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Economy May 12, 2026

Australia’s 2026 Budget: Ambitious Tax Reforms Amid Modest Deficit Gains

The 2026 Australian budget, presented by Treasurer Jim Chalmers, trims the projected deficit and in…
The 2026 Australian federal budget, unveiled by Treasurer Jim Chalmers, delivers a mix of modest deficit improvements and bold tax reforms, most notably the removal of the 50 % capital gains tax discount and a $36.2 bn cut to the NDIS. The Budget’s Core Ambitious Tax Reforms The government is ending the long‑standing 50 % CGT discount and introducing a minimum 30 % tax rate on capital gains. Negative gearing is limited to new‑build properties, with existing investors grandfathered. Meanwhile, the National Disability Insurance Scheme (NDIS) will see spending flat‑lined in nominal terms, falling about 10 % in real terms by 2029‑30. Fiscal Numbers: Deficit Forecasts and Revenue Shifts Deficit projected to be smaller over the next four years than in the December mid‑year outlook. Unemployment forecast capped at 4.5 %. CGT reform expected to raise $2.3 bn in 2029‑30. NDIS cuts total $36.2 bn over four years. Potential revenue from a 25 % gas export tax estimated at $17 bn, but not pursued. Petroleum Resource Rent Tax (PRRT) revenue remains modest, lower than beer and spirits excise. Policy Impact: Housing, NDIS, and Gas Revenue Choices Housing affordability remains a challenge; ending the CGT discount and restricting negative gearing aim to curb speculative demand, though the $2.3 bn revenue gain is modest relative to the 26‑year legacy of the discount. NDIS cuts will reduce real‑term support for people with disability, potentially widening inequality. The decision to forego a gas export tax in favour of a modest PRRT increase reflects reliance on volatile oil prices rather than a stable revenue stream. Outlook: What the Next Four Years May Hold If economic parameters hold—higher oil prices and inflation sustaining tax receipts—the deficit trajectory could stay on a downward path. However, any slowdown in commodity markets or a resurgence in unemployment could erode the modest fiscal gains. The housing reforms may gradually temper price growth, but significant affordability improvements will likely require further policy action beyond 2029‑30.
#Australia #Budget 2026 #Jim Chalmers
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Entertainment May 12, 2026

Artist Sung Tieu Recreates Childhood Home as Monument to Immigrant Workers at Venice Biennale

