Independent MP Zoe Daniel has the first independent question (what will the crossbench look like the next time we sit? who knows!)

My question is to the Prime Minister: People in Goldstein are constantly raising with me their concerns about the stability of the Australia-US relationship under the Trump Administration and whether it’s sensible to be spending billions offer the AUKUS deal when the US congressional budget office says the submarines may never be delivered. What is your plan B?

Anthony Albanese:

Well, my plan is to implement the AUKUS arrangements that we’re committed to. I do that for a range of reasons. I do that primarily, though, for one reason – which is that it’s in the Australian national interest for us of the best defence assets that are possibly available to Australia.

And when we have briefings and I’m happy to arrange for appropriate briefings for the member for Goldstein on these matters, if you are an island continent located where we are, the best assets you can possibly have is a submarine, but importantly, you have to then ask yourself – what is the best form of submarine in terms of stealth, in terms of capacity to go long distances whilst not having to snort and rise to the surface? What is the way you can ensure that you are not detectable? And the answer to that is nuclear-powered submarines.

That is something that we have supported – have supported because we think it is absolutely essential for Australia’s national interest.

Daniel:

“The question went to either the capacity or the willingness of the US to deliver such subs.”

Dick rules Albanese is in order.

Albanese:

The AUKUS arrangements, though also have within them pillar 2. What that’s about is the capacity for us to lift up our capacity for advanced manufacturing. So really the most high-tech manufacturing that you can have. One of the things about the defence industry is that there are spin-offs as well. (which we may pay to make, but the US will OWN) I’m very committed to a future made in Australia. One of the ways that we can do that, and that’s why the National Reconstruction Fund for example has a component in it about innovation for defence industries. And working with the United States – which is the most advanced in terms of, obviously, the largest military in the world with the defence industries that they have – there are already companies, Australian companies, such as Austel for example that are located there in the United States, a fantastic operation, of course, based in Western Australia primarily, that will bring great benefit to Australia.

Now, with regard to the support for the AUKUS arrangements in the United States and the UK, I have met with over 100 Congress people and senators in the United States. There was overwhelming support from both Republican and Democrat people who are elected representatives. I have raised this issue in the discussions I have had with President Trump as well and he has expressed his support, as of course Prime Minister Starmer in the United Kingdom who I had a talk with just less than two weeks ago. We will continue to put in place these arrangements because it is in Australia’s national interest and I’m confident that an important part of the defence of this country is the AUKUS arrangements.

Jason Clare, who is going to be one of the main spokespeople for Labor during the election, showed he is still deft with a line:

Turns out now they’re going to jack up your taxes to pay for free lunches for bosses. You got to think for yourself – how ordinary is that? I know the opposition leader spent a lot of time checking out the all ordinarys in the GFC. If he wants to check out the All Ords right now is just check behind him. They’re all ordinary.

Angus Taylor has his serious face on!

The Treasurer has said, quote, “The reason why we support fuel excise relief, we want to see people under less pressure at the bowser. Nothing could make me happier than if there was some pressure taken off families who are doing it tough.” Why is the Treasurer now refusing to cut the full excise to provide immediate relief to cash-strapped Australian families?

Jim Chalmers:

Mr Speaker, the first point that I would make is if the Shadow Treasurer cared about the cost of living, he wouldn’t be the first Shadow Treasurer in living memory to take to an election a policy to increase income taxes on every single Australian taxpayer. (INTERJECTIONS) That’s the first and most obvious point, Mr Speaker. Now, in relation to petrol – in relation to petrol, what we did on Tuesday night from this Despatch Box is we found a way to give ongoing cost-of-living relief… (INTERJECTIONS) ..to every Australian taxpayer. The combination of cost-of-living relief whether it’s cheaper medicines, cutting student debt, strengthening Medicare, tax cuts, energy bill relief, a combination of temporary and permanent ongoing cost-of-living relief in the budget that we handed down on Tuesday night, Mr Speaker. Now, he asked me about comments from before – just before the last election.

