Australia news live: Ley urges Liberals to accept Farrer loss to One Nation with ‘humility’, saying ‘voters never get it wrong’

Former Liberal party leader resigned as member for Farrer after she was dumped as opposition leader. Follow updates live

Speaking earlier on Sky News, treasurer Jim Chalmers says the housing tax system is “broken” “unfair” and “unacceptable” in his strongest defence yet of the case for breaking a promise not to touch negative gearing and the capital gains tax discount.

Changes to the property investor tax concessions are expected to be the centrepiece of the budget that Chalmers hands down on Tuesday night.

The budget on Tuesday night will signal, I think, a year of more ambitious reform which recognises that the status quo in housing and tax is broken, it is unfair, it is unacceptable. A lot of the work and all of the comments that we have made in the past has reflected that overwhelming focus on (housing) supply, as the prime minister said. But there are additional steps that need to be taken to make the housing market fairer.

It wasn’t a byelection, it was a bloodbath for the Coalition. Angus Taylor went big on division and lost really badly. It should come as a surprise to nobody after how badly he failed as shadow treasurer that he’s now failing as leader, and it would surprise me if the clock wasn’t already ticking on his leadership.