Australia's political scene is witnessing significant changes as Barnaby Joyce resigns from the National party, while a new lending cap aims to stabilize the property market. Meanwhile, Australian design is gaining international recognition, with two homes awarded at the Dezeen awards.

Political Reshuffling and Controversy
Barnaby Joyce announced his resignation from the National party, ending a 30-year affiliation. In a parliamentary address, he expressed his desire for a "better position" than the Coalition backbenches, claiming he felt ignored by party leadership. Joyce has not confirmed whether he will join One Nation or remain an independent crossbencher, but he is "strongly considering" a move. Former party leader Michael McCormack attempted to persuade Joyce to stay, but the backbencher is firm in his decision not to contest the next election as the member for New England.

In a related political development, Prime Minister Anthony Albanese defended a controversial $2.5 billion resettlement deal with Nauru. The deal has faced scrutiny due to allegations of corruption against senior Nauruan politicians. Albanese dismissed concerns, calling the offshore processing agreement "entirely appropriate." Transparency advocates have raised alarms, warning that taxpayer dollars could inadvertently support a "kleptocracy" in Nauru and are calling for a royal commission into Australia's offshore processing regime.

New Lending Regulations in Response to Property Market
As the Australian property market heats up, the Australian Prudential Regulation Authority (APRA) has introduced new rules to mitigate risks associated with high-risk loans. A 20% cap has been placed on the share of new lending that banks can extend for mortgages exceeding six times a borrower's income. This pre-emptive measure aims to enhance financial resilience and housing affordability, according to Treasurer Jim Chalmers. However, the Greens criticized the move as insufficient to address the pressing issues in the property market.

International Design Recognition
In a notable achievement for Australian design, two homes have secured top honors at the international 2025 Dezeen awards. A bathroom in Point Piper, Sydney, inspired by Bram Stoker's Dracula, received acclaim for its dark and luxurious interiors. An innovative outside-inside home in Melbourne also earned recognition, showcasing Australia's architectural creativity on a global stage.

Wrap-up
Australia's recent news highlights a turbulent political landscape marked by resignations and controversial deals, alongside a proactive approach to regulating the property market. Meanwhile, the nation celebrates its architectural achievements, reinforcing its position in the global design arena.

Sources
theguardian.com

@hoju-korean.com Editorial Team