Budget

Figures show the treasurer’s reforms will make the tax system fairer but some will not have the advantages enjoyed by their parents As Jim Chalmers was doing the round of the parliamentary press gallery on Tuesday, he was encouraging journalists to see the tax reforms in the budget as the most ambitious since the turn of the century.The core of the tax package is that instead of paying tax on just half of profits on the sale of investments held for more than a year, we will return to the pre-1999 version where investors would get a discount based on inflation. Continue reading...

The Murdoch papers sharpened their sickles and hammered Jim Chalmers’ budget for ‘the most radical redistribution of wealth since the Whitlam era’Follow our Australia news live blog for latest updatesSign up for Guardian Australia’s free weekly media newsletter hereThe voters of New South Wales woke up in a communist state on Wednesday – at least according to the Daily Telegraph, which claimed that “Lying Jim” Chalmers was cackling like the devil as he gouged them with big taxes in the federal budget.To underline this apparent sharp turn to the left, the Tele added a red hammer and sickle and used a red background.Sign up for Guardian Australia’s free weekly media newsletter here Continue reading...

Opposition leader Angus Taylor and shadow treasurer Tim Wilson say future Coalition government would reinstate generous rules for property investorsThe Coalition has vowed to repeal Labor’s proposed changes to negative gearing and capital gains tax in they win power, setting up a major fight ahead of the next election over key tax reform measures from the budget.The shadow treasurer, Tim Wilson, and the opposition leader, Angus Taylor, said a future Coalition government would reinstate more generous rules for property investors, as well as for Australians minimising their tax through trusts, pledging to fight the proposals in parliament in coming weeks. Continue reading...

Buried in the Australian budget papers are a multitude of decisions that don’t make the headlines. Here are a few of this year’sExplore all of our 2026 Australia federal budget coverageFollow our Australia news live blog for latest updatesGet our breaking news email, free app or daily news podcastThe federal budget allocates billions of dollars towards fuel resilience, tax cuts, hospital funding and aged care, as well as major measures to reform negative gearing, capital gains tax and family trusts.It also makes room to fund electronic screens at sporting grounds, set new standards for ebikes, impose tax exemptions for the incoming Papua New Guinean team in the National Rugby League and abolish tariffs on air conditioners, margarine and bitumen. Continue reading...

Shadow treasurer Tim Wilson says his objective is to ‘defeat’ changes to capital gains and negative gearing. Follow today’s news liveSee all our Australia budget 2026 coverageGet our breaking news email, free app or daily news podcastThe Coalition said last night it would repeal changes to capital gains tax and negative gearing if elected as it tried to hit back at Labor’s budget measures.The shadow treasurer, Tim Wilson, told Sky News the prime minister promised not to touch the incentives during last year’s election campaign and that therefore Labor did not have a mandate for the reforms.We’ll repeal these measures if necessary, but our objective is to defeat them and to make sure that they’re never legislated. Because this government doesn’t have licence from the Australian community support these changes. Continue reading...

Funds flow to charities and other organisations, with Executive Council of Australian Jewry getting $124m for extra securityExplore all of our 2026 Australia federal budget coverageGet our breaking news email, free app or daily news podcastAustralia’s Jewish community will receive an extra $300m for security and support from the federal budget as part of a $604m package in response to December’s Bondi beach terror attack.The government has also set aside federal cash for its proposed national gun buyback but would not say how much, as it struggles to bring state governments on board. Continue reading...

Taxpayers and first home buyers are the winners in Labor’s 2026 budget, while rich families could be among the losers. Find out who is better off and who is worse off in Chalmers’ budgetFederal budget 2026 LIVE updates: Australia government budget announcement and speech – latest newsExplore all of our 2026 Australia federal budget coverageGet our breaking news email, free app or daily news podcastBeing a winner or a loser from the federal budget can be the difference between hundreds of dollars – or tightening your belt even further.Tuesday’s federal budget comes at a strange time. Donald Trump is waging a war on Iran that is impacting fuel supplies globally, including Australia. Inflation is still causing havoc on household budgets. Government programs are costing more than ever. Continue reading...

