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Prime Minister Anthony Albanese is in hot water for attending a controversial fundraiser at a $40 million Sydney mansion last week, owned by a family accused of tax evasion.

The fundraiser was hosted by Felix Lee, whose father, Phillip Dong Fang Lee, was accused by the Australian Taxation Office of illegally funnelling large sums of money from China into Australian bank accounts and assets. There is no suggestion the allegations have been proven.

The Sydney Morning Herald reported that a 189-page ATO affidavit detailed suspicions that Phillip Lee had used dishonest means to move large sums of money from China to Australia over several years to fund his Australian business, property and gambling activities.

Albanese appeared not to know the allegations around Phillip Lee when pressed on the weekend, as calls mount to return the money raised at the event.

Here's what to know.

Felix Lee is the 25-year-old son of Phillip Lee. Felix himself has not been accused of any wrongdoing.

Phillip Lee and his wife Xiaobei Shi's assets were frozen by the ATO in 2021 over an outstanding tax debt of nearly $280 million.

The pair reached a settlement with the ATO in 2022. At the start of 2023, the ATO appeared on the deed of security for the mansion where the fundraiser was held — a registered security interest that secures the ATO's claim against the debt, rather than ownership of the property.

The ATO also alleges Lee Snr continued to control business interests in China despite claiming he wound those businesses up when he moved to Australia. The allegations have not been proven.

Lee Snr was also a high-roller at Sydney's Star casino, where he spent roughly $2.2 billion over 15 years. He was also featured in the 2022 inquiry into the casino, which heard he used prohibited Chinese debit cards to gamble.

The AFR also revealed Felix Lee's $4 million investment in digital bank In1Bank raised red flags at the Australian Prudential Regulation Authority (APRA) this year. APRA believed the bank did not do its due diligence on Lee's investment, which made him the largest shareholder.

The Sydney Morning Herald also reported Lee's family investment office is chaired by former Liberal treasurer Joe Hockey, and that sources connected to Lee say the business has distanced itself from Phillip and ensured its affairs are above board.

Early reports suggested the July 20 dinner was slated to raise $1 million for the Labor Party, but the Sydney Morning Herald later reported the event netted about $100,000, though the figure has not yet been publicly disclosed.

The dinner was also attended by Commonwealth Bank CEO Matt Comyn, former Victorian premier Dan Andrews, former chairman of the Australian Securities and Investments Commission James Shipton and David Murray, a former chairman of the Future Fund, among others.

During an interview with ABC's Insiders on Sunday, Albanese defended his attendance at the event, saying: "I attend a lot of meetings, functions, with lots of people and talking about people's relatives, even removed from that."

He added he was not aware of the issues surrounding Phillip Lee.

On Monday, Social Services Minister Tanya Plibersek said on Sunrise that political donations were "a matter for the party," pointing out the perceived hypocrisy of conservative politicians raising concerns about billionaire influence given mining magnate Gina Rinehart's financial backing of right-wing causes.

She also noted any donation above $5,000 must be disclosed within a few days.

Senator David Pocock has slammed the dinner, saying cash-for-access to our government has to stop.

Nationals leader Matt Canavan said the dinner had created a perception of impropriety – even though Lee himself was not accused of any wrongdoing – telling Sunrise the situation "stinks" and reflected a failure by Albanese's advisers.

He called on Labor to return the funds: "I'm not sure the status of it, but just don't take it, and that would help restore integrity and respect in the prime minister's office."

Reporting by Lachlan Keller.

Almost half of Australia’s total $67.7 billion Higher Education Contribution Scheme (HECS-HELP) debt is held within the country’s two largest cities, according to new analysis by consultancy firm KPMG.

The suburbs with the highest average HECS-HELP balances are concentrated in the inner-city areas of Australia’s two largest capitals, with residents in the top 10 postcodes owing almost $10,000 more than the national average.

The findings reveal how Australia’s university system is closely linked to where people live, study and eventually find high-paying jobs.

Here’s what to know.

Analysis by consultancy firm KPMG, using 2023-24 tax return data, found Australians held $67.7 billion in HECS-HELP debt.

HECS-HELP is a government loan that allows eligible students to defer the cost of university until they earn above a certain income threshold.

While the debt does not attract interest, it is indexed each year in line with inflation.

The data was collected before the Albanese government’s 2025 decision to cut existing student debt by 20%.

Sydney and Melbourne dominated the list, with the top 10 postcodes all located in the two cities.

The suburbs with the highest average HECS balances were:

The national average HECS balance was $28,500.

Melbourne had the largest number of taxpayers with HECS debt, with 530,000 people owing $16.4 billion. Sydney followed with 484,000 people owing $15.1 billion.

By comparison, the Northern Territory had just 13,995 taxpayers with HECS debt, owing $345 million.

The first suburb outside of Sydney and Melbourne appeared at number 15 on the rankings.

Canberra’s Campbell, Braddon, Turner and Reid were the highest-ranked areas outside the two major cities, with an average HECS debt of $37,735.

Other suburbs outside Sydney and Melbourne with high average balances included Fortitude Valley in Brisbane ($35,679), Perth CBD ($34,747) and Adelaide CBD ($34,639).

KPMG urban economist Terry Rawnsley said the results showed the “geography of opportunity” in Australia.

He also said higher balances were concentrated near universities and areas with stronger graduate job opportunities.

“People who are living in these inner-city suburbs are more likely to have gone through university and more likely to have higher paying jobs after graduation,” he said.

The number of Australians with HECS debt has fallen 3.5% over the past two years.

KPMG said this could be linked to more people choosing non-university pathways, including free TAFE programs.

Rising university costs may also be playing a role.

Some degrees, including Law and Social Studies, have increased in cost by more than 700% between 1990 and 2025.

The average graduate now takes 9.5 years to repay their HELP debt, compared with 7.3 years in 2005-06, according to the Australia Institute.

Despite longer repayment times, Rawnsley said Australia’s HECS system remained one of the most accessible student loan systems in the world.

Reporting by Lachlan Keller.

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The UK is running out of millionaires (well, sort of).

The number of people in Britain worth more than £1 million ($AU1.9 million) has fallen to its lowest level since the 2008 Global Financial Crisis, with an estimated 442,000 millionaires now left in the country.

The dip has been blamed on falling asset values, weaker savings and some wealthy people choosing to move overseas.

But it’s also sparked a debate about whether Britain is becoming a less attractive place for the rich – and what that means for the wider economy.

Basically: fewer millionaires might sound like a win for some, but economists are asking whether it’s a sign of a bigger problem.

Reporting by Adella Beaini.