Brisbane news live: Queensland demands GST reform as state faces years in the red
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Queensland demands GST reform as state faces years in the red
Queensland's LNP government has demanded a bigger slice of the GST pie, as its first budget forecast deficits until at least the next state election.
Premier David Crisafulli said a $2.3 billion cut to Queensland's GST allocation from the Commonwealth was a 'significant kick in the pants' for the state's budget and a significant driver toward's the state's $8.6 billion deficit in 2025-26.
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The Commonwealth Grants Commission's GST allocation will leave Queensland with its lowest-ever share of GST – largely due to the state's coal royalties, introduced by the former Labor government in 2022, which had reduced its call on the GST pool to cover the provision of services across the state.
'It's just not fair. The fundamentals of the way that the GST is carved up is unfair, where one state can be penalised because of poor performance for others in one year,' Crisafulli said.
This story continues here.
7.16am
Some winter warmth in the wind
After what's expected to be an overcast morning, the sky over Brisbane is forecast to clear today, with several sunny days ahead.
But a top temperature of 23 degrees – after what's predicted to be a windy morning – should spell the last of the 'warm' days this week, with the rest of the week to feel several degrees cooler.
Here's the seven-day outlook, into the weekend and beyond:
7.13am
While you were sleeping
Here's what's making news further afield this morning:
US President Donald Trump has unleashed a tirade on Israel for violating his ceasefire, saying both it and Iran 'don't know what the f--- they're doing' in an unprecedented display of rage at a close American ally.
The ceasefire between Israel and Iran is now 'in effect', US President Donald Trump claimed, after both sides were accused of violating the agreement. Follow our live coverage here.
Closer to home, Opposition Leader Sussan Ley will order a second, sweeping review of the Liberals' core purpose and direction after acknowledging her party had been 'smashed' by Labor at the federal election.
New Labor MPs received an orientation in Parliament House on Tuesday, and with many of them personally loyal to the prime minister, Albanese's grip on party has tightened considerably.
In the mushroom murder trial, accused triple murderer Erin Patterson may be a self-confessed liar, but the Supreme Court in Morwell is 'a court of law, not a court of morals', the judge in the case has reminded the jury.
And sprinter Gout Gout had to wait for the midyear school holidays to make his professional racing debut in Europe, but when he did in the Czech Republic overnight, the Queensland teenager flew to a national record.
7.12am
The top stories this morning
Good morning, welcome to Brisbane Times' live news coverage for Wednesday, June 25. Today we can expect possible early showers before a sunny day, with a top temperature of 23 degrees.
In this morning's local headlines:
Brisbane has been named Queensland's top destination, attracting four in every 10 visitors to the state, and setting international records. The data places New Zealand as Brisbane's top international market, accounting for 248,000 visitors during the surveyed period.
If you'd like some proof of overseas arrivals, look no further than the YouTube pages dedicated to Brisbane Airport livestreams. Between them, Only Planes Network and Julia Flights have more than 65,000 subscribers from all around the world.
And we've scoured the LNP's first Queensland budget since 2014 to find the biggest winners and losers, so you don't have to read more than 600 pages of detailed financial information. Here's a three-minute guide to where the money is going.
