The 2026 federal budget was one of the more “memorable” in recent history. Despite the vast majority of measures having already been aired in the media weeks prior, Jim Chalmers kept one major reveal for budget night: a three-part tax reform, winding back the favourable settings of capital gains tax, negative gearing and private trusts.

The mainstream media has been bleating about “broken promises”, but do voters actually care if the government changes its mind in pursuit of better policy? Politics editor Bernard Keane and readers’ editor Crystal Andrews discuss what they liked in the budget, what was disappointing and the missed opportunity of the gas export tax. 

Plus, does Angus Taylor have any hope of improving the Coalition’s fortunes with his budget reply speech?

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