News and politics live updates: Finance Minister keeps fuel excise extension on table after US-Iran ceasefire

Anthony Albanese is speaking to media at the house of two young new homeowners in Clifton Springs in Victoria’s Bellarine Peninsula.

The Prime Minister knocks over reports this morning that the government is contemplating including carve-outs for start-ups and other small businesses in the changes to capital gains tax discounts that it wants legislated in the next fortnight.

He describes the bill before Parliament now as the framework, and says there will be further legislation later in the year.

“What we’ve had is consultation up to this point. That (Treasury) discussion paper will go out, which will enable further input, which will be fed into the legislation later this year,” he said.

Senate watchers are preparing for the traditional end-of-session legislative stand-off in the next fortnight.

This time the Government’s high-stakes bills are the ones that cut billions from the NDIS, and impose the controversial changes to the capital gains tax discount and negative gearing while setting up the $250 working Australian tax offset and the $1000 standard deduction.

Two speedy committee inquiries into these bills are due to report this week, clearing the way for debate to start on Monday.

However, the NDIS committee has just been given a three-day extension on its inquiry, which was supposed to report today.

It will now report on Friday, the same day as the committee that’s examining the tax bill.

Finance Minister Katy Gallagher has refused to be drawn on whether the Government will extend its temporary fuel excise relief, saying ministers are closely watching global oil markets following the US-Iran ceasefire agreement.

With the rebate due to expire at the end of June and a decision expected within days, Ms Gallagher said fuel prices remained under review as events in the Middle East continue to unfold.

“Let’s see what happens from the agreement that’s been reached in the Middle East. We saw the price of oil fall quite a bit yesterday, but it has been moving around a bit over the last couple of months,” she told ABC Radio National Breakfast.

“This is something we keep under active consideration. We want to help people with these kind of sharp hits to household budgets.”

A fiery television clash has erupted over Labor’s controversial tax overhaul, with Opposition Treasury spokesman Tim Wilson accusing the Government of misleading voters and ignoring growing concerns from small business owners.

The heated exchange unfolded after Employment Minister Amanda Rishworth defended the reforms and pointed to the ongoing Senate inquiry examining the package.

“I would say that anyone has had an opportunity to, put in a submission to the inquiry and of course there have been a number of witnesses over two days,” Ms Rishworth told Today.

“Oh get real, Amanda,” Mr Wilson shot back.

The argument quickly escalated, with Mr Wilson accusing Labor of breaking promises made before the election.

“Oh grow up Amanda, that’s not true. Small business around the country are screaming for help and your answer to this is to censor and silence them. There’s a point where Australians deserve to have their say,” he said.

“You didn’t give it to people at the last election; you lied before the Australian people before the last election, you’re now ramming it through the Parliament.”

Ms Rishworth dismissed the accusation, replying, “I’m going to stop you there, that’s just ridiculous.”

The Greens have referred KPMG to the National Anti-Corruption Commission after allegations the consulting giant misused confidential client information to get more audit work, and accusations that it mistreated a whistleblower.

Last night, Finance Minister Katy Gallagher announced her department was reviewing dealings with KPMG, and the company said it wouldn’t apply for new government contracts for three months.

But Greens senator Barbara Pocock said that was “a slap on the wrist with a stick of limp celery”, and there should also be a ban on extending any of the 297 existing contracts the Commonwealth has with KPMG.

“I’ve referred KPMG to the NACC because the Government is too deep in contracts worth millions to be able to act independently,” she said in a statement.

“The Government has learned nothing from the PwC scandal. They are giving the second of the Big 4, KPMG, a second chance when they have shown us that their ethics are for sale.”

Three explosions have been heard in the Strait of Hormuz, with Iran media claiming they were due to “traffic management”.

Iran’s Mehr news agency said the explosions were heard south of Qeshm Island in the strait, adding that the blasts were likely carried out to “manage traffic in the strait.”

Pauline Hanson accuses Labor of being “scared” by One Nation, which she says has delivered Anthony Albanese a “wake up call” with its “Fire The Liar” campaign.

More than 60,000 people have donated at least $3 million to the campaign over a matter of days, according to One Nation, which has surged in the opinion polls this year.

Senator Hanson has pledged to use the funds on helicopter flying banners targeting the Prime Minister during the second State of Origin clash at the MCG on Wednesday.

Arriving in Sydney on Monday, the One Nation leader reiterated her intent to “be signing candidates in every lower house seat and the Senate across this nation, as we have done previously”.

“Labor are scared,” she said.

“The Prime Minister has had a wake up call, especially with Fire the Liar fund that we put out.

“You’ve had over 60,000 Australians that have donated to that fund.

“These are people that possibly can least afford it, but they want to get rid of this Albanese Labor government, and they’re supporting our fight to do that.”

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A month after Labor unveiled its sweeping housing tax reforms, Finance Minister Katy Gallagher is still being forced to explain what they mean for Australians.

Appearing on Sunrise on Tuesday morning Ms Gallagher was forced to defend the Government’s controversial captital gains tax changes and rejected concerns they could drive investors, entrepreneurs and young Australians overseas, arguing the reforms were needed to fix a housing market that had locked a generation out of home ownership.

But pressed on persistent confusion surrounding the changes, Ms Gallagher conceded Labor would need to keep making its case.

“I think when you have big changes, and this is a big reforming Budget, that you’re always going to get a lot of feedback,” she said.

“We’re gonna have to keep fronting up and keep explaining those changes.”

The Finance Minister argued the existing system was failing younger Australians and said Labor’s reforms were designed to give first-home buyers a better chance of entering the market.

“We believe we made these decisions for the right reason,” she said.

“The housing market wasn’t working for a whole group of people, particularly young Australians who were getting locked out of the housing market.”

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Benjamin Netanyahu has hailed the US-Israeli military campaign against Iran as a defining success, arguing it had removed an existential threat to Israel and significantly weakened Tehran’s ability to target the Jewish state.

“The most important thing is that we saved the State of Israel from the threat of nuclear annihilation,” Mr Netanyahu told reporters.

He said millions of Israelis “would have been in terrible danger of mass death… And we have pushed away from us, for years, this danger of the annihilation of Israel’s population.”

Despite the newly signed US-Iran agreement, Mr Netanyahu signalled Israel would maintain a military presence across the region, saying Israeli forces would remain in Gaza, Lebanon and Syria “for as long as necessary.”

Benjamin Netanyahu has doubled down on Israel’s determination to stop Iran from obtaining a nuclear weapon, making clear that any US-brokered agreement will not limit Jerusalem’s ability to act if it believes its security is under threat.

Speaking to reporters, the Israeli Prime Minister said Israel would continue to “do what is necessary” to prevent Iran developing nuclear weapons and defend itself against attacks from Hezbollah, adding, “I’m not limiting myself in this regard.”

Drawing a distinction between the current agreement and the Obama administration’s 2015 nuclear deal, Mr Netanyahu argued any diplomatic arrangement must be backed by force. “Back then, there was no credible military threat.

Today, because of what we did — not only the United States, but also because of us, because we entered there with 14,000 sorties — that is the biggest difference,” he said.

Mr Netanyahu claimed the missions were split “roughly half and half” between Israel and the United States, saying they demonstrated that “there is a credible military threat.”