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The Latest Breaking News from Federal Budget

As home loan applications drop, the big four banks face a growing challenge from Macquarie

Over the past week, all four of Australia’s biggest banks have reported falls of between 12% to 20% in new home loan applications since the May federal budget.

The Conversation

US deficit reaches $1.8 trillion in first 10 months of fiscal 2026

US federal budget deficit hit a record $432 billion in July, taking the fiscal 2026 shortfall to $1.799 trillion in the first 10 months. Higher government spending and weaker tariff revenues have intensified pressure on the US fiscal position, with two months remaining in the fiscal year.

The Economic Times

Trump's new $950 billion tariff scheme still leaves a 40% shortfall in his grand plan to rebalance the $39 trillion national debt, finds budget study

"We currently estimate that the tariffs enacted and proposed under this administration since January 2025 will generate about $825 billion less revenue through FY 2036 than estimated," the Committee for a Responsible Federal Budget says.

Fortune

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Investors returning after budget blow to housing breaks

The share of homes bought by investors compared to owner-occupiers is returning to levels seen prior to the federal budget.

AAP

Trump's Tariff Refunds Push June US Budget Deficit to $120 Billion as Treasury Returns Billions

The U.S. Treasury Department on Monday reported a $120 billion federal budget deficit for June after refunding $49.2 billion in tariffs that were later ruled unlawful, marking a sharp reversal from the $27 billion surplus recorded in June 2025.

Benzinga

More pharmacists will be able to vaccinate children under 5. Here’s what you need to know

More children under five years old should be able to be vaccinated in pharmacies from January 2027 under a range of measures designed to boost vaccine coverage announced in this year’s federal budget.

The Conversation

'Paid For By Me': Budget Files Show Taxpayers, Not Trump, Funded $690K Oval Office Italian Granite Walkway

Federal budget records reveal that taxpayer money funded Trump's Oval Office walkway, contradicting his claim of personal payment. The project highlights a broader reallocation of National Park Service funds.

International Business Times UK

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'Meet your next director of the federal budget': Usha Vance's $8 dollar dress meets JD's approval as story goes viral

US Second Lady Usha Vance playfully dismissed media interpretations of her maternity wardrobe, particularly an $8.75 Old Navy dress, by sharing its receipt. Her husband, JD Vance, humorously suggested she lead the federal budget due to her savvy shopping. This response came after a New York Times piece analyzed the…

The Economic Times

Even an AI-Sparked Economic Miracle Will Not Save the Federal Budget

Congress cannot sit by and hope for AI to fix the deficit.

Reason

Trump signs the Secure America Act into law

President Donald Trump (R) signed the Secure America Act, a federal budget reconciliation bill providing $70 billion in funding for border control and immigration enforcement through fiscal year 2029, into law on June 10, 2026. The U.S. Senate passed the bill on June 5, and the U.S. House of Representatives…

Ballotpedia

FED:'Reform is always hard': PM coy on tax carve outs

Anthony Albanese has not revealed whether carve outs for businesses are on the table for controversial tax changes from the federal budget.

AAP

'Reform is always hard': PM coy on tax carve outs

Anthony Albanese has not revealed whether carve outs for businesses are on the table for controversial tax changes from the federal budget.

AAP

The APS winners and losers after the federal budget

Front-line services face reduced staff.

The Canberra Times

Reform is hard. Albanese and Chalmers need to stay the course

Do Australians really want reform? It’s a reasonable question to ask as the Albanese government weathers trenchant attacks on its recent federal budget.

The Conversation

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AAP

FED:Labor denies tax-revamp rush after 'exhaustive' debate

The government is brushing off claims large tax reforms in the federal budget are being raced through parliament too quickly.

AAP

Poll surge for populists trigger for PM's tax backflip

Australians believing the economy wasn't working for them forced the federal government to change its stance and implement controversial tax reforms.

The Conversation

Politics with Michelle Grattan: Graeme Samuel on ‘doomsday’ attacks on the federal budget

This year’s federal budget has been the most controversial since the Abbott government’s 2014 budget, with Labor struggling to sell its new capital gains tax changes and crackdown on trusts.

The Conversation

Special poll has Labor barely winning majority as One Nation continues to gain

A special Redbridge poll that was mostly taken before the federal budget had Labor winning 76 of the 150 House of Representatives seats (a majority of one), with One Nation on 53 and the Coalition 12.

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The Conversation

Auction sales are sliding, banks are tightening loans. But is the budget really the only factor?

To say this year’s federal budget has ruffled some feathers would be an understatement. The Albanese government announced major reforms to two tax breaks long seen as politically untouchable – negative gearing and the capital gains tax discount.

The Economic Times

Global Markets: Australia shares end lower as inflation, Iran peace deal concerns weigh

Australian shares declined on Tuesday, breaking a three-day rally, as concerns over persistent inflation and diminished hopes for a U.S.-Iran peace deal weighed on investor sentiment. The banking sector led the losses, with financials dropping 0.7% amid worries about sticky inflation and potential impacts of federal budget tax changes on…

Pedestrian.tv

Everyone Who Shared Those AI-Generated Pics Of ‘Shareholder’ Albanese Could Face Legal Action

Small business owners pissed about the Budget could face legal repercussions, experts warn.

AAP

FED:Labor happy with softer housing market since budget

Tax changes in the federal budget are already helping to level the playing field, according to the housing minister.

The Conversation

Rising rents and ‘death taxes’: why wild claims after the budget don’t actually make sense

For policy nerds like me, the week after the federal budget usually brings some much-needed quiet. After months of speculation and drip-fed policy announcements, we’re usually well and truly ready to move on.

The Conversation

How journalism can serve the greater good

In the washup following the federal budget last week, the ABC did a vox pop interview with a voter about a tax change that would leave him worse off. The answer he gave was unexpected. Instead of complaining, he told the reporter that he supported the change because it could…

The Conversation

This little-known scheme can help first home buyers save thousands more for a deposit, with less tax

Saving for a first home is already hard enough. So when a federal budget change appears to make some popular savings strategies less attractive, it is no surprise people are worried.

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