What we learned, federal budget 2026
Canberra’s night of nights has come to a close here at parliament – but best believe Jim Chalmers and his colleagues are celebrating another budget done and dusted and doing some fundraising while they’re at it.
There weren’t many surprises but we finally got the details of Labor’s changes to negative gearing, capital gains tax and discretionary trusts.
The treasurer justified breaking Labor’s promise not to touch those tax incentives at the last election, saying that the thinking in the government had changed in recent weeks, and it was the right policy.
Taxpayers, boffins and first home buyers were among the winners, while wealthier families, freight rail enthusiasts and hopeful migrants were among the losers.
The government will save more than $36bn from cutting the NDIS, by far the biggest chunk of its savings across the budget.
The opposition says it would repeal the negative gearing and CGT changes if elected, but backed the $250 tax cut for workers which will come into effect next year.
Smaller deficits but a missed opportunity on gas: read Greg Jericho’s take on the budget.
The Greens accused the government of ‘tinkering’ around the edges on the tax policy, and defending wealthy corporations and the 1%.
Key stories from tonight:
Chalmers goes for broke in federal budget facing twin threats of housing pain and Iran war disaster
Capital gains tax changes and negative gearing reform explained
You can read all the Guardian’s coverage of the 2026 federal budget here.
I will see you back here bright and early tomorrow! Take care.
Updated
Budget night in pictures
