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‘Impossible’: Labor’s huge housing call as budget looms
The budget will deliver tax offsets for 13 million workers and $63.8 billion in savings while reshaping housing concessions for first-home buyers.
- On Tuesday, Treasurer Jim Chalmers delivered the 2026 federal budget, describing it as 'big, bold, ambitious and responsible steps' to address cost-of-living pressures and economic reform.
- The government aims to tackle 'intergenerational inequity' by reforming tax settings that critics claim advantage wealthy investors over first-time buyers, targeting negative gearing and capital gains tax concessions.
- From July 1, 2027, the 50 per cent CGT discount will be replaced by an inflation-based concession with a minimum 30 per cent tax on capital gains. Workers receive a $250 Working Australians Tax Offset from late 2027.
- Record investments include $47 billion for housing and $25 billion for public hospitals over five years, alongside a $14.8 billion fuel security plan to strengthen resilience against global shocks.
- To ensure budget sustainability, the government targeted $63.8 billion in savings, improving the budget position by $26.1 billion. Chalmers stated these 'difficult decisions' are necessary to shield Australia from future economic shocks.
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Treasurer calls upcoming budget 'most ambitious' one | Midday News Bulletin 12 May 2026
An Australian soldier dies during a training exercise; Federal treasurer Jim Chalmers has described the upcoming budget as the Labor's most ambitious one; and Michael Voss quits as Carlton coach.
·Sydney, Australia
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Total News Sources12
Leaning Left4Leaning Right4Center3Last UpdatedBias Distribution37% Left, 36% Right
Bias Distribution
- 37% of the sources lean Left, 36% of the sources lean Right
37% Left
L 37%
C 27%
R 36%
Factuality
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