News and politics live: Labor and Coalition clash over CGT carve-outs as Mark Butler rejects backdown claims

Lendlease chief executive Tony Lombardo told a Federal Parliamentary inquiry he had met with KPMG’s then CEO Andrew Yates in May 2025 regarding a whistleblower’s allegation confidential board papers from construction group Lendlease were used to security audit contracts with the likes of Westpac and Dexus.

“I had a face-to-face meeting with the then CEO of KPMG - it was an update on a number of different matters but the whistleblower matter was raised at the end of that meeting,” he said.

“It was alleged that the whistleblower had information about the use of Lendlease board papers and the allegation was around those documents being stored in an individual’s locker at the time.

“KPMG had informed myself at the time that they had investigated the matter and had not substantiated the matter.”

Labor senator Deborah O’Neill, who aired allegations about the conduct in the Senate in March, asked Mr Lombardo if this was a formal meeting.

“It was a catch-up that I had scheduled with the then CEO at the time, Andrew Yates; it was a general business catch-up and at that meeting, the whistleblower matter that had arisen, I’d been informed about that,” Mr Lombardo said.

Health Minister Mark Butler has dismissed suggestions he’ll become the next Prime Minister as “rubbish” during a TV clash with opposition frontbencher Tim Wilson.

Appearing on Channel Seven’s Sunrise on Friday morning, Mr Butler – a factional ally of the Prime Minister who is increasingly tipped as a possible successor – was asked about the relationship between Treasurer Jim Chalmers and Anthony Albanese.

“This is an enormously productive relationship, which I watch up close,” Mr Butler said, prompting the Liberal frontbencher to shoot back with a bold political prediction.

Mr Wilson responded: “He does watch it up close, because I suspect this is the Treasurer’s last budget and the Prime Minister’s probably going to fall with him.”

“The person who’s going to win out of that is going to be Prime Minister Mark Butler.”

Mr Butler shot back: “Total rubbish, Tim”.

Liberal frontbencher Andrew Bragg has accused the Government of botching its tax reform agenda, arguing Labor’s decision to water down key Budget measures amounted to an admission the original policy was flawed.

Speaking on ABC Radio National Breakfast on Friday, Senator Bragg said changes to capital gains tax concessions and testamentary trust arrangements had exposed weaknesses in the Government’s plan.

He claimed younger Australians would ultimately bear the burden of the reforms.

“The budget measures have more holes than a piece of Swiss cheese,” he said.

“Younger Australians will now face a punitive tax system on the capital side or on the income pay-as-you-go side. So that’s what we really object to that.

“This has not been a recalibration of the tax system. This has been an increase in capital gains tax and virtually nothing on the pay-as-you-go side.”

Opposition Leader Angus Taylor has declined to say whether the Coalition would support an extension of Labor’s temporary fuel excise cut, as pressure mounts on the Government to decide whether the cost-of-living measure will continue beyond the end of June.

Speaking on ABC News Breakfast on Friday, Mr Taylor said the Coalition was closely monitoring global oil prices following the US-Iran ceasefire but stopped short of backing an extension.

“The oil price is down from where it is. We’re watching it very closely. It could pop in the other direction very quickly as well,” he said.

“We’ll watch it over the next couple of days. There’s definitely been a big reduction since the ceasefire has occurred and that is a good thing.”

Prime Minister Anthony Albanese has indicated the Government will make a decision on the future of the excise cut within days.

Treasurer Jim Chalmers has left the door open to extending Labor’s temporary fuel excise cut beyond the end of June, while defending the Government’s revised capital gains tax reforms against claims it is scrambling to fix a flawed policy.

Speaking on ABC Breakfast on Friday, Dr Chalmers repeatedly refused to rule out extending the fuel excise relief, which was introduced after fuel prices surged during the Middle East Conflict. While stopping short of committing to an extension, he stressed the measure remained under active consideration.

“We’re reviewing it from week to week,” he said.

“Obviously, we’ll need to make a decision between now and the end of the month.”

“It is important cost-of-living help.”

The Treasurer said a final decision would be made “before long”, with less than two weeks remaining before the cut is due to expire.

The comments came as Dr Chalmers was forced to defend Labor’s handling of its controversial capital gains tax changes after weeks of backlash from business groups, investors and the start-up sector. He rejected suggestions the Government was conducting a post-Budget repair job, arguing consultation had always been part of the process.

Read more.

Health Minister Mark Butler has defended Labor’s decision to soften parts of its controversial capital gains tax package, arguing the revised measures remain true to the Government’s broader tax reform agenda.

Appearing on Channel Seven alongside Shadow Treasurer Tim Wilson on Friday morning, Mr Butler said the changes announced on Thursday followed extensive consultation with business groups and would deliver a more balanced outcome.

“There was some consultation happened before budget night, we’ve continued that in a very deep engagement with business in particular and I think delivered a clearer and more balanced package,” Mr Butler said.

The Government this week increased the small business turnover threshold for capital gains tax concessions from $2 million to $10 million, after concerns were raised by small businesses and investors following the May Budget.

Mr Wilson accused Labor of backtracking under pressure, claiming the Government had been forced into a retreat after a public backlash.

“It’s quite clear yesterday the prime minister and the treasurer were hostage at their own press conference as they’ve been brought to heel by the Australian people,” he said.

“The government is now trying to gloss over it and polish a turd is the expression I’m using, or polish a tax turd.”