Treasurer Jim Chalmers has unveiled his highly anticipated fifth budget, claiming it's the "most ambitious and important in decades".

Housing tax reform was the centrepiece of the wartime budget, with changes to negative gearing and the capital gains tax discount announced.

Labor says the reforms will allow 75,000 new people to afford their first home, but does the move go far enough to address intergenerational inequity? Will voters reward them for taking a risk - or punish them for "breaking a promise"?

And as inflation continues to surge, how healthy is the budget bottom line?

Patricia Karvelas and Carrington Clarke break it all down from the budget lock-up on this Politics Now x ABC Business Daily special episode.

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