WA's share of the budget

Lingering conflict in the Middle East could cause Australia's economy to contract and unemployment to spike to pre-pandemic levels, Treasury warns in the nation's fiscal blueprint.

The federal government is replacing the 50 per cent capital gains tax discount with a new minimum rate and is restricting negative gearing to new home builds from budget night onwards.

Young people entering the housing market face such difficulties that the government needs to break a election promise on controversial tax changes, Treasurer Jim Chalmers insists.

Paul Holmes à Court's Heytesbury will take over a global shipping company's live export business in a deal that includes the acquisition of the world's largest purpose-built fleet of livestock ships.