Federal budget 2026 winners and losers: rich families, overseas travellers and illegal tobacco – summary
Summary
The 2026 federal budget includes tax cuts for working Australians, support for public servants, and funding for scientific agencies. It also introduces temporary tax relief for commercial media and allocates money to combat illegal tobacco. However, some government agencies will face staff cuts, and there is limited funding for endangered species protection.Key Facts
- A new tax offset of up to $250 per year will start in 2027-28 for over 12.5 million working Australians.
- The income tax rate for lower earners will drop from 15% to 14% starting July 2027.
- Taxpayers can instantly deduct $1,000 from their taxes from 2026-27 without keeping receipts.
- The federal public service will grow to 217,256 staff in 2026-27, the highest yet.
- Commercial TV and radio networks are exempt from the broadcasting tax until June 2028, costing taxpayers $111.3 million over five years.
- Agencies like the Australian Competition and Consumer Commission and National Disability Insurance Agency will reduce staff.
- Funding will go to scientific bodies: $273 million to the National Measurement Institute, $21.7 million to the Australian Space Agency, and $387.4 million to the CSIRO.
- The government expects illegal tobacco sales to reduce tobacco tax revenue by $1.2 billion over four years despite spending $20 million to fight illicit sales.
- Higher taxes on property investors aim to help 75,000 first home buyers, but rents are expected to increase slightly.
- Conservation funding of $99.6 million over two years is considered insufficient for endangered species and habitat protection.
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