Prime Minister Anthony Albanese has defended Treasury predictions that Australian house prices will continue to climb despite proposed tax reforms, arguing the government’s policies remain focused on affordability. The remarks came during a heated parliamentary session where opposition MPs seized on the forecast to question Labor’s housing strategy.
Albanese’s defense unfolds against a backdrop of intensifying scrutiny on major accounting and consulting firms. The government released an options paper to improve regulation of the sector, responding to what the PM described as “completely unacceptable” behavior by some firms that “involved breaches of the law.”
Two EY graduate employees on secondment at Commonwealth Bank were sacked after allegedly accessing the PM’s personal bank account details. “It’s appropriate that charges have been laid,” Albanese said, calling the privacy breach “alarming” given the contractor’s access to sensitive systems.
The scandal adds to pressure on Labor from multiple fronts. Greens senator Sarah Hanson-Young confirmed her party is in talks with the Coalition to push for stricter gambling regulations, potentially testing the government’s legislative agenda. Meanwhile, the KPMG controversy continues to simmer, compounding reputational damage across the consulting industry.
Critics argue the government’s regulatory response remains too slow and reactive. With both Coalition and Greens eyeing political advantage, Labor faces a delicate balancing act between addressing corporate misconduct and defending its economic forecasts.