understanding has now been officially finalised because both sides have signed it.”

He added, “Now if we review the text, we will see that we have not left anything unsaid during this period” and “We had more or less stated everything.”

The planned signing ceremony and talks in Switzerland have now reportedly been cancelled.