🇦🇺 Australian Politics

May 4th, 2026

Today's top 5 stories, curated by Daily Direct.

Guardian AU

Albanese won’t bring in a gas export tax next week – but he’ll struggle to hold off pressure forever

Albanese is shelving plans for a gas export tax in the upcoming budget, unwilling to strain ties with Asian energy partners amid an ongoing fuel crisis. But with domestic pressure mounting over energy costs, the government's reprieve may be temporary. The tension between trade diplomacy and local affordability looks set to define the issue for years to come.

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Guardian AU

Will the evolution of Labor’s Left from firebrands to centrists define Albanese’s leadership?

Labor's Left faction holds unprecedented power within the Albanese government, yet its MPs have largely abandoned the firebrands politics that once defined them — backing AUKUS without question and staying silent on Trump's provocations. Veterans like Doug Cameron are calling out the contradiction, asking where the anti-war voices have gone inside caucus. The shift raises a fundamental question about whether ideological accommodation to the political centre has hollowed out the Left's reason for existing.

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Guardian AU

Jim Chalmers rules out fuel excise extension and downplays hopes for tax relief in ‘most responsible’ budget yet

Australia's May federal budget will prioritize inflation control over cost-of-living relief, Treasurer Jim Chalmers has confirmed, ruling out an extension to the fuel excise cut and cooling expectations of further tax relief for workers. Chalmers described the upcoming budget as his "most responsible" yet, signaling fiscal restraint will take precedence as the government navigates persistent economic pressures. The comments also suggest Labor may be preparing to revisit its pre-election promise to leave negative gearing untouched.

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Guardian AU

Australia news live: Chalmers says budget will pay down more debt; families of Bondi shooting victims to take stand at royal commission

Australia's Treasurer Jim Chalmers has signaled next week's federal budget will prioritize debt reduction, spending less than it takes in. Meanwhile, the royal commission into antisemitism opens its public hearings with testimony from families of Bondi terror attack victims, including Sheina Gutnick, daughter of victim Reuven Morrison. The dual developments mark a significant day in Australian public life, with both fiscal policy and the nation's response to antisemitic violence under scrutiny.

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Guardian AU

Australia and Japan sign agreements on defence, energy and critical minerals – video

Australia and Japan have deepened their bilateral ties, with Prime Ministers Albanese and Takaichi signing a sweeping set of agreements covering defence, energy trade, and critical minerals. The deal elevates the two nations' "special strategic partnership" and is designed to bolster economic resilience against global disruptions. For Australia, the pact signals a strategic push to reduce exposure to the kind of supply chain shocks currently being driven by Middle East instability.

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