The federal budget is, in many respects, the high point of Australia's political calendar. This federal budget is no exception. The public had been primed for weeks to expect a series of significant reforms this year. But it is striking how little there is in the budget by way of direct social benefit.

The budget is broadly redistributive — it removes certain tax concessions that disproportionately benefit the wealthy — but it does not then distribute that additional tax revenue to those struggling with cost-of-living pressures. Even the $250 permanent annual tax offset for workers is quite modest and deliberately non-inflationary.

It would seem that the object of this “rebalancing” through changes to capital gains tax, negative gearing and discretionary trusts is “intergenerational equity” itself: the budget adjusts the tax system so that it benefits property investors less than first home buyers — even if these benefits are dispersed over time and only gradually felt.

The question is, does the underlying philosophy of this federal budget provide a template for budgets-to-come?

Guest: Luara Ferracioli is Associate Professor in Political Philosophy at the University of Sydney, and Philosopher-in-Residence at the Sydney Policy Lab.

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THE MINEFIELD - LIVE AT THE SYDNEY WRITERS’ FESTIVAL

24 May 2026

“The Return of Nationalism and the Crisis of Democracy”

With each new election, geopolitical deal and technological advancement, it seems like the ideals of democracy are slipping away. In this special live recording of ABC Radio National’s The Minefield, hosts Waleed Aly and Scott Stephens discuss the state of democracy today with Canadian podcaster and political scientist David Moscrop.

When: Sunday, 24 May 2026, 4-5pm

Where: Carriageworks, 245 Wilson Street, Eveleigh, NSW, 2015

To purchase your tickets: https://www.swf.org.au/program/festival-2026/abc-the-minefield-live

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NEXT WEEK: Christopher Marlowe’s “Doctor Faustus”

Expressions like “deal with the devil”, “selling one’s soul” and “Faustian bargain” are woven through our language. And popular culture is filled with variations on the unsavoury theme of attaining wealth, fame and pleasure by permanently corrupting one’s soul.

In the third week of May, Waleed and Scott will be turning their attention to the source of these tropes: Christopher Marlowe’s play “Doctor Faustus”. It was first performed in 1592, just a year before Marlowe’s own untimely death.

It is neither a long nor an overly complicated play, but it is powerful and ethically rich. We will be discussing the so-called “A-Text” of Marlowe’s play, revised in 1604. We hope you’ll join us in reading the play beforehand.