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Good morning!
A very happy Friday to everyone staring down the barrel of a long weekend.
And a sincere apology to Queensland and WA, who are not.
I’ve got 10 seconds
The quote: “The News Bargaining Incentive is not the answer to building a strong, diverse, and independent media. It is a discriminatory tax, applied only to a handful of foreign companies.”
Meta in a blog post on Thursday, responding to the Government’s proposed News Bargaining Incentive. The legislation would require social media platforms to either enter commercial agreements with news publishers or pay more tax.
The stat: 82. The number of occupations Deloitte says are likely to be disrupted by AI. Despite fears of mass job losses, the new report found employment is still growing in those roles, with AI currently acting more as a workplace assistant than a replacement.
The big question:
Yesterday’s results: 73% of you said you plan to travel domestically in the next six months. Thanks for voting - your responses inform TDA's journalism and research. [2,018 votes].
I’ve got 30 seconds
Some headlines from this morning:
SBS has reported an online comedian after she used the broadcaster’s logo in a widely-criticised video. In a ‘skit’ posted to Instagram, Lisa Jane Spencer said she’s chosen to “identify” as Aboriginal. The video includes scenes of face paint, a mock smoking ceremony, depictions of offensive stereotypes, and the unauthorised use of the SBS “Insight” program logo. It comes two weeks after Spencer used the logo in a video mocking the Indian community. SBS released a statement on Thursday saying it's aware of the posts, which “are in no way associated with our content and have been reported.” It also noted SBS “unequivocally condemns all forms of racism”. The video has received widespread condemnation including from Indigenous leaders, who argue the content reinforces harmful stereotypes with real impacts on communities. Spencer has refused to apologise or take the post down, saying her video “satirises white people claiming Aboriginal heritage benefits”.
The Federal Government's tax bill, which includes limiting negative gearing and removing the 50% capital gains tax discount, passed the House of Representatives on Thursday. The measures were first announced in last month's Federal Budget and also include a $250 annual tax offset for working Australians and a $1,000 instant tax deduction. The Coalition voted against the bill, while independent MPs were split - with some supporting and some opposing. The legislation will now go to the Senate where there will be a parliamentary inquiry into the reforms later this month. The Government needs the support of the independents or minor parties to pass the bill in the Senate. Opposition Leader Angus Taylor said the Coalition would support efforts to block the measures.
Together with AAP.
Recommendation of the day
The housing market is losing steam
After years of rising prices, the housing market is slowing.
CBA economists now expect home prices to stay flat in 2026, with higher interest rates, weaker buyer confidence and tax changes all weighing on the market.
Auctions are cooling, homes are taking longer to sell, and investor lending is expected to slow.
For anyone watching prices, rent or who is on the path to buying a first home, it’s a shift worth understanding.
Get the full picture on CommBank Newsroom.
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I’ve got 1 minute
Israel and Lebanon struck a new ceasefire agreement on Thursday following negotiations led by the U.S.
The agreement comes after months of a war that displaced more than one million people in Lebanon.
The new deal is contingent on Hezbollah, a group backed by Iran and classified by Australia as a terrorist organisation, withdrawing from southern Lebanon. The Lebanese Armed Forces would take exclusive control of the territory.
Previous ceasefire attempts have all seen continued fighting. Another round of peace talks will take place in Washington in two weeks’ time.
Reporting by Elliot Lawry.
Quick hits
🎧 On today’s TDA podcast, Features Editor Emma and Copyeditor Lucy discuss why Patagonia is suing a drag queen. Listen or watch on Apple here, Spotify here, or YouTube here.
🌞 Want an update on all the good news you missed from the news cycle this week? You can sign up to TDA Good News here to make sure the explainer is in your inbox every Sunday morning.
Odoo’s Tax Time Tips
👀 Know the difference between cash flow and taxable income before June 30, not after. A few weeks of lead time on your real profit position lets you make smart end-of-year calls. Odoo's live P&L reporting gives you that view whenever you need it.
Transparency: This is a sponsored part of the newsletter - the best way to keep the newsletter free for you.
I’ve got 2 minutes
The U.S. has proposed a new tariff on Australian goods, arguing Australia hasn't done enough to stop products made with forced labour from entering its market.
It is the latest in a series of trade measures imposed by President Donald Trump since returning to the White House in 2025.
Prime Minister Anthony Albanese has called the proposal “unjustified”, saying it would further breach the free trade agreement between the two countries.
Here's what you need to know.
Background
In April 2025, Trump announced widespread tariffs, including a blanket 10% levy on most goods entering the U.S.
A tariff is a tax on imports. It's applied to foreign-made goods brought into another country and paid by the importer.
The goal of tariffs is to encourage companies and consumers to buy locally produced products, boosting domestic industry. Trump has also argued America's trading partners have "ripped off" the U.S.
Despite a longstanding free trade agreement, Australian exports were not exempt from the 10% tariff.
Modern slavery
Modern slavery is an umbrella term for situations where people are forced to work against their will through threats, violence, or deception.
In 2018, Australia passed the Modern Slavery Act, which requires large businesses to report annually on the risk of forced labour in their supply chains.
However, the law is a reporting framework rather than an import ban.
New tariff
The U.S. has its own law prohibiting the import of goods made with forced labour.
It wants its trading partners to have similar restrictions in place, but Australia does not currently have an outright import ban.
U.S. Trade Representative Jamieson Greer said: "This creates a dynamic where American workers are forced to compete globally on an unlevel playing field. We will no longer tolerate this disparity."
In response, the Trump administration has proposed a new 12.5% tariff on goods from 54 countries, including Australia, arguing those nations have not done enough to prevent products linked to forced labour from entering their markets.
The tariff would take effect on 24 July and would replace the existing 10% baseline tariff on Australian exports to the U.S.
Other countries on the list include Canada, New Zealand, Japan, China and Russia.
Response
Albanese said the proposal would violate Australia's free trade agreement with the U.S.
He also rejected the suggestion Australia isn’t doing enough to tackle forced labour, arguing the country has "robust, comprehensive and world-leading legislation addressing forced labour and modern slavery".
Opposition Leader Angus Taylor also said: “It's not what we want to see and we'll fight against rotten tariffs.”
Reporting by Elliot Lawry.
A message from CommBank
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An Uber here. A Chemist Warehouse run there. That Amazon order that felt very necessary in the moment. It adds up.
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Give me some good news
Australian sprint sensation Gout Gout has notched the biggest achievement of his career so far, with his under-20 200m world record officially ratified.
Gout ran 19.67 seconds at the national championships in Sydney on 12 April, becoming the first Australian to legally break the 20-second barrier over the distance. The 18-year-old Queenslander took 0.02 seconds off the previous under-20 world record, set by American Erriyon Knighton in 2022. On Tuesday, World Athletics confirmed Gout's mark had been ratified, alongside five other world records.
TDA titbit
What does an ankle monitor, George Washington hospital discharge papers and an electrical harness have in common?
They've all been left behind in Ubers.
Uber has released its 10th annual Lost and Found Index, revealing the most common (and most bizarre) items passengers have forgotten over the past decade.
Phones topped the list of lost items, New York was named the "most forgetful city", and 17 July was dubbed the "most forgetful day of the year".
Among the stranger finds? Divorce papers, a salmon head and 500 grams of caviar.
TDA asks
