Speaker 1: Today's biggest News from The Australian. I'm Claire Harvey with
Speaker 1: the Front's afternoon headlines. If you have a job, you'll
Speaker 1: be getting a two hundred to three hundred dollars gift
Speaker 1: from the federal government in next Tuesday's federal budget. Treasury
Speaker 1: Jim Chalmers is calling it an earned income offset, and
Speaker 1: it'll show up in your tax return, a way of
Speaker 1: recognizing the difference between those who earn wages and pay
Speaker 1: tax and those who live off savings or other forms
Speaker 1: of income. It's already making economists nervous, though, because the
Speaker 1: government's been repeatedly warned not to go nuts with stimulus
Speaker 1: that is, splashing cash around the economy when inflation's already
Speaker 1: a serious problem. On that, the Reserve Bank has jacked
Speaker 1: the cash rate up in an attempt to stop Australians
Speaker 1: spending so much, and banks are busy putting their mortgage
Speaker 1: rates up to match. When you add in three billion
Speaker 1: dollars worth of cuts to the fuel excise, the government
Speaker 1: is definitely increasing the cash in taxpayers pockets and that
Speaker 1: could push rates higher if price inflation keeps growing. The
Speaker 1: budget's other big moves will include scrapping negative gearing for
Speaker 1: existing properties that's designed to help young Australians get into
Speaker 1: homes by making property less attractive to investors and rejigging
Speaker 1: the way capital gains attacked on all kinds of investments.
Speaker 1: Anthony Albanesi and Charmers will sell this as intergenerational equality,
Speaker 1: making the tax system fairer for young people and reducing
Speaker 1: some of the benefits being enjoyed by wealthy older people
Speaker 1: with investments in property and other assets. The changes would
Speaker 1: be at least partly grandfathered, meaning they would not apply
Speaker 1: to all presently owned assets. The three hundred dollars cash
Speaker 1: splash is a scoop in The Australian Today by our
Speaker 1: economics editor Matthew Cranston. Matt breaks all the big yarns
Speaker 1: about the government's plans well before they want you to know.
Speaker 1: Join us subscribers at Beaustralian dot com dot a U
Speaker 1: to make sure you're always the first to know. In
Speaker 1: other news, the Royal Commission into Anti Semitism and Social
Speaker 1: Cohesion has been hearing stories of shocking racist abuse directed
Speaker 1: at Jews here in Australia, with one man claiming New
Speaker 1: South Wales police discouraged him from pursuing action against a
Speaker 1: man who shouted abuse at him on Sydney's Oxford Street
Speaker 1: while performing Nazi salutes and gun gestures. The man near
Speaker 1: Goland said he'd been targeted by online trolls for giving
Speaker 1: evidence of the Royal Commission. Commissioner Virginia Bell said it
Speaker 1: would be a criminal offense if anyone took adverse action
Speaker 1: arising from his evidence. The Royal Commission live stream is
Speaker 1: on our website right now, along with all our analysis
Speaker 1: and come back to the front first thing in the
Speaker 1: morning for our look at the latest in the case
Speaker 1: of Jefferson Lewis, the man accused of murdering a five
Speaker 1: year old girl in the Northern Territory. She disappeared from
Speaker 1: just outside Alice Springs, a town camp that's one of
Speaker 1: Australia's most troubled communities, and our reporter Lean Mendez has
Speaker 1: been speaking to residents about the camps, their relationships with police,
Speaker 1: and why politicians suddenly don't want to talk about it.
Speaker 1: That's right here Wednesday morning.