Top World News
Federal budget 2026 winners and losers: rich families, overseas travellers and illegal tobacco – summary
May 12, 2026 - World 
Taxpayers and first home buyers are the winners in Labor’s 2026 budget, while rich families could be among the losers. Find out who is better off and who is worse off in Chalmers’ budgetFederal budget 2026 LIVE updates: Australia government budget announcement and speech – latest newsExplore all of our 2026 Australia federal budget coverageGet our breaking news email, free app or daily news podcastBeing a winner or a loser from the federal budget can be the difference between hundreds of dollars – or tightening your belt even further.Tuesday’s federal budget comes at a strange time. Donald Trump is waging a war on Iran that is impacting fuel supplies globally, including Australia. Inflation is still causing havoc on household budgets. Government programs are costing more than ever. Continue reading...
U.S. Navy unveils 30-year plan to rebuild American shipbuilding
May 12, 2026 - World 
The Navy on Monday rolled out a 30-year plan to bolster American dominance at sea, focusing on rebuilding a stagnant industrial base and creating a lethal fighting force.
Huge cuts to national disability insurance scheme aim to save more than $36bn in budget’s largest single measure
May 12, 2026 - World
NDIS changes foreshadowed by health minister Mark Butler will drastically reduce access to the scheme, with nearly 700 staff positions to go at NDIAFederal budget 2026 LIVE updates: Australia government budget announcement and speech – latest newsExplore all of our 2026 Australia federal budget coverageGet our breaking news email, free app or daily news podcastThe government expects to recoup $36.2bn by curbing the national disability insurance scheme’s growth over the next four years as it looks to return to the NDIS’s “original purpose” of supporting people with “significant and permanent disability”.The treasurer, Jim Chalmers, said the budget’s savings package amounted to genuine economic reform, beyond the “usual nips and tucks”. Continue reading...
Budget 2026 Australia: Jim Chalmers announces capital gains tax and negative gearing reform for housing
May 12, 2026 - World
Labor’s ambitious and politically risky tax reform aims to help first home buyers and foster intergenerational fairnessFederal budget 2026 LIVE updates: Australia government budget announcement and speech – latest newsExplore all of our 2026 Australia federal budget coverageGet our breaking news email, free app or daily news podcastJim Chalmers has announced the most ambitious and politically risky tax changes since the Howard era as part of a federal budget that defies the looming economic threat of the Iran war to push Australia along the “hard road to reform”.Arguing that the Australian public is ready for difficult choices aimed at reviving intergenerational fairness and the collapsing dream of home ownership, the government will scale back tax breaks for landlords by abolishing negative gearing for new investors and replacing the 50% capital gains tax discount with the inflation-linked approach that existed before 1999. Continue reading...
NATO allies' war game tests response to Russia and to US support
May 12, 2026 - World 
A war game scenario by NATO allies involves Sweden facing a threat and Ukraine on hand to advise on drone warfare
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