Treasurer Jim Chalmers is defending an extra $18 billion in government spending next financial year despite warnings it will make the Reserve Bank’s fight against inflation harder. The federal budget on Tuesday revealed government spending will climb to $829.6 billion in 2026/27, billions more than forecast...
Tax changes in the budget give the government scope to direct more relief to workers in future, raising the prospect of a 2028 pre-election sweetener. While higher taxes on assets will be returned to workers via tax cuts in the short term, Treasury predicts the budget...
The federal government must crack on with harmonising regulations so that businesses like retailers, airports and farmers can avoid costly red tape, a major business lobby says. The Alliance of Industry Associations, representing 30 groups including banks, business, builders, farmers, transport, tourism and retail, made the...
Two-thirds of Australia’s largest companies are owning up to material climate risk but only a third have put a dollar figure on exposure. The few big firms that have crunched the numbers suggest global temperature rise and decarbonisation will have a material impact on cash flows...
Superannuation performance test changes are being flagged as a way to boost Australia’s lagging productivity rate, as the federal treasurer promises more budget savings. First signalled during Jim Chalmers’ economic reform roundtable in August, changes floated by Treasury on Friday include benchmarking “emerging” asset classes against...
More Australians will be able to pick up their prescriptions for less money, as the government boosts medicine subsidies in the federal budget. The Pharmaceutical Benefits Scheme, which regulates prices of life-saving medications, will be increased by an extra $5.9 billion over the next four years...
Australia’s electric car drivers may escape a road-user charge for another year but will pay more tax under measures revealed in the federal budget. The changes are part of several reforms to support low-emission vehicles in the budget, including an extension of its electric car repair...
Australia’s growing throng of solar panels, batteries and electric cars will be managed by a new regulator in a multimillion-dollar budget commitment welcomed by investment and climate groups. The change will come in addition to support for biofuel production, faster environmental approvals, and a solar panel...
Artificial intelligence will be deployed across the federal government for everything from evaluating medicines to identifying tax fraud in a bid to boost the nation’s productivity. A long list of AI trials were named in the federal budget on Tuesday for agencies ranging from Veterans’ Affairs...
Anthony Albanese is playing “gutsy” politics with sweeping changes to tax concessions for landlords but risks offending established investors who may not have expected the overhaul, an expert in politics says. From July 2027, negative gearing will be scrapped for all homes except new builds, while...