Budget 2026 live updates: Coalition pledges to repeal Chalmers’ tax reforms amid mixed reception for ‘difficult’ budget
Summary
The Coalition party in Australia said it will undo recent tax changes on investment profits if it wins the next election, arguing Labor did not have permission from voters to make those changes. The government’s new budget includes extra funding for public hospitals but also faces criticism for not solving all healthcare problems, with some experts warning about financial gaps and the impact of cuts on private health insurance for older Australians.Key Facts
- The Coalition promises to repeal changes to capital gains tax and negative gearing if elected.
- Shadow Treasurer Tim Wilson says Labor lacked voter approval for these tax reforms.
- A $250 tax offset for workers will start next year but inflation may reduce its benefit within six months.
- The Australian Medical Association (AMA) welcomed $25 billion in extra hospital funding but said a $9.6 billion gap remains unaddressed.
- The budget includes $120.9 million for better health checks for young children via Medicare.
- The AMA is concerned about cuts to private health insurance rebates for people over 65, which might increase pressure on public hospitals.
- The Committee for Economic Development of Australia (CEDA) supports the budget’s approach to reform and its efforts to balance savings and household support.
- The government warned Australia’s economy could face recession risks if the Middle East crisis worsens and oil prices stay high.
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