It’s Thursday the 24^th of July 2025. The federal Labor government yesterday introduced bills to cut student debt and put safeguards around funding of childcare facilities. Both look like being backed by the Coalition. Opposition leader Sussan Ley is already embroiled in a debate around a net zero target with MPs from the National Party. And the first Question Time of the 48th parliament was dominated by capital gains tax, particularly superannuation.

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News in brief

In the housing market, prices in all eight capital cities are now rising – the first time that’s happened in four years – thanks to lower interest rates. House prices are now at record highs in Sydney, Brisbane, Adelaide and Perth while Melbourne and Hobart are at their highest levels in several years, according to online property group Domain. To see what houses are now worth in each capital city, check the table at the end of this email.

In the rental market, over the past five years the median weekly rent has jumped 43 per cent, or $200 to $665 a week, according to Cotality. If you annualise out the increase, it means people are paying about $10,000 a year more than pre-COVID for the same rental.

New research suggests that more than 50 per cent of Australians now rely on federal and state governments as their main source of income. That includes welfare payments and subsidies as well as public-sector wages.

National Australia Bank CEO Andrew Irvine has spoken for the first time about reports that investors were concerned about his socialising, which drew scrutiny from the board, saying it’s been difficult for him and his family.

The US and Japan have done a trade deal which President Donald Trump says will result in Japan investing $US550 billion into the world’s biggest economy, in return for a reduced 15 per cent tariff.

Fear-o-meter

It took about an hour before the schisms in the federal coalition appeared. Or maybe they never disappeared because once again it was over net zero timelines – the reason the coalition briefly split after the federal election in May.

Sussan Ley has got a tough job keeping the band together. National Party leader David Littleproud has two former leaders, Michael McCormack and Barnaby Joyce, agitating from the sidelines. Littleproud also has a track record of not reading the (party) room, so it’s debatable how much help he will be to Ley.

Meanwhile the Labor Party is basking in election glory. Yesterday’s line of attack from the Opposition in Question Time was taxation of earnings on super balances above $3 million. It isn’t exactly a mainstream topic that’s upsetting the battlers in the outer suburbs.

Who's talking today?

On changing consumer behaviour, and what it means for a whole range of retailers:

"We're seeing the number of times people are going to the pharmacy increasing, and we're seeing them spending there. And we think a lot of that has to do with what we call grocery migration. So there's obviously this battle around toilet paper and personal care and beauty products that's going on pharmacy versus the big grocery outlets. And we ask our members... why, when we know they've bought those particular products, why did you choose the pharmacy, not the supermarket?

And the three top answers that we're getting back are, I found that the discounts or the pricing better in the pharmacy. I was already in the pharmacy, so it was easier to buy while I was there. And the supermarket didn't have the exact brand or product that I wanted. So pharmacy sort of starting to encroach into that space as we're seeing Bunnings do, I suppose, a little bit with things like laundry detergent and that sort of thing."

Greed-o-meter

Good news for homeowners, with all eight capital cities posting simultaneous house price growth for the first time in four years. Here's what houses are worth around the country according to Domain Group’s June Quarter House Price Report.

Source: Domain

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