Treasurer Jim Chalmers has handed down his fifth federal budget, which he says is “the most important and ambitious budget in decades” amid tough economic conditions.
Tuesday’s budget includes major tax reforms to negative gearing, capital gains and trusts aimed at boosting home ownership for young people and encouraging investment in “productive” assets.
There are also new income tax cuts that will deliver an ongoing $250 a year bonus that will raise the tax relief for average workers to $2816 a year by 2028.
How will you fare?