NDIS changes foreshadowed by health minister Mark Butler will drastically reduce access to the scheme, with nearly 700 staff positions to go at NDIAFederal budget 2026 LIVE updates: Australia government budget announcement and speech – latest newsExplore all of our 2026 Australia federal budget coverageGet our breaking news email, free app or daily news podcastThe government expects to recoup $36.2bn by curbing the national disability insurance scheme’s growth over the next four years as it looks to return to the NDIS’s “original purpose” of supporting people with “significant and permanent disability”.The treasurer, Jim Chalmers, said the budget’s savings package amounted to genuine economic reform, beyond the “usual nips and tucks”. Continue reading...

Labor’s ambitious and politically risky tax reform aims to help first home buyers and foster intergenerational fairnessFederal budget 2026 LIVE updates: Australia government budget announcement and speech – latest newsExplore all of our 2026 Australia federal budget coverageGet our breaking news email, free app or daily news podcastJim Chalmers has announced the most ambitious and politically risky tax changes since the Howard era as part of a federal budget that defies the looming economic threat of the Iran war to push Australia along the “hard road to reform”.Arguing that the Australian public is ready for difficult choices aimed at reviving intergenerational fairness and the collapsing dream of home ownership, the government will scale back tax breaks for landlords by abolishing negative gearing for new investors and replacing the 50% capital gains tax discount with the inflation-linked approach that existed before 1999. Continue reading...

The government’s response to the Murphy report is hardly dynamite. Harm advocates, gambling operators and advertisers are all waiting to see whether Labor’s rhetoric will be matched by action The Labor government decided to release its contentious, much-delayed response to Peta Murphy’s report on gambling on one of the biggest political news days of the year.They dropped it while the nation’s federal political journalists were trapped in budget lockup. Continue reading...

Farrer win casts shadow over budget as government signals it’s alive to populist rightwing threat Follow our Australia news live blog for latest updatesGet our breaking news email, free app or daily news podcastOne Nation has cast a shadow over the federal budget and influenced decisions to reform negative gearing and taxes, with Jim Chalmers admitting many Australians are feeling economic anxieties that are “driving them to consider” rightwing populist parties.The treasurer and Anthony Albanese have conceded that many people are locked out of the housing market and that the problem is getting worse, not better, under Labor. With Pauline Hanson’s party winning a historic byelection in Farrer – its first lower house seat win in its 30-year history – the government was alive to the threat of a populist wave of grievance similar to those in the United States, Britain and Europe. Continue reading...

Deputy Liberal leader says Coalition should listen ‘very carefully’ to results of Farrer byelection. Follow the latest updatesFederal budget 2026: what we know so farSee all our Australia budget 2026 coverageGet our breaking news email, free app or daily news podcastAsked last night about a possible Liberal/National alliance with One Nation, Jane Hume refused to reject the idea outright.Pressed on the possible scenario, she said “only One Nation are in favour of that” and wouldn’t talk about “what is going to happen after the next election”.The most important is to get the primary vote up for the Liberal and National party … There are so many hypotheticals … I will say that the Coalition are determined and dedicated to present to the Australian public a platform that they can vote for …There is no-one in the Coalition party room today that is telling us we need to expand the Coalition to include One Nation.The message we sent in Farrer was that the teals vote with Greens, 70% of the time and for the people of Farrer that wasn’t going to represent their interests … We will always put our preferences where we think the national interests lies, where we think the interests of the electorate lies and that is what we did in Farrer.They wanted change. Standing on a booth with teals in orange on one side and One Nation in orange on the other, both of them were saying ‘vote for change’.This is … a byelection that nobody wanted. It occurred only a year after the election, after a local member had retired, after a quarter of a century which is a long time to have a seat … There was no love lost for the Labor party either. It is just that the Labor party didn’t have the balls to turn up … The Liberal party lost its way. The Coalition lost its way. We split twice in the last 12 months. There is frustration out there. We will take the result with humility. Continue reading...