Artist Sung Tieu has recreated the Berlin housing complex where she lived as a child at the Venice …
The Artist's Monument to Forgotten WorkersAn air of civilisational wipeout hangs over the Gehrenseestrasse complex, an abandoned housing estate on the north-eastern outskirts of Berlin, where the city still looks shabby without the chic. The insides of the nine prefabricated blocks have long been gutted; six floors of empty window frames stare hollow-eyed over multi-lane carriageways. In the courtyard, paintballers have left behind wooden barricades from when they played at World War III.Yet in one of the second-floor rooms of Berlin's largest ruin, artist Sung Tieu is waltzing across the concrete floor and reliving scenes from her childhood. "Here was the single bed I shared with my mother for three years," she says, pointing into a corner of the small room. "Two metres by 90cm, can you believe it?" There in the corridor is where her neighbours used to make bánh bao dumplings on camping stoves, for lack of private kitchens. "I still remember the smell." Here was the door through which she used to entertain her best friend when his mother locked him in during working hours. "We played cards through the gaps," she recalls with glee.But she also still remembers where neo-Nazis tried to throw molotov cocktails into the building: "They eventually set up a net because the windows kept on getting smashed".The Mosaic Recreation of a Lost CommunityThese days, few people have heard of the Gehrenseestrasse complex, whose last tenants left in 2002. But if Tieu had her say, it would be as essential a stop on the tourist trail as the Brandenburg Gate, the Reichstag or Checkpoint Charlie. There is, in her view, no place that better tells the story of the Vertragsarbeiter generation – the oft-forgotten workers who were hired on fixed-term contracts from socialist "brother states" in Vietnam, Mozambique, Angola or Cuba to boost the East German economy. "To me, this place is a monument," says Tieu.By the end of this summer, many more people in Germany – and art enthusiasts around the globe – will know about her childhood home. For this year's Venice Biennale, Tieu has clad the German pavilion with a like-for-like replica of the complex's facade, recreating the grey concrete and smudges of graffiti with three million mosaic stones made in Ravenna. She conceived the pavilion in tandem with the artist Henrike Naumann, who died in February from cancer aged only 41.Bureaucracy as Artistic MediumThe woman I meet at a Vietnamese restaurant in Berlin's Lichtenberg district is the antithesis of that exoticised cliche: modest, dressed all in black, analytical in her answers to my questions. She talks me dispassionately through the more experimental food options on the menu, but comes alive when explaining bilateral treaties and labour regulation."I really try to avoid the pure post-migrant diaspora narratives. By focusing on individual experience you can lose sight of the bigger picture. Contracts, state treaties, floorplans – that's what I am interested in. There has to be a certain formal toughness."Looking through her catalogue raisonné you are reminded of Marcel Duchamp. You see an artist dedicating her career to seeking ever more minimalist ways to express the same idea, from Cubist painting to readymade to annotations of chess moves. And in Tieu's case, that big idea is bureaucracy. In 2015, she reprogrammed the scrolling LED displays at a shop inside the Dong Xuan Centre, Berlin's largest Asian market, to display the texts of immigration treaties. For a group show at Berlin's Haus der Kulturen der Welt in 2024, she transcribed by hand documents from the national archives on the East German porcelain industry, authenticating them with her own ornamental stamp. Her website, fittingly, is just a long index of file names and a deadpan biography section: "Sung Tieu is an artist."Childhood Trauma and Artistic Vision"I think it's also a childhood trauma," she says when I ask her where her interest in bureaucracy comes from. "I've had to fill out forms for my mother since I was five, since she didn't speak any German. And by the time I was seven my German was better than hers. Bureaucracy was part of my childhood – I studied politics and administration because I wanted to understand it."Born in 1987 in Hai Duong, northern Vietnam, Tieu moved with her mother to what was by then the formerly socialist East German regions in 1992. They were joining up with her father, who had moved to the GDR five years earlier via a bilateral agreement for factory workers from the socialist republic.Initially announced in the romantic spirit of ideological solidarity, the treaty between the two states soon became a more hard-nosed deal, addressing ongoing labour shortages in East Germany while helping to rebuild a war-ravaged Vietnam, which took a...The Legacy of Forgotten WorkersTechnically there was no racism in the GDR, because it wasn't documented. But of course it always existed. This is the uncomfortable truth that Tieu's installation confronts – the erasure of immigrant experiences in official narratives, even as these workers were essential to East Germany's economy.Through her art, Tieu transforms personal memory into collective history, giving voice to the thousands of contract workers who built East Germany but were never fully acknowledged as part of its society. The Venice Biennale installation, with its meticulous recreation of a housing complex that many would prefer to forget, serves as both memorial and critique – a reminder that the stories of immigrants are integral to understanding modern Germany.The Future of Migration Narratives in ArtAs Europe continues to grapple with questions of migration and identity, artists like Sung Tieu are pioneering new forms of expression that move beyond personal stories to examine the structures and systems that shape immigrant experiences. By focusing on bureaucracy, architecture, and official documents, Tieu creates art that is both deeply personal and universally relevant.The Venice Biennale platform ensures that these often-overlooked histories reach a global audience, challenging visitors to reconsider their understanding of migration, labor, and belonging. As Tieu continues her exploration of these themes, we can expect more installations that transform bureaucratic systems into powerful artistic statements, creating spaces where the voices of the marginalized can be heard and remembered.
#Sung Tieu #Venice Biennale #Berlin
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Entertainment May 12, 2026

Drake’s Iceman Rollout, the Kendrick Lamar Beef, and a Turn Toward the Manosphere

