Budget 2026 live updates: Coalition pledges to repeal Chalmers’ tax reforms amid mixed reception for ‘difficult’ budget

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Welcome

Good morning and welcome to our live news blog. I’m Martin Farrer with the top overnight stories and then it will be Krishani Dhanji with the main action.

There’s already plenty of reaction today after Jim Chalmers delivered his fifth budget as treasurer last night. Interest groups are lining up to give their verdict on their particular slice of the financial pie, welcoming some parts and criticising the lack of action on others.

And the shadow treasurer, Tim Wilson, has plainly put out the Coalition’s position on the biggest changes: to capital gains tax and negative gearing, which the government claims will help to redress intergenerational equity. He says they will try to block the changes, or repeal them when next in power.

Much more to come …