Housing Turmoil and Algorithm Blame | Adelaide News

0:00Alright, let's talk about the housing market. Treasurer Jim Chalmers was put on the spot this week and pretty much every question he got was about house prices. This comes after the government changed its tune on negative gearing and the capital gains tax discount. Treasuries own forecast said growth would slow by 2% over a few years and now we're seeing drops in capital cities with some banks. Predicting prices could fall as much as 13%. Chalmers is saying these price swings are normal and that interest rates are the main driver not the tax changes. But then another minister, Matt Disseldweight, went on TV and said, those tax changes definitely played a role. Chalmers later admitted it was one of several reasons, making his defense a bit tougher to sell. Meanwhile, the Treasurer is blaming social media algorithms for pushing disturbing rubbish and making it harder to have sensible conversations about. The economy, he feels these algorithms are messing with our social cohesion and how we tackle big problems.

1:00Prime Minister Albinese agrees, saying algorithms fuel polarization and that people should have more control over what they see online. On a different note, the coalition has put forward a plan to cut the tobacco excise and legalize in tax vapes and nicotine pouches. They're arguing this would push people away from the illegal market. The parliamentary budget office has looked at the numbers but the coalition has it released the details yet. And finally, Prime Minister Albinese was in Palau for the Pacific Islands Forum. This event is meant to highlight the impact of climate change on Pacific nations, but not many leaders from outside the region have confirmed there. Attending. Also, Defense Minister Richard Marles gave a framed copy of the ANZU's treaty signed by the Prime Minister to a member of the Trump Administration too. Market 75th anniversary. That wraps Adelaide News today. Brought to you with AI. I'm Corey with the story.