No one said framing a budget during a global energy crisis would be easy. But the backlash over Labor’s tax reforms is threatening to derail its pitch.
Australian politics
Jim Chalmers says he expected a political hit from the budget. But Labor’s capital gains tax changes are proving a harder sell than hoped.
The senators keen to determine the fate of the government’s capital gains tax changes span the full spectrum of Australian politics — and many have never engaged with the startup sector.
The next move for the central bank is likely to be up. But there’s varying opinions about how the federal budget will change the outlook.
The VC and startup sectors view the former industry minister, knifed in a factional standoff, as a lost ally on innovation. But Ed Husic tells Capital Brief the government is committed to getting the settings right.
Despite the framing, the budget falls short on shoring up Australia’s economic prospects and creating a fairer path to home ownership.
After decades of timidity from governments and opposition leaders, Australia has now seen two radical tax reform proposals in as many days.
Measures in the budget long championed by the Productivity Commission to slash red tape have been largely overlooked. They could be the first step to solving an intractable problem.
Anthony Albanese says circumstances changed, and he could be right. But after two major backflips in two terms, voters might ask whether his word is still his bond.
The far left party is firming as the sole kingmaker in the Senate for Labor’s tax changes, with the Coalition and One Nation both strongly opposing the reforms.
If the local startup ecosystem wants to win the capital gains tax fight, they need to show voters this is about Australia’s next economy, not founders’ tax bills.
The government is resigned to facing a scare campaign over its reforms to the way housing is taxed, which have also concerned the business community.
It may take several budget cycles for the Albanese government to truly achieve reform.
Jim Chalmers warned the impact of the Iran war could become “quite severe” on the economy, as Treasury modelled a worst case scenario where oil prices hit USD200 per barrel.
Treasurer Jim Chalmers is expected to hand down a budget including some of the Albanese government’s most ambitious gambits yet.
Anthony Albanese’s budget gamble on property tax reform smells like a broken promise. It could also be a calculated play for younger voters.
One Nation has secured an historic by-election victory in Farrer, in a race that provides a snapshot into the national crisis gripping the Coalition.
One Nation has secured an historic by-election victory in Farrer, in a race that provides a snapshot into the national crisis gripping the Coalition.
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.
The leadup to the budget is always heavily curated. But the Middle East crisis has thrown a serious spanner in the works for Treasurer Jim Chalmers.