• Democratic Sen. Mark Kelly stated on CBS's Face the Nation that the Trump administration's $1.5 trillion Defense Department budget request is outrageous. • Kelly highlighted that the proposed amount is nearly equal to what the rest of the world collectively spends on defense. • The criticism underscores Democratic concerns over excessive military spending amid fragile ceasefires and other national priorities.

Tuesday’s federal budget to include $500m to fund faster approvals for housing, energy and mining projects. Follow today’s news liveGet our breaking news email, free app or daily news podcastGood morning, Krishani Dhanji here with you. Friends, it’s budget week, and it has come very quickly if you ask me!We’re getting a few final announcements from the government before Jim Chalmers hands down his budget tomorrow. That includes some money to speed up environmental approvals to boost productivity (more on that in a moment). Of course, all the big-ticket items – including reforms to capital gains tax, negative gearing and trusts, have already been out for weeks. Continue reading...

Additional funding for the costly 90km public transport project promised ahead of state’s November electionGet our breaking news email, free app or daily news podcastThe federal budget will include another $3.8bn for the Suburban Rail Loop, Melbourne’s controversial and costly 90km public transport project.Prime minister Anthony Albanese will announce the additional funding alongside the Victorian premier, Jacinta Allan, on Friday ahead of the 12 May budget and as early campaigning for the state election heats up. Continue reading...

Labor’s 2026-27 budget shows state has recorded $700m surplus this financial year, first of its kind since before the Covid-19 pandemicGet our breaking news email, free app or daily news podcastVictoria is back in black for the first time since the start of the pandemic, with Tuesday’s state budget to deliver an operating surplus and forecasting another next financial year.The 2026-27 budget, to be handed down on Tuesday afternoon, will show the state recorded a $700m surplus in 2025-26, largely in line with December’s pre-budget update of $710m and an improvement on the $611m forecast last May. Continue reading...

The treasurer also says May federal budget will play ‘helpful not harmful role in fight against inflation’Jim Chalmers has warned there will be little room for more cost of living support in his fifth and “most responsible” budget yet, as he ruled out an immediate extension of the 26-cent cut to the fuel excise and downplayed hopes for additional tax relief for workers.The treasurer also said Australian voters would forgive Labor for breaking a pre-election vow not to touch negative gearing rules for landlords, which is set to form part of a package that would also scale back the capital gains tax discount in the name of intergenerational fairness. Continue reading...

Treasurer says next week’s budget will save more than it spends. Follow today’s news liveGet our breaking news email, free app or daily news podcastThe government is boasting of making bigger than usual savings in next week’s budget, with Jim Chalmers saying his fourth budget will have “more restraint”.The treasurer said:Responsible economic management has been a hallmark of this Albanese Government and the May Budget will be our most responsible yet.We’re getting the budget in better nick because that helps to fund the things that Australians need and deserve like Medicare, aged care and cost-of-living relief.In this Budget you’ll see more responsible economic management and more restraint from the Albanese Government. Continue reading...

As major parties once again spruik budget night events at thousands of dollars a ticket, some MPs say they resent the ritzy social galasGet our breaking news email, free app or daily news podcastThey’re dismissed as boring, little more than a “selfie” opportunity for economy nerds – or even labelled a threat to democracy.But as budget week approaches, the major parties are once again spruiking fundraising dinners and drinks for their most loyal followers – and slugging them for thousands of dollars. Continue reading...

Lee Zeldin claims before Senate that Trump administration plan will make Environmental Protection Agency ‘more efficient’Senate Democrats accused the Trump administration of abandoning the Environmental Protection Agency’s mission to protect human health and the environment at a congressional hearing Wednesday, slamming agency leadership over a proposal to cut its budget in half.Lee Zeldin’s appearance before the Senate environment committee was the EPA administrator’s last of three budget hearings this week where he argued for sharply reduced funding for the agency, which already has seen its staffing reduced to its lowest level in decades under his leadership. During much of the week, the former Republican congressman from New York took an aggressive approach, responding to Democrats in the House and Senate with his own questions and at times accusing them of being unprepared or failing to care about the EPA’s record. Continue reading...