Chalmers then goes through how much petrol prices were under Morrison and how much they are now:

That’s a very welcome opportunity, Mr Speaker, to tell the House that when the – during the week of the last budget of those opposite, on the eve of the last election, petrol prices in Sydney were $2.15 a litre, they’re now $1.95 a litre. Petrol prices in Canberra… Petrol prices in Canberra, $2.08 before the last election, $1.92 now. $2.15 before the last election, $1.70. $2.17 in Brisbane before the last election, 1.93 now. $2.18 in Adelaide before the last election, $1.82 now. $2.0 3 before the last election in Perth. $1. 75 now. $2 in Darwin before the last election, $1.81. $2.23 in Hobart before the last election. $1.82 now according to the Australian Institute of Petroleum weekly price report, Mr Speaker.

Now, we have found a much more effective way to help Australians..with the cost of living, and the key difference between our cost-of-living package and what those opposite have come up with the back of the coaster in the last couple of days, Mr Speaker, is we will provide ongoing cost-of-living help to every Australian taxpayer and not only do they oppose that, Mr Speaker, not only do they vote against that in the House and in the Senate yesterday, Mr Speaker, but quite bizarrely, unusually in hist tore call terms, the Shadow Treasurer was asked this morning – will he legislate to increase taxes on all 14 million Australian taxpayers, and he said, “Absolutely”, he would.

As the Prime Minister has pointed out, the between this side and that side, Prime Minister asked would he increase the minimum wage, he said absolutely. Those opposite asked will they jack up taxes for every working taxpayer in this country and they said absolutely and that goes right to the difference.

Peter Dutton:

The Prime Minister has caused a lot of pain to Australian families over the last three years. Will the Prime Minister join with me in cutting the price of petrol and diesel to save tradies, pensioners and families up to $28 a week instead of his 70 cent a day tax cut which doesn’t even come in for 15 months?

It’s not delivered with the energy you would expect.

Anthony Albanese:

“I thank the Leader of the Opposition for his question and, of course, the Leader of the Opposition, I wonder if he gave that speech or that question when he was sitting in the Cabinet room when indexation of petrol was reintroduced in the 2014 budget?

I wonder… (INTERJECTIONS) I wonder if…

Michael Sukkar has a point of order that is not a point of order:

The Prime Minister can’t give us a history on 100 years of excise. That cannot be relevant to the question. (INTERJECTIONS) It does in the mean that, for example, the Prime Minister can talk about things that happened 100 years

Speaker Milton Dick has to tell everyone to “take a deep breath” which is like telling toddlers to stop crying. (The toddlers are more rational).

Albanese:

I was talking about the temporary – the temporary one-year decrease that they have said, they will put out there. The Morrison leftovers have adopted the policy of the Morrison Government… (INTERJECTIONS) ..just like they did in 2022, Mr Speaker, when in the budget in 2022, they brought in a temporary measure and then it disappeared. And then it disappeared. That’s what I’m asked about. And the reason why it’s at the level it is today is because of the legislation that they brought in (INTERJECTIONS) in 2014.

That is why it is the level it is at today.

But those opposite have a view where this morning… they’re out there having voted against tax cuts for every taxpayer yesterday… (INTERJECTIONS) ..they this morning have declared they are the first opposition to ever say, “If you elect us to Government, we will increase the taxes for every single taxpayer.” “Every single taxpayer” will pay more tax if they’re elected at the election in May. So what we know now is that they have four policies. They have a nuclear power plan of $600 billion that they have to find cuts for.

Then they have their lunches, their lunch policy… (INTERJECTIONS) We haven’t forgotten about that. And then they have the further cuts that they have spoken about – further cuts that they have spoken about, but now they have something else as well, Mr Speaker, because we know the only thing they don’t want to cut is people’s taxes. Not only do they not want to cut them, not only did they vote against them, what they want to do is actually to jack them up for every single taxpayer. An extraordinary policy from those opposite who just don’t get it who have not put forward a single – a single lasting cost-of-living plan and opposed every single measure we have put forward.