Drake’s ninth album *Iceman* arrives with elaborate ice‑themed stunts, but a bruising feud with Ken…
Drake has turned his album launch into a winter spectacle in Toronto, yet the hype is being eclipsed by a bitter rivalry with Kendrick Lamar and growing criticism that he’s pandering to the manosphere. The article dissects the marketing push, the numbers that still keep him on top of streaming charts, and the cultural fallout that could reshape his career. The Iceman Campaign: Ice‑Cold Stunts in Toronto Courtside seats at the Raptors arena were iced over with faux icicles. A massive block of ice was placed downtown for fans to chip away, revealing the album release date. A YouTube series set in an ice‑manufacturing plant debuted, featuring Drake driving an Iceman‑branded truck. Numbers Behind the Hype: Release Date and Streaming Dominance The album drops on 15 May 2026. Despite the controversy, Drake remains the highest‑streamed rapper worldwide, a metric that continues to attract major label support and lucrative brand deals. Cultural Fallout: The Kendrick Lamar Beef and Manosphere Accusations The feud began two years ago when Lamar’s diss track Not Like Us labeled Drake a “hip‑hop colonizer.” Since then, Drake’s lyrics have been called out for misogyny—most notably the 2022 track “Circo Loco”—and his off‑stage actions (e.g., gifting $50,000 to a dumped fan) have drawn comparisons to incel culture. Female fans cite these moments as the “final straw,” prompting a shift toward the manosphere in his public persona. What This Means for Drake’s Brand and the Hip‑Hop Landscape The combination of aggressive marketing, streaming clout, and a tarnished reputation creates a paradox: Drake can still generate chart‑topping hits, yet his credibility among core hip‑hop audiences is eroding. The backlash illustrates a broader industry tension between commercial success and cultural authenticity. Future Outlook: Can Drake Re‑Earn His Audience? Analysts suggest that a candid, self‑reflective project—akin to Taylor Swift’s Reputation—could help Drake mend fences. Without a clear apology or a decisive artistic pivot, his attempt to reclaim lost fans may fall short, leaving his legacy in a precarious balance.
#Drake #Kendrick Lamar #Iceman
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Entertainment May 12, 2026

Ciao UFO Film Review: A Hong Kong Tear-Jerker

Ciao UFO, directed by Patrick Leung, is a Hong Kong drama film that follows a group of childhood fr…
The Film's Unique Narrative Structure Directed by Patrick Leung, Ciao UFO is a Hong Kong drama that employs a non-linear narrative, jumping between different time frames. The film follows a group of childhood friends as they grow up in a working-class Hong Kong housing estate. The Story of Friendship and Growth The story centers around four kids: Kin, Heem, Hoyi, and Little Brother, who share a life-changing experience in 1985 when they see a UFO in the sky. As they grow up, their paths diverge, with each character pursuing different goals and facing various challenges. The Impact of Hong Kong's Changing Landscape The film is set against the backdrop of Hong Kong's transformation, particularly the 1997 handover to China. This significant event serves as a pivotal moment in the characters' lives, influencing their decisions and futures. A Blend of Realism and Melodrama Ciao UFO is not a sci-fi film, but rather a multi-stranded realist drama that explores the complexities of human relationships and the city's evolution. The film features a cast of colorful characters, including a spaced-out uncle and a superstitious grandfather. A Long-Awaited Release Despite being made in 2019, Ciao UFO is only now receiving an international release due to distribution issues. The film still feels fresh and relevant, particularly in today's volatile economic climate.
#Ciao UFO #Hong Kong Film #Patrick Leung
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Entertainment May 12, 2026