Shares in Domino’s Pizza, KFC operator Collins Foods and multi-brand food franchise owner Retail Food Group have all suffered double-digit fallsGet our breaking news email, free app or daily news podcastOnce a symbol of cheap eating, fast food is transforming into a luxury many can no longer afford due to resurgent living costs.This shift is reflected on the ASX, where major pizza, fried chicken and doughnut outlets are seeing significant price drops, raising the question: are consumers so downbeat that they are even giving up on fast food? Continue reading...

Treasurer Jim Chalmers had indicated ‘transitional’ proposed changes as Labor attempts to repair a ‘structurally flawed’ budgetFollow our Australia news live blog for latest updatesGet our breaking news email, free app or daily news podcastOnly applying changes to the CGT discount and negative gearing rules to new investments would “severely delay” desperately needed reforms required to repair a “structurally flawed” budget and boost the economy, Deloitte says.The consulting firm estimated that a policy which cut the 50% capital gains tax discount to 33% and abolished negative gearing would only generate $500m over the first four years of operation if existing investments were not included – an approach known as “grandfathering”. Continue reading...

• The U.S. House of Representatives adopted a Senate-approved budget resolution on April 29, 2026, enabling billions in funding for Immigration and Customs Enforcement (ICE) and Customs and Border Protection (CBP). • Republicans utilized a filibuster-skirting procedure to advance the blueprint, criticized by Democrats like Congresswoman Doris Matsui as prioritizing enforcement over other needs. • This move supports Trump administration immigration policies amid ongoing border security debates and midterm election pressures.

Treasurer tells Commonwealth Bank podcast that he aims to ‘recognise the decisions that people have taken in the past’Follow our Australia news live blog for latest updatesGet our breaking news email, free app or daily news podcastExisting property investors look set to avoid paying more tax under Labor’s mooted changes to CGT in next month’s budget, after Jim Chalmers said he wanted to “make sure that we recognise the decisions that people have taken in the past” and flagged any reforms would not generate “a huge amount of revenue”.The treasurer is widely expected to modify the flat 50% tax discount on profits from the sale of assets held for more than one year, potentially returning to the pre-1999 model where capital gains are adjusted for inflation. Continue reading...

Government sources in multiple states say they are worried about the breadth of the changes and possible costsFollow our Australia news live blog for latest updatesGet our breaking news email, free app or daily news podcastThe states are increasingly on edge about Labor’s efforts to cut NDIS spending in next month’s budget, with officials asking the health minister, Mark Butler, to explain planned savings before a major speech this week.It comes as the treasurer, Jim Chalmers, flagged on Monday morning that cuts to the NDIS will be “easily the most important part of the savings package that we will present on budget night”. Continue reading...

• Amazon Prime Video approved a 10-season fantasy series adaptation of Rachel Vincent's bestselling novel "The Fractured Crown" with a reported $200 million production budget. • The series stars Saoirse Ronan as the lead character and begins filming in New Zealand in September 2026, with the first season expected in 2027. • This investment positions Amazon as a major competitor to HBO's "Game of Thrones" legacy, with showrunner Beau Willimon ("House of Cards") overseeing the adaptation.

The prime minister has weathered the crises – for now – and there is a growing recognition that Australia is too vulnerable to world eventsFollow our Australia news live blog for latest updatesGet our breaking news email, free app or daily news podcastAnthony Albanese’s fuel diplomacy tour of Asia has already started paying dividends, but the real test could still be to come.After last week’s rush to Singapore and pulling forward a planned visit, the prime minister dashed back to Australia from Malaysia on Thursday, to survey the damage at one of the nation’s only remaining fuel refineries. The hastily arranged trips, were to show a leader on the job; to demonstrate Albanese’s attention to the fuel crisis. Continue reading...