Labor leader Anthony Albanese has confirmed that the government has no plans to pursue reforms to negative gearing in the lead-up to the next federal election. This statement comes despite recent Treasury modelling suggesting potential changes and a growing number of Labor MPs expressing interest in re-evaluating the contentious tax write-off associated with housing. In a media appearance, Albanese addressed speculation that the government might be preparing to alter its stance on negative gearing. He emphasized that the party is not inclined to advocate for changes to this policy, even as discussions continue among some members regarding its implications amid the ongoing housing crisis. The Coalition has launched a vigorous campaign to defend negative gearing, further complicating the political landscape. Albanese's remarks signal a cautious approach from Labor, indicating a reluctance to engage in a contentious debate over this issue as they prepare for the upcoming election.

**Australia News Live: Flight Disruptions Loom as Qantas Engineers Strike; $1 Million Median Suburbs Reach Record High** An alliance of unions has initiated two weeks of action at Melbourne Airport this morning, raising concerns about potential flight disruptions. Good morning, and welcome to our live news blog. I’m Martin Farrer, here to highlight some of the key stories from overnight before Rafqa Touma takes over. In political news, some Labor MPs are advocating for the government to consider reforms to negative gearing. Several members of the caucus have expressed their openness to exploring fresh and more ambitious solutions to the ongoing housing crisis. The discussion around the potential reform of negative gearing has resurfaced recently, particularly in light of the standoff over the government’s housing bills. This comes as a new report reveals that the number of Australian suburbs with a median home value of $1 million or more has reached an all-time high. Stay tuned for more updates throughout the day.