Jim Chalmers rules out fuel excise extension and downplays hopes for tax relief in ‘most responsible’ budget yet
Summary
Australian Treasurer Jim Chalmers said the upcoming budget will be careful with spending, avoiding an extension of the fuel tax cut and new tax breaks for workers. The government plans changes to property investor taxes to address fairness between generations but will not use these changes to fund extra income tax cuts.Key Facts
- The 26-cent per litre fuel tax cut will end on June 30 and will not be extended in the new budget.
- The budget aims to save more money than it spends to help control inflation.
- Changes to negative gearing and capital gains tax rules for property investors are planned to improve fairness for younger Australians.
- The government expects voters will accept breaking a promise not to change negative gearing.
- No immediate new tax cuts for workers are planned beyond those already promised for 2026 and 2027.
- The budget includes more than $2.5 billion for the fuel tax cut until it ends.
- The government will monitor economic conditions and may reconsider policies if the economy worsens.
- Labor has redirected tax cuts to benefit lower and middle-income workers instead of higher earners.
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