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Good afternoon Tylko, Jim Chalmers has grasped the big tax stick and fulfilled his dream of becoming a Labor treasurer who wages class warfare in the 21st century.
Chalmers, the battler from Logan, can finally show his true colours after being let off the leash by Anthony Albanese and allowed to break multiple election promises.
On Tuesday night, the acolyte of Wayne Swan, supporter of Bill Shorten and disciple of Paul Keating announced $77bn in new taxes targeting aspirational Australians and retirees who access negative gearing, capital gains tax concessions and family trusts.
The budget reaching balance in 2034-35 is predicated on those higher taxes and optimistic projections that NDIS reforms will save $184.9bn over a decade.
The headline tax hits were exposed by The Australian in the weeks before the budget, and virtually left Chalmers and Albanese with little new to sell except for slightly improved deficits and fresh taxes.
The challenge now for Chalmers and Albanese is selling a budget packed with broken election promises, shiny new taxes, measures that take from older generations and give to younger generations, and no immediate hope for Australian families struggling in a cost-of-living hell.
Get all the latest coverage, visit our Federal Budget 2026 page.
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