We are just about to enter the chamber for the last question time of this parliament.

There is a bit of an end of school day vibe to the parliament today. Not very demure. Not very mindful (if you get our drift).

Tania Lawerence, the Labor MP for Hasluck gets the gong to deliver the last members’ statement before question time – it is all about what is “at risk” if the Coalition is elected.

“DON’T TRUST DUTTON” she yells, just before Milton Dick calls the house to order.

Here we go.

We don’t know if the Coalition will make mortgage repayments tax deductible rumours is true, but we do know that the Coalition, “the party of lower taxes” is planning on repealing income tax cuts which have already been legislated – essentially promising to INCREASE taxes. Wild times.

So let’s take a look at what Dutton said in last year’s speech:

“Taxation is the killer of aspiration.

The working individual supports themselves, their family, community, fellow Australians and our country.

People should be rewarded for their hard work by keeping more of what they earn so they don’t become the new working poor.

The more you keep from what you earn, the less you’re dependent on the state.

And the more freedom and choice you have to realise your aspirations.

Be it studying, travelling, educating children, starting a business, owning a home, or retiring comfortably.

Your money is your money – not the government’s.

Under a Coalition Government I lead, your taxes will always be lower.”

Seems the department of prime minister and cabinet hit send a little bit too early on their scheduled tweet:

Labor know that negative gearing and the CGT discount push up housing prices. That’s why they went to the 2016 and 2019 election saying they would crack down on it.

Their latest budget has shown they still believe this is the case. The budget bans foreigners from buying existing dwellings. This shows Labor knows that investors buying existing housing pushes out first-home buyers.

But foreign buyers only make up a tiny part of the market. If they really want to increase home ownership, they need to reform negative gearing and the CGT discount.

If the Government fixed negative gearing and the capital gains tax discount, we could stop housing speculation, raise billions, and reduce inequality.

Also in the budget:

In its first budget the Government funded work to establish “an independent Makarrata Commission to oversee processes for agreement making and truth telling”. Unfortunately this funding expires this year and the budget includes no further funding. The Prime Minister has said that the money is being diverted, but it seems clear that the Government continues to back away from its commitment to the Uluru Statement from the Heart.

Australia is worried about American tariffs while continuing to adhere to our ‘free trade’ with the US which was a bad deal then and even worse now.

Instead of reconsidering this agreement, the budget shows the Government is spending $20 million (less than $1 per person) to “encourage consumers to buy Australian made products”.

So there are a couple of big rumours which have taken hold in recent hours, and we stress that these are rumours (as in no one will confirm them) but given it’s the last day of the 47th parliament and everything is going a bit nuts, we thought we would fill you in.

One is that Anthony Albanese will call the election tomorrow. That would put an end to estimates and to any momentum Peter Dutton gets in his budget in reply speech (nothing takes attention away like an election!). Given the Oz is already running that Dutton hasn’t even had to give ‘the speech of his life’ to change the game and that the election call is actually a sign of “no confidence” in Chalmers’ budget and NOT BECAUSE THE BUDGET WAS ONLY DELIVERED BECAUSE A CYCLONE DELAYED THE ELECTION CALL THAT WAS ALWAYS GOING TO BE FOR MAY, it is worth nothing.

The other big rumour that is sweeping the place, including Labor offices, is that Peter Dutton will announce the Coalition will make mortgage payments tax deductible. This was floating around yesterday and so far there has been nothing to back it other than the rumour, but given how far it is starting to spread, we thought we would clue you in.

IF that was true:

1. It will obviously mean people can borrow more and bid house prices up
2. It will cost a fortune 
3. The biggest benefits wlll go to those with the biggest mortgages 
4. The higher your income, and the higher your marginal tax rate, and in turn the bigger the benefit