Radio National Breakfast

The tax changes Bill Shorten took to the election seven years ago saw him defeated by Scott Morrison at the ballot box.

Last night, the Treasurer announced changes to CGT and negative gearing - breaking his government's promise at the 2025 election not to touch investment property taxes.

• GUEST: Bill Shorten, former Labor opposition leader and current Vice-Chancellor of the University of Canberra 
• PRODUCERS: Katie McAllister, Tom Crowley

Its budget day! We hear from Carrington Clarke as he prepares for the lock-up in Parliament House. 

Finance Minister Katy Gallagher previews what we can expect, and her shadow across the aisle Claire Chandler lays out the Coalition's questions. 

Then we hear about the pressure British PM  Keir Starmer is under as multiple Labour MPs and Cabinet Ministers call time on his leadership.

Recap the morning's news, politics and global affairs with the Breakfast Wrap.

Deep in the forests of the Blue Mountains in New South Wales, there lies a secret location of the pre-historic Wollemi Pine.

More than a month since being announced, and on budget day, the Federal Government is set to table its long-awaited formal response to the Peta Murphy review into curbing gambling harm

Crossbench MPs have criticised the government for what they call half-measures and are stepping up their campaign for further changes, ahead of them being legislated later this year.

Guest: The Reverend Tim Costello is the Chief Advocate for the Alliance for Gambling Reform

Producers: Grace Stranger, Joe Sullivan

Treasurer Jim Chalmers prepares to hand down tonight's high-stakes budget – with the government seeking to tackle intergenerational equity amid war in the Middle East and runaway inflation.

The Federal Treasurer Jim Chalmers is describing this budget as his most ambitious yet. So will it be? 

• GUEST: Claire Chandler, Shadow Minister for Finance 
• PRODUCER: Isadora Bogle

US President Donald Trump says the ceasefire with Iran is on "life support", labelling Iran's response to the US proposal to end the war as "unacceptable".

Meanwhile, Iran's Foreign Ministry has rejected the criticism, defending its demands as "legitimate".

So just what are both sides offering up on the negotiating table?

The federal government says productivity will be a key pillar in tonight's budget.

The Treasurer Jim Chalmers says a "productivity package" will incentivise states to adopt reforms aimed at speeding up housing approvals and construction.

The Productivity Commission says regulation is adding up to $320,000 to the cost of an average home, and it's urging the government to embrace wider economic reforms.

• Guest: Danielle Wood, Chair of the Productivity Commission.
• Producer: Jason Whittaker

The Australian Council of Social Service has welcomed the reported changes to capital gains tax and negative gearing - but says the budget must go further on addressing inequity.

Plus - intergenerational equity is one of the key themes of tonight's federal budget.

Some younger Australians have told Radio National Breakfast they're glad the issue is getting attention. 

• Guest: Cassandra Goldie, CEO of the Australian Council of Social Service and young Australians Mykel, Jack, Jules, Kesh and Erika. 
• Producer: Jason Whittaker, Grace Stranger, Katie McAllister

Buoyed by its historic win in the Farrer by-election at the weekend, One Nation has set its sights on Western Sydney.

One Nation MP Barnaby Joyce says the party has been canvassing potential candidates in the region. 

Earlier this year One Nation's leader Pauline Hanson issued a partial apology over remarks about Muslims, and singled out Lakemba in Sydney's West as being unwelcoming towards non-Muslims.

It prompted Islamic and Western Sydney leaders to invite Senator Hanson to visit this year's Ramadan celebrations and night-markets. 

• Guest: Ola Hamed, Mayor of Cumberland
• Producer: Eddy Diamond

The British Prime Minister has given what could be the most consequential speech of his career in the face of a possible leadership challenge.

Sir Keir Starmer has vowed not to "walk away" in the wake of devastating local election results at the weekend.

In the latest development, four ministerial aides have stepped down and ​more than 60 Labour MPs are now publicly calling for Sir Keir's resignation.

The calls have been lead by Catherine West, an Australian-born backbencher who has since backed down from her threat of triggering a leadership contest herself, but has again called on the Prime Minister to leave office by September.

• GUEST: Aleta Adoo, political correspondent for the Guardian 
• PRODUCER: Pip Cook