BUDGET 2026: The Budget Breakdown | 9 News Australia

Let's begin with Andrew Proban and the budget breakdown.

Jim Chalmers is billing it the answer to generational pressures.

At a time of very serious global uncertainty and adversity, it's all about aspiration and opportunity.

The Treasurer unveiling the most ambitious budget in more than a decade, balancing tax reform against cost of living relief.

It's out of whack.and tonight we take some serious steps to try and address that challenge.

All workers to receive a new permanent $250 tax offset payable from July 2028, costing $6 .4 billion.As planned, tax cuts worth $268 for every worker kick in from July 1st, rising to $536 from July next year.But this is a budget littered with broken election promises.The government resurrecting Bill Shorten's ill -fated policies to rein in perks for property investors.

We can't see these tax arrangements lock more and more people out of the housing market.

Negative gearing will be restricted to new builds from July next year.Existing negatively geared properties will be excluded.The 50 % capital gains tax discount will be replaced by a less generous indexation model starting from July next year.Combined, these two measures raise $3 .6 billion in the first two years.Income from trusts to be slapped with a 30 % minimum tax from July 2028, raising $4 .5 billion in the first year.Farmers and deceased estates among the exemptions.

The Treasurer rehearsing his intergenerational pitch.

people not getting a toehold in the housing market is not just expressed to us by young people.it's expressed to us by parents and by grandparents.

From next year, more than six million workers will be able to claim a thousand dollar instant tax deduction without receipts.tax breaks for electric vehicles to be wound back.The fringe benefits tax exemption for EVs, costing over $75 ,000, reduced to 25 % from March next year.For the fossil fuel economy, $10 billion to increase the national stockpile of petrol to 37 days, 50 days for diesel and jet fuel.The dark cloud over Jim Chalmers' fifth budget is the conflict in the Middle East.Inflation is battering households, triggering interest rate rises and smashing the value of pay packets.

The budget forecasting inflation peaking at 5 % this year before settling at 2 .5 % by next year.But when you overlay wage growth, workers will go backwards this year by 1 .75 per cent, before very modest real wage growth of just 1 per cent thereafter.Unemployment forecast to reach 4 .5 per cent, staying there until the end of the decade.But if the Iran conflict worsens and oil prices surge to $200 a barrel, Treasury's modelled a nightmare scenario.Inflation spiking at more than 7%, unemployment hitting 5%.The nation's books slightly improved, in large part thanks to higher gas, iron ore and coal prices from the Iran war.

A near $45 billion improvement over the next four years, but still more than $150 billion in combined.combined deficits.Gross debt surging past $1 trillion this coming year, reaching $1 .25 trillion by decades end.

The budget is stronger, the deficits are smaller.and debt is lower.

All up, more than $26 billion in net savings.$15 billion coming from the NDIS alone, taking 160 ,000 people off the disability scheme.The $20 ,000 instant asset write -off will be made permanent for businesses buying new equipment.

So we're helping people now and we're giving hope to future generations.

A budget that sets the scene for a political and economic fight that will continue until the next election.Andrew Proban, Nine News.