Albanese's Midterm Melancholia: Labor's Housing Wobble, One Nation Surge, and Coalition Collapse

Treasurer Jim Chalmers has conceded that Labor's May budget tax changes have played a role in dragging down house values, defending Treasury forecasts that predicted only a 2% price dip over two years. The official line remains that the changes are necessary for fairness, but the admission is a rare backstep for a government that once promised to make housing more affordable.

Off the Record

Behind the scenes, a deeper malaise has set in at Anthony Albanese's...