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'I need help with you': Trump's blunt message to Putin
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The Advertiser
an hour ago
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Asian markets mixed, $US sags after Iran-Israel truce
Asian have stocks stabilised as crude oil hovered near multi-week lows as a ceasefire between Israel and Iran buoyed sentiment, even as hostilities threatened to flare up again. The US dollar wallowed close to an almost four-year trough versus the euro with two-year US Treasury yields sagging to one-and-a-half month lows as lower oil prices reduced the risk to bonds from an inflation shock. The shaky truce has so far held, although Israel says it will respond forcefully to Iranian missile strikes that came after US President Donald Trump had announced an end to the hostilities. In addition, US air strikes did not destroy Iran's nuclear capability and only set it back by a few months, according to a preliminary US intelligence assessment, contradicting Trump's earlier comments that Iran's nuclear programme had been "obliterated". In Asia, morning trading was mixed with Japan's Nikkei index and Australia's ASX both flat, while Taiwan's index gained one per cent. 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The US dollar index, which measures the currency against six major counterparts, slipped 0.1 per cent to 97.854. The dollar slipped 0.1 per cent to 144.70 yen. The euro added 0.1 per cent to $US1.1625, edging back towards the overnight high of $US1.1641, a level not seen since October 2021. Federal Reserve Chair Jerome Powell said on Tuesday that higher tariffs could begin raising inflation during the northern summer, a period that will be key to the US central bank considering possible interest rate cuts. Powell spoke at a hearing before the House Financial Services Committee. Data showed that US consumer confidence unexpectedly deteriorated in June, signalling softening labour market conditions. Markets continue to price in a roughly 18 per cent chance that the Fed will cut rates in July, according to the CME FedWatch tool. Asian have stocks stabilised as crude oil hovered near multi-week lows as a ceasefire between Israel and Iran buoyed sentiment, even as hostilities threatened to flare up again. The US dollar wallowed close to an almost four-year trough versus the euro with two-year US Treasury yields sagging to one-and-a-half month lows as lower oil prices reduced the risk to bonds from an inflation shock. The shaky truce has so far held, although Israel says it will respond forcefully to Iranian missile strikes that came after US President Donald Trump had announced an end to the hostilities. In addition, US air strikes did not destroy Iran's nuclear capability and only set it back by a few months, according to a preliminary US intelligence assessment, contradicting Trump's earlier comments that Iran's nuclear programme had been "obliterated". In Asia, morning trading was mixed with Japan's Nikkei index and Australia's ASX both flat, while Taiwan's index gained one per cent. Hong Kong's Hang Seng rose 0.6 per cent and mainland Chinese blue chips fell 0.1 per cent. US stock futures were little changed. An MSCI index of global stocks held steady after climbing to a record high overnight. Brent crude ticked up 81 cents to $US67.95 per barrel, bouncing a bit following a plunge of as much as $US14.58 over the previous two sessions. US West Texas Intermediate crude added 70 cents to $US65.07 per barrel. "Despite the cease fire between Israel and Iran appearing somewhat tenuous, the markets are shrugging it off," said Kyle Rodda, senior financial markets analyst at "Realistically, the markets don't care if a limited conflict comprised of mostly air strikes continues between the two countries," he said. "It's the prospect of a broader war, with deeper US intervention and an Iranian blockade of the Strait of Hormuz that really matters. And for now, the risks of that seem low." The two-year US Treasury yield dipped to the lowest since May 8 at 3.787 per cent. The US dollar index, which measures the currency against six major counterparts, slipped 0.1 per cent to 97.854. The dollar slipped 0.1 per cent to 144.70 yen. The euro added 0.1 per cent to $US1.1625, edging back towards the overnight high of $US1.1641, a level not seen since October 2021. Federal Reserve Chair Jerome Powell said on Tuesday that higher tariffs could begin raising inflation during the northern summer, a period that will be key to the US central bank considering possible interest rate cuts. Powell spoke at a hearing before the House Financial Services Committee. Data showed that US consumer confidence unexpectedly deteriorated in June, signalling softening labour market conditions. Markets continue to price in a roughly 18 per cent chance that the Fed will cut rates in July, according to the CME FedWatch tool. 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Sky News AU
an hour ago
- Sky News AU
Jim Chalmers lobbies Trump administration on potential ‘revenge tax'
Treasurer Jim Chalmers has lobbied his US counterpart to address a so-called 'revenge tax' that could smash Australian super funds and investors. The tax is part of US President Donald Trump's 'One Big Beautiful Bill', which is currently before the US Congress, and has sparked fears among Australian investors, businesses, and shareholders. Mr Chalmers held a phone call with US Treasury Secretary Scott Bessent to raise the concerns directly with him on behalf of Australia's business sector.