‘Children of the Blitz’ Review: A Priceless Oral History of Wartime Childhood

The BBC Two documentary "Children of the Blitz" assembles rare testimonies from centenarians who li…
The new BBC Two documentary Children of the Blitz brings together the last surviving witnesses of Britain’s wartime bombing, delivering a moving, unflinching portrait of childhood under fire.Documentary Captures First‑Hand Voices of Blitz SurvivorsDirected to mark the 85th anniversary of the Blitz’s end, the film follows interviewees from Liverpool, Coventry, Cardiff and Sheffield as they recall daily life, loss and the strange normality that followed nightly raids. Their stories are interwoven with present‑day scenes of grandchildren, yoga classes and quiet moments, underscoring how the past still shapes their identities.A Century‑Old Witnesses: Ages, Reach and Broadcast DetailsInterviewees range from 100‑year‑old Ernie Gaskell to survivors now in their late 80s.Filmed across multiple UK cities, the documentary aired on BBC Two on 12 May 2026 and is available on iPlayer.Running time: 60 minutes, featuring over 30 individual testimonies.Reframing the “Blitz Spirit” for Modern AudiencesThe programme questions the myth of a stoic, unbreakable national character, revealing instead a coping mechanism born of psychological crisis. Voices like Monica White and David Rawdon describe a forced silence that mirrors today’s war‑zone children in Gaza, Ukraine and Sudan, linking historic trauma to contemporary conflict.Why Wartime Oral Histories Will Remain VitalAs the final generation of eyewitnesses passes, the film serves as a crucial archival record. Its intimate approach suggests future documentaries will increasingly rely on personal narratives to humanise large‑scale tragedies, ensuring that the lessons of the Blitz stay relevant for decades to come.
#BBC Two #Children of the Blitz #Ernie Gaskell
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Entertainment May 12, 2026

Miami Deputies Sue Ben Affleck and Matt Damon Over 'The Rip' Movie

Two Miami sheriff's deputies have filed a lawsuit against Ben Affleck and Matt Damon, claiming thei…
The Lawsuit Against Ben Affleck and Matt Damon Two Miami sheriff's deputies have filed a lawsuit against Ben Affleck and Matt Damon, claiming the Hollywood actors' portrayal in a Netflix crime drama makes them look like 'dirty cops'. The Event Details The officers, Jonathan Santana and Jason Smith, deputies with the Miami-Dade county sheriff's office, are seeking defamation damages from the actors' production company Artists Equity. The Rip is a dramatization of a 2016 drugs bust on a private residence in Miami Lakes in which $24m cash was recovered. The Data Analysis The money was found in 24 buckets containing a million dollars each – hidden behind drywall in the property. The haul represented the largest ever recovered by the Miami-Dade police department. The Impact Analysis The lawsuit's plaintiffs, who were part of the real-life team that made the bust on which the fictionalized account in the film was built, say The Rip portrays them in a negative light. 'When you rip something, you're stealing something,' Santana told 7 News Miami, referring to the crime thriller's title. 'We never stole a dollar.' The Prediction It is not the first time The Rip, which was released in January, has angered members of the south Florida community. The Guardian has contacted Artists Equity for comment. Netflix, which is not part of the deputies' lawsuit, settled a defamation case in 2022 with the chess grandmaster Nona Gaprindashvili, who said she was defamed in its drama The Queen's Gambit.
#Ben Affleck #Matt Damon #The Rip
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Entertainment May 12, 2026

The Unnecessary Wordle TV Spinoff: A Desperate Move?

A TV spinoff of the popular puzzle game Wordle is set to debut on NBC, with teams competing to solv…
The Rise of Wordle on TV Anyone who has watched television knows that late-night talkshow hosts have a habit of pulling entertainment formats from the barest of inspirations. James Corden got Carpool Karaoke from the act of singing songs in the car. Jimmy Fallon got Lip Sync Battle from the act of mouthing along to songs in the mirror. And now Fallon has struck again. He’s making a Wordle gameshow. The Event Details Fallon’s production company, Electric Hot Dog, has acquired the rights to Wordle and will turn it into a show where teams compete to solve puzzles for cash. The show will film in Manchester, England, this summer and debut on NBC next year. The Data Analysis Wordle is a brand with global recognition. The game has been a huge success, with millions of players worldwide. The TV adaptation will feature teams competing to solve puzzles for cash. The Impact Analysis However, you’d be right to feel suspicious about this new avenue. The description of the show describes teams of players taking part, but Wordle is by nature a solitary pursuit. It’s a game that relies upon the connection of one person and their phone, plus the bespoke tactics that person has honed. The Prediction Perhaps that is why the game has made it to TV. Forbes has framed the move as a necessary diversification tactic by a medium caught in a permanent death spiral. It is now a New York Times property, and newspapers need to keep money coming in. If the only way to keep funding investigative journalism is to take a diverting game and sell it to Fallon, then so be it.
#Wordle #TV adaptation #NBC
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Entertainment May 12, 2026

