‘Spanner in the budget’: The US-Iran war has left Jim Chalmers facing his hardest task yet
The 2026 budget is tipped to be the most critical, and interesting, for years. And the stakes could not be higher for the nation or for the treasurer.
Treasurer Jim Chalmers will deliver his most challenging budget yet on Tuesday and he will be scrutinised for how he balances the need for long-term reform with critical short-term pressures on the economy.
Here’s what you need to know about the key economic data releases this week.
2026 Federal Budget
When: Tuesday 12 May 2026
The formalities: Media, including Capital Brief, will enter into the federal budget lockup from 1.30pm AEST to view the budget documents. During this time Chalmers and Finance Minister Katy Gallagher hold a press conference. The embargo lifts and publishing begins at 7.30pm when the treasurer begins his budget speech and the documents are published online.
Invited stakeholders attend a separate lockup to view the budget documents and hold a series of press conferences in Parliament in the evening.
