00:02We've heard from the Treasurer Jim Chalmers and Finance Minister Katie Gallagher here
00:06in Canberra today, sort of laying the groundwork, if you like, for next week's budget.
00:12The Treasurer says that the government will save more than it will spend.
00:16There'll also be packages in terms of tax reform and also productivity.
00:21Finance Minister Katie Gallagher says that there will be savings and reprioritisations
00:26across all portfolios, so that will be one to keep an eye on as we sort of get the details
00:32trickle in over the next few days and, of course, next Tuesday as well.
00:36The Treasurer was also asked about if there'd be any extra cost of living relief in the budget
00:41for Australians.
00:42Of course, we know Australians are doing it really tough, whether it's the cost of fuel
00:46or the cost of groceries when they go to the supermarket or everything else in their daily
00:51lives.
00:51But the Treasurer didn't hint at any new cost of living relief.
00:56He was very much pointing to that that's already been announced, so income tax cuts
01:00and also, of course, the change to the fuel excise that we saw not too long ago as well.
01:06So we're sort of starting to find out day by day a little bit more about what might be
01:11in the budget next week, Gemma.
01:13And Evelyn, as part of the budget, the Prime Minister is preparing to perhaps break an election
01:18commitment and overhaul property tax perks.
01:21What do we know?
01:22Yeah, look, that is very much expected at this point in time, that the government will
01:28wind back negative gearing and also the 50 per cent discount for capital gains.
01:32The reason for that, the government says, is it keeps pointing to intergenerational inequity,
01:38saying that young people have just been finding it so hard to get into the housing market.
01:42And we do know that to be true from so many people that we speak to, and the government
01:47says that they're hearing that from young people, but also their parents and their grandparents.
01:51But if they do go through with this, it would amount to a broken promise.
01:54So you're already starting to see the government really laying the groundwork for that.
01:58The Treasurer, Jim Chalmers, was asked earlier.
02:01I think the best way to build trust is to make the right decisions for the right reasons.
02:07And there are genuine intergenerational concerns and pressures in our budget, in our tax system,
02:14in our housing market and in our economy more broadly.
02:17Now, as the famous red budget tree in the courtyard here in Parliament gets redder by the day,
02:24we also see the heat really turned up by the opposition, the shadow Treasurer.
02:28Tim Wilson will be delivering a speech today where he really puts the blame on the government
02:33for fuelling inflation. We're already seeing the government really on the front foot trying
02:38to combat that. But that will really continue over the days ahead, Gemma, as we get closer
02:43and closer towards next Tuesday.
02:47There are many sacrifices left behind them.
02:48Our people are fighting for the right reasons.
02:48And don't even say the existence, it's one year a change.
02:49And then we're looking to make the right decisions.
02:49And we're looking to make the right decisions.
02:50And here's one thing.
02:50So if you have a decision, it's done.
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