Political Turmoil Casts Shadow Over Eurovision's 70th Anniversary in Vienna

The 70th anniversary of Eurovision in Vienna is marred by unprecedented boycotts from five major Eu…
The Shadow Over the CelebrationVienna was meant to host a triumphant celebration for Eurovision's 70th anniversary, but the event is instead overshadowed by political controversy as five major European countries boycott the contest over Israel's inclusion. This unprecedented situation threatens the future of a competition that has prided itself on transcending politics through music.The Unprecedented BoycottDue to boycotts over Israel's participation, Eurovision 2026 will proceed without Spain and the Netherlands—traditionally the contest's fifth and sixth largest financial contributors—Ireland, the joint record-holder for most winning entries, Slovenia, and Iceland. This marks the first time in the contest's seven-decade history that such a significant number of major participants have withdrawn.The boycott stems from a decision by the European Broadcasting Union (EBU) to allow Israel to compete without first giving member broadcasters a vote on its inclusion, a process that was followed for Russia's exclusion after its invasion of Ukraine in 2022. Critics accuse the EBU of double standards.Financial and Viewership FalloutThe boycott carries significant financial implications for a contest already facing challenges from cuts to public broadcasters across Europe. Irving Wolther, a cultural historian and long-time Eurovision observer, noted: "In the long term, financing Eurovision is going to become harder and harder as publicly funded broadcasting is coming under attack everywhere across Europe. In that context, the political rows don't help, of course."The 2025 grand final in Basel attracted a record 166 million viewers globally, but this year's contest faces media blackouts in several boycotting nations. The finale won't be broadcast in Ireland, Slovenia, and Spain, where nearly 5.9 million viewers tuned in last year. Instead, these countries are offering alternative programming, including Spain's musical special and Ireland's broadcast of the animated film "Mummies."Fan Divisions and Cultural ImpactThe political controversy has fractured Eurovision's fan community. The fan-site Eurovision Hub announced it would not cover the event, stating "we no longer feel aligned with the contest in its current state." Historian Paul Jordan observed that friendships forged through Eurovision have been driven apart by the political divide, noting that "Eurovision is meant to be joyous. But this year it feels a little bit sad."The tension extends beyond virtual spaces, with Vienna set to host both support and protest rallies regarding Israel's participation. Approximately 3,000 protesters are expected for a rally at Resselpark on Friday to mark Palestinian Nakba Day.Future of Eurovision at a CrossroadsDespite the controversy, the EBU is pursuing expansion, announcing plans for an inaugural Eurovision Asia contest in Bangkok, Thailand, scheduled for November 14. This strategic move suggests the organization is seeking new markets amid challenges in Europe.Eurovision's director, Martin Green, has promised a spectacular show in Vienna that will celebrate the contest's "unique ability to bring people together across borders and generations." However, the 70th anniversary celebration may instead mark a turning point for the competition, forcing it to confront questions about its political neutrality and financial sustainability in an increasingly divided Europe.
#Eurovision #Israel #Vienna
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Business May 12, 2026

Iran War Forces Japan's Calbee to Switch to Black-and-White Packaging

Japan's largest snack maker, Calbee, is switching to black-and-white packaging for 14 of its produc…
The Packaging Pivot Japan’s biggest snack maker, Calbee, has been forced to use black-and-white packaging for some flagship products because of ink ingredient shortages caused by the Strait of Hormuz blockade. Details of the Supply Chain Disruption Calbee, whose potato chip brands in particular are known for brightly coloured bag designs, said 14 of its products would switch to monochrome branding by the end of May. The move to black and white was forced on Calbee by disrupted supplies of naptha, an ink ingredient derived from petroleum. Impact on Business Operations Calbee said it was reacting to an unstable supply of “certain raw materials” due to the war. Japanese companies have lately sought to minimise the impact of rising costs and material shortages even as the government seeks to reassure the public and businesses over supplies. Government Response and Future Outlook A government spokesperson said domestic naphtha refining continued with the use of stockpiled crude oil, while imports from outside the Middle East have tripled in May compared with levels from before the Iran war broke out in late February. Kei Sato, a senior government spokesperson, assured the public that naptha shortages would not cause wider disruption.
#Calbee #Japan #Iran
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