Guardian AU
Budget 2026 live updates: Bill Shorten says he’s vindicated by budget tax reforms ‘very like’ the ones he took to two elections
Bill Shorten is claiming vindication as the 2026 federal budget includes tax reforms strikingly similar to the capital gains and negative gearing policies he took to the 2016 and 2019 elections. Shadow treasurer Angus Taylor has declared his intention to fight the changes, vowing to "defeat" them. The development marks a significant political moment, reviving one of Australia's most contested economic debates nearly a decade after it helped cost Labor two federal elections.
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Budget 2026 live updates: Taylor asks why Labor ‘lied to Australians’ on tax plan as Albanese says government could not ‘sit back and kick the can’
Labor's proposed changes to negative gearing and capital gains tax have sparked fierce political debate, with Opposition leader Peter Dutton's deputy Angus Taylor accusing the government of breaking its promises to voters. Prime Minister Albanese defended the reforms as a necessary response to the housing crisis, rejecting calls to delay action. Former Labor leader Bill Shorten backed the measures, arguing they would give younger Australians a genuine path to homeownership.
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Budget 2026 live updates: Chalmers on media blitz to sell ‘contentious’ budget; shadow treasurer says Coalition will try to block tax reforms
Treasurer Jim Chalmers is hitting the airwaves to defend a politically charged budget that includes proposed changes to capital gains tax and negative gearing. Shadow Treasurer Tim Wilson has made clear the Coalition intends to block the reforms outright, setting up a fierce parliamentary battle. The standoff signals that the budget's most controversial elements face significant headwinds before becoming law.
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Budget 2026 live updates: PM says opposition ‘reduced to a farce’ as Coalition targets Labor over CGT; two Liberal MPs booted during question time
Australia will contribute a high-tech surveillance aircraft to an international mission aimed at reopening the Strait of Hormuz, a critical global shipping lane. The commitment signals Canberra's willingness to play an active role in securing vital maritime trade routes. Details of the full mission scope and timeline are yet to be confirmed.
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Why budget rhetoric won’t match reality for many younger Australians
The Chalmers budget pitches sweeping tax reform as generationally significant, but the fine print tells a more complicated story for younger Australians. Changes to capital gains tax discounts and negative gearing signal a fairer system on paper, yet many millennials and Gen Z will still lack the asset base their parents built under more favourable conditions. The reforms may level the playing field going forward without fully closing the wealth gap that already exists.
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