00:02An early start to the sales pitch.
00:05Buying your first home shouldn't feel impossible.
00:08Making the case that Australia's housing problems are worth breaking promises to fix.
00:13The government has been flagging major changes in tonight's budget for weeks.
00:18The capital gains tax discount is expected to be wound back from 50% instead indexed to inflation.
00:25Negative gearing will likely be restricted to new builds, but the new rules will be grandfathered.
00:31And changes will be made to how trusts are taxed, though it's still unclear exactly what those changes look like.
00:38Overall the budget will remain in the red for the next four years.
00:42But the government says those deficits will be smaller than forecast in the mid-year update just six months ago.
00:48This will be a very ambitious budget in its breadth and also in the nature of the difficult decisions that
00:55we will be taking on.
00:57The Treasurer expecting hard questions ahead on why big tax changes are needed now, but weren't worth taking to an
01:05election a year ago.
01:07What matters most is if we come to a different view that we explain why, and I'll be doing that
01:11tonight.
01:12He's outlined to the Australian people the promises that he and the Prime Minister made 50 times over in their
01:18own language is about to be broken.
01:21The government says it expects the changes will help 75,000 first home buyers into a property over the next
01:28decade.
01:28Making the arrangements that will be announced by the Treasurer tonight, you know, results in that outcome.
01:36Tens of billions in savings will come from the National Disability Insurance Scheme, while spending on defence will climb.
01:45And a popular tax discount for electric vehicles is being wound back.
01:49Whether it be in, you know, productivity, whether it be in reform across the board, the reform we're doing on
01:56the NDIS, there's a lot in this budget.
01:58In tackling structural changes at a time of global turmoil, this is likely to be the most significant budget handed
02:04down for some time.
02:06It will please some who have for years called for tax reform.
02:09But it will also spark a difficult conversation with many voters around when and why the government feels it can
02:16break the promises it makes.
02:18Let's finish this direction please!
02:19While one winterica came, it was a good place to focus the expectations of a community, it has been Rachel
02:20-Books
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