Australia politics live: bank expects home price reduction from budget to be more than twice government forecast

Commonwealth Bank economists expect 5% drag on home prices from tax changes, compared with Treasury forecast of 2%. Follow today’s news live

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Watt ‘confident’ tax legislation will pass Parliament

Environment minister Murray Watt, says the government is confident that the crossbench will support the government’s contentious budget bill after it passes through the House (likely today on Labor’s timeline).

We’re confident, at the end of the day that the crossbench will see that our budget and legislation is about tax cut to every single working Australian.

It screams that they’re a bit like not letting us know what their plans were heading into the budget with the taxes they were going to impose that they don’t want to bring that to the parliament. And so they’re leaving that in Jim Chalmers back pocket for him to change at a later date …

The fact that you’re thinking that crashing the housing market is the solution to the housing [crisis].