Welcome to our live coverage of Australian politics today, Tuesday, May 26, 2026. We are following key developments as the government addresses renewable energy targets, BHP's latest financial filings, the federal budget, and proposed changes to capital gains tax. Treasurer Jim Chalmers and Prime Minister Anthony Albanese are expected to face questions during Question Time and Senate estimates.
Renewables and Climate Policy
The government is pushing forward with its renewable energy agenda, aiming to increase the share of renewables in the national grid. New legislation is expected to be introduced to accelerate the transition, with a focus on solar and wind projects. Critics argue that the pace is too slow, while industry leaders call for more investment in storage infrastructure.
BHP Files and Budget Implications
BHP Group has released its quarterly financial results, showing strong profits driven by demand for iron ore and copper. The company's tax contributions are under scrutiny as the government considers revising the petroleum resource rent tax. Treasurer Jim Chalmers indicated that the budget will include measures to ensure multinational corporations pay their fair share.
The budget, to be delivered in October, is expected to prioritize cost-of-living relief, with potential changes to stage three tax cuts. The capital gains tax discount for property investors may also be reduced to improve housing affordability. Labor backbenchers are pushing for more aggressive action on housing and climate.
Question Time and Senate Estimates
During Question Time, the opposition will grill the government on its economic management, particularly inflation and interest rates. Senate estimates hearings will examine the effectiveness of renewable energy programs and the impact of BHP's operations on local communities. The government's response to the recent jobs report will also be a key topic.
Prime Minister Anthony Albanese is expected to defend the government's record, highlighting achievements in employment and renewable energy investment. The opposition will focus on the rising cost of living and the government's spending plans.
Capital Gains Tax Debate
The proposed changes to capital gains tax have divided opinions. The government argues that reducing the discount from 50% to 25% for assets held longer than 12 months would raise revenue and help first-home buyers. Property industry groups warn it could reduce investment and rental supply. The Greens and some Labor MPs want even more significant reforms.
Stay tuned for updates throughout the day as we bring you the latest from Parliament House and beyond.
