Jim Chalmers

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...

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...

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...