Sorry, just had to go scream into the abyss.

The treasurer has run to the ABC studios for the traditional ‘straight into 7.30 from the floor’ interview.

It’s always very intense in the ABC bureau on budget night, with a cast of thousands, and a sea of stress, as if we haven’t all been doing this since forever (journalists love being dramatic about being stressed. No one is dying on our tables, so really we should just calm our farms)

This pre-election budget is designed to annoy the least number of people. It has modest sweeteners in the form of tax cuts, electricity rebates, cheaper medicines, and incentives to increase bulk billing.

To paraphrase Douglas Adams, this budget is mostly harmless.

Good things

The modest tax cuts are well targeted, with those on the lowest incomes getting the benefit. This is a welcome change from previous income tax cuts that have mainly benefited high income earners.

The measures for strengthening Medicare are also welcome. Healthcare is a human right and this will help more people have access to visit their doctor and cost them less to buy medicine.

This budget is not inflationary. There is nothing in this budget that should stop the Reserve Bank from further cutting interest rates. The budget predicts that the inflation rate will remain in the RBA’s target band.

Missed opportunities

Being mostly harmless, this budget also does little to combat some of Australia’s biggest problems.

There is funding to help with climate related disasters but no additional funding to reduce emissions. Australia is unlikely to hit its emissions reduction targets and there is nothing in this budget that will stop that.

There is nothing meaningful on housing. The government has expanded the eligibility for its help to buy scheme. This is a tiny scheme that would have made little to no difference, and the expansion will mean it will continue to make little to no difference. There will be no changes to negative gearing of the capital gains tax discount, which are driving up house prices and pushing down home ownership rates. There is also no expansion of public housing.

This budget does nothing substantial for inequality which will continue to get worse. Those in the top 10% will continue to collect $40 billion a year in super tax concessions, negative gearing, and the capital gains tax discount.

Gas companies will continue to avoid paying their fair share of tax. This budget shows PRRT revenue will continues to fall. The Prime Minister has paused beer excise, but gas companies don’t need such measures. By 2028-29 twice as much excise will be collected from beer as from the PRRT.

The Budget also failed to properly address the need to respond to climate change and also the ongoing environmental harm from the salmon industry. Shamelessly while passing legislation that will critically hurt the survival of the Maugean Skate, the government has allocated $2.4m for a breeding program that is only to start in 2026-27. Talk about being a day late and a dollar short.

There was a standing ovation and a few woots, lots of hugs and pats on the back.

And then that’s it – the debate will be adjourned until tomorrow.

The women’s budget is also tabled.

Winners

Well, everyone who earns more than $18,200. Everyone gets a tax cut – up to $268 in 2026-27 and another one in 2027-28. It’s a smart tax cut – mostly benefitting those earning less than $45,000.

People who go to the doctor/use the PBS – as was previously announced – cheaper PBS medicine, cheaper GP visits (hopefully) and the energy rebate is extended for another 6 months (tune back in 6 months to see if it gets extended again).

Beer drinkers – the Government will pause indexation on draught beer excise and excise equivalent customs duty rates for a two‑year period, from August 2025 – also previously announced.

Gas companies who are projected to pay less PRRT over the next 4 years – $1.95bn than $1.8bn then $1.65bn then $1.45bn. As a result, beer drinkers – even with the pause of excise indexation will still pay $4.8bn more than gas companies do on PRRT over the next 4 years.

Wealthy people who live using the superannuation system to avoid paying tax – no changes to the super tax concessions.

Wealthy people who like using the tax system to speculate in the housing market. No changes to that nor negative gearing.

Fossil fuel companies – the fuel tax credit continues to grow from $10.8bn this year to $13.1bn in 2028-29. And it is forecast to keep rising because the government “expect an increase in the use of fuels that are eligible for the fuel tax credit scheme” – ie the credit scheme encourages the use of fossil fuel.

Losers

Unemployed – no increase in Jobseeker. They will continue to exist on an amount that is around 38% below the poverty line.

The Maugean Skate and the environment. The Treasurer did not mention climate change once in his speech. Nor did he mention the Maugean Skate, whose existence is under critical threat due to laws rammed through the house today that enable the salmon farming to continue in Macquarie Harbour. The government does allocate $2.4m on a breeding program for the Maugean Skate spread over 202-627 and 2027-28. How do they pay for it? By cutting spending in the Department of Environment and Climate Change in 2025-26 by $2.4m. Golf claps all round.

People wanting to ever afford a home. The wait for the removal of the distortions in the housing market continue. Sure there is some money being spent on shared equity but it’s all just fiddling on the roof – a burning roof

Chalmers is finishing this all up now:

It’s even more important and even more remarkable that Australia’s economy is turning the corner –

When we know the global economy is taking a turn for the worse. [TRUMP!!!]

Our progress and our prospects validate and vindicate the decisions and sacrifices we’ve made together.

To bring inflation and debt down.

Get wages and growth up.

And keep unemployment low.

What matters now is that we build on this platform.

How we help finish the fight against inflation.

How we keep rebuilding living standards.

And how we maximise our national advantages to benefit middle Australia.

The plan at the core of this Budget is about more than putting the worst behind us.

It’s about seizing the best of what’s ahead of us.

To build a stronger economy – And a future we can all be proud of.

I commend this Bill and this Budget to the House.

Chalmers is bringing it home now:

In a tight Budget, we’ve made room to boost our defences, strengthen Medicare, help people doing it tough, build more homes and invest in the future.

We’ve done all this at the same time as we’ve overseen the biggest ever fiscal improvement in a single term of Government.

Tonight’s Budget is $207 billion better than we inherited.

It’s in better shape in every year over the forward estimates, than it was three years ago.

In our first two years, we posted the first back-to-back surpluses in nearly two decades.

Our deficit this year has almost halved since we came to office.

Next year’s deficit is $42 billion, lower than what was forecast at the last election, and lower than at the mid-year update.

Gross debt will hit $940 billion this financial year, $177 billion less than what we inherited.

This means we will avoid around $60 billion in interest costs over the decade.

These are some of the dividends of our responsible economic management.

Achieved through a combination of spending restraint, finding savings and banking revenue upgrades.

Real payments growth is forecast to average 1.7 per cent to 2028–29, less than half of the average under our predecessors.

We have found around $94 billion of savings since coming to Government, including another $2 billion in this Budget. [“savings meaning $1.8bn for “strengthening tax integrity” which, let’s be honest is a number no one will ever know if it was true of not]

In this term, we’ve banked around 70 per cent of tax receipt upgrades – And we’ve made structural improvements to the Budget across the NDIS, aged care and interest costs.

This is the Trump section. Chalmers:

In these uncertain times, economic security and national security are increasingly intertwined.

We’re supporting stability and prosperity in our region, by helping to shore up banking services in the Pacific.

We have invested an extra $50.3 billion in defence by the mid-2030s, to help keep Australians safe. [Woohoo, we’re getting out of AUKUS?!.. Oh whoops. Sorry, No.]

It means defence funding will grow beyond 2.3 per cent of GDP by the early 2030s.

And we’re investing $45 million in our initial response to the 2024 Independent Intelligence Review. [pretty sure anyone intelligent doing a review would say get out of AUKUS, but maybe that’s just me]

Ok, so that is the main part that matters (so far.)

The only mention of climate change seems to be in the renewables section where Chalmers says “by becoming an indispensable part of the net zero economy.”

Then there is this bit which also comes close:

Australia is well placed to respond to the five seismic changes shaping this new world of uncertainty.

The shift from globalisation to fragmentation.

From hydrocarbons to renewables.

From information technology to AI.

From a younger population to an older one.

And changes to our industrial base.

All this puts a premium on resilience.

That’s what a Future Made in Australia is about. [nope, still not saying “climate change”]

What about when we are talking about Cyclone Alfred?

And we’re providing help to Australians and communities affected by natural disasters.

Provisioning another $1.2 billion to properly fund recovery from ex-Tropical Cyclone Alfred.

As part of $13.5 billion in natural disaster funding for further north and around the country. [Still no mention of climate change!]

Nope. I just did a search of the 13 page speech and there is no mention of it.

Jim Chalmers (and Grogs)

“New plans for cost-of-living and health are accompanied by new investments in housing.

We are tackling the housing shortage from every responsible angle – Making home ownership more affordable for young Australians and young families in particular.

Our $33 billion plan will help build 1.2 million new homes before the decade is out.

More homes, more quickly

This includes $54 million to accelerate the uptake of modern methods of housing construction.

Which is all about building more homes, more quickly.

It supports our work to cut red tape and reduce financial barriers to more efficient construction methods.

The first two rounds of the $10 billion Housing Australia Future Fund are helping build about 18,000 social and affordable homes for those who need them most.

And lifting the cap on Housing Australia’s financial liabilities to $26 billion also helps here. [You know what also would have helped? Getting rid of the 50% capital gains tax discount and negative gearing. But that was not touched and I ‘d suggest not even considered]

We’re making sure new properties are well-located and connected to the infrastructure they require.

Our Housing Support Program is funding the crucial roads, water and power these new homes need.

Our national leadership is incentivising states and territories to reform their planning systems to accelerate