The Treasurer says tonight's budget will be bold, ambitious and see difficult decisions made.

Housing and intergenerational equity will be major focuses of Jim Chalmers' fifth budget, with a major shake-up of the 50 per cent capital gains tax discount, and negative gearing, expected.

Fuel security is also expected to be one of the big ticket items.

Dr Chalmers says he's expecting criticism from what he's described as "defenders of the status quo".

Defence says the soldier who died yesterday after a mid-air collision during a parachute training exercise, was an experienced Special Forces sniper who was helping to instruct the course.

Fifty-year-old Warrant Officer Lachlan Muddle and a second soldier had opened their parachutes and were manouvering to the drop zone at the Jervis Bay Airfield, when they crashed and fell several hundred feet.

The second soldier survived the fall with minor injuries, but Warrant Officer Muddle was fatally injured.

The Federal Health Minister says several more passengers, on a hantavirus affected cruise ship, have tested positive to the infection, including a French national who's in a critical condition.

Five Australian and one New Zealand passenger, awaiting repatriation from the Netherlands are not among the new infections.

Once a flight to Perth has been scheduled, the group will isolate for at least three weeks at the Bullsbrook Centre of National Resilience, north of Perth.

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The federal government's already announced a number of measures that will feature in this budget.

Finance Minister Katy Gallagher is promising "fairness" to be at the centre of tonight's budget.

Tackling the housing crisis and intergenerational inequity will be major themes of Treasurer Jim Chalmers' fifth budget with changes to the capital gains tax discount and negative gearing expected.

Prime Minister Anthony Albanese says the past year has been about delivering on election promises... but this budget is aimed at ambitious reforms.

The opposition is already raising concerns that the government is breaking promises made during last year's election.

Defence Minister Richard Marles says parachuting activities within the Australian Defence Force have been paused after a fatal accident overnight.

Warrant Officer Second Class Lachlan Muddle from the Special Air Service Regiment was taking part in a training exercise at Jervis Bay on the NSW South Coast when he collided with another para-trooper midair and fell to the ground from several hundred feet.

The second soldier survived and suffered only minor injuries.

And Foreign Minister Penny Wong has held talks with US Secretary of State, Marco Rubio, on Iran and the Strait of Hormuz

The US State Department says Mr Rubio talked about ongoing efforts to ​restore freedom of ‌navigation in the vital oil shipping channel, which Iran has effectively closed.

US President Donald Trump has repeatedly ⁠said Western allies ‌have not done enough ‌to back America.

The federal government has today announced further targeted sanctions on Iranian individuals and entities.

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The Defence Minister Richard Marles has paid tribute to the Australian paratrooper, Warrant Officer Second Class Lachlan Muddle, who died yesterday during a parachute training exercise on the NSW south coast.

Mr Marles has described him as deeply experienced and announced that parachuting within the ADF has been temporarily paused.

Details released about the accident have confirmed the paratrooper was taking part in a specialist parachute training activity at the ADF Parachute School at Jervis Bay, when he collided with another paratrooper mid-air.

Treasurer Jim Chalmers is hours away from delivering his fifth budget saying it'll address generational inequality, while exercising restraint at a a time of global uncertainty.

Housing is expected to be a major focus with changes to capital gains tax and negative gearing already flagged.

Cuts to the NDIS and boosting fuel security are some of the other big ticket items we know about.

WA's Health Minister, Meredith Hammat, says West Australians have no cause to be "concerned or alarmed" that repatriated passengers, from a Hantavirus-affected cruise ship, will be placed in quarantine in Perth.

The five Australians and one New Zealander are currently in the Netherlands after being transferred from the Canary Islands overnight.

The Federal Government has confirmed the group will fly into an air force base, north of Perth, this week and spend three weeks at the nearby Bullsbrook Centre of National Resilience.

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An Australian soldier has died during a training exercise on the south coast of New South Wales.

The Prime Minister says his government is "throwing everything" at fixing intergenerational inequity in the federal budget to be revealed tonight. 

Four Australians have arrived in the Netherlands after being evacuated from the cruise ship linked to a hantavirus outbreak.   

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The Australian Defence force is investigating the death of an army soldier during a parachuting training course.

The federal government has announced further targeted sanctions on Iranian individuals and entities, over the oppression of its people.

The peace process involving the war in Iran is currently at an impasse and the overall conflict is set to have a big influence on tonight's federal budget.

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As the cost of living continues to bite here in Australia and around the world we're being warned it could stay that way for the foreseeable future.

The Treasurer Jim Chalmers has been speaking at a press conference this morning about tonight's budget and he says it will be ambitious but responsible, while aiming to lift living standards. 

The UK's Prime Minister Keir Starmer is facing a revolt from within his own party after its poor performance in recent local council elections.

A year seven student is in a serious but stable condition after he was trapped under a train in Melbourne.

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Last month, the federal government announced sweeping reforms to reign in the cost of the National Disability Insurance Scheme.

The federal budget is being released tonight and Labor is talking it up as ambitious as it tries to tackle big issues such as housing and inflation.

US President Donald Trump has been lashing Iran, saying the ceasefire is on 'life support'.

Four Australians could be in quarantine for up to six weeks after being evacuated from the cruise ship linked to a hantavirus outbreak.

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