00:00Welcome to Federal Budget Week. There's already a lot we know about what will be in the budget
00:04papers to be announced tomorrow night, but for now, here's some previews. For Canberra, we know
00:08that $50 million given by the federal government for planned improvements to the Sydney to Canberra
00:13railway line will be matched by the New South Wales and ACT governments at $25 million each.
00:18There will also be almost $390 million given to the CSIRO over four years to do much needed work
00:26on some of the equipment there, but it won't stop the current round of redundancies. There'll be $1.7
00:32billion given to Services Australia to keep about 4,000 frontline staff employed. That's something
00:37that advocates have been calling for in the territory for some time now. We can expect a lot
00:41more for Canberra in the budget papers, but more broadly, property is really the conversation that
00:47we're expecting to have happen tomorrow night. From July 2027, negative gearing is going to be
00:52restricted to new properties, which means that existing properties that are bought won't be
00:56able to be negatively geared. We can also expect changes to the capital gains tax discount from
01:01that time, bringing it back in line with pre-Howard levels so that the discount is in line with
01:07inflation. Defence is unsurprisingly going to benefit in this budget. About $53 billion will be given to
01:13the sector over the next decade, which will bring spending to 3% of the GDP, something that the
01:18coalition has wanted for some time. There will also be some savings and redistributions in different
01:25parts of defence, though. It's not great news for disabled Australians or people over 65. We already
01:31know about big overhauls to the NDIS to save $15 billion a year over the next three years, and
01:37Australians over 65 will no longer have as large of a discount on their private health insurance as
01:42they have had, bringing them in line with other Australians. While we know there's lots of spending in
01:47this budget, it is going to be quite tight. About $64 billion worth of savings will deliver a rare net
01:53save, and you can learn a lot more about this tomorrow. We'll be covering it over at the Canberra Times.
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