Wednesday 13th May 2026

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Whether it is Chalmers' budget, Starmer’s fight for survival, or the eerie calm of a stalled Gulf ceasefire, the global economic landscape is shifting in ways that are anything but peaceful. Jim Chalmers' first major federal budget has delivered a blow to property perks by ending negative gearing for existing builds, even as an extra $18 billion in government spending threatens to complicate the RBA's fight against inflation. Phil talks to NAB's Gavin Friend about this domestic shake-up, including a spike in purchase costs in the latest NAB Business Survey and Australian consumer confidence plunging to COVID-era lows. Alongside all this a hot U.S. CPI print of 3.8% that has sent equities lower and yields higher. In the UK, Keir Starmer’s leadership crisis has pushed 10-year gilt yields higher still, while in the Middle East, the "nothing happening" news is actually the worst news of all: satellite imagery confirms Iranian exports from Kharg Island have completely stopped.

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