By Colin Lewis Head of Strategic Advice 12th May 2026
In recent years, federal budgets have grown progressively leaner on measures affecting personal finances, but this highly anticipated budget is different. Finally, a budget one can get their teeth into.
Three of the four tax policies from Labor's controversial 2019 election campaign were revived in this budget – only the abolition of cash refunds for excess franking credits has been left on the shelf. To address intergenerational fairness and housing affordability for working-aged people in the budget, the government has scaled back the CGT discount and limited negative gearing.
During the 2025 election campaign, Prime Minister Anthony Albanese vowed not to touch negative gearing and capital gains tax. Treasurer Jim Chalmers now says the government ruled out those tax changes before the election because it was focused on supply measures. He also said that the capacity for scare campaigns in the age of social media fed into the government’s strategy to not be upfront with voters. Broken promises are nothing new – something we’re all used to. During the 2013 election campaign, then-opposition leader Tony Abbott made five clear promises: “No cuts to education, no cuts to health, no change to pensions, no change to the GST and no cuts to the ABC or SBS.” He broke nearly every one in the federal budget just months later. Prime Minister John Howard promised no GST when he was elected in 1996. What follows are the measures that matter for personal finances and small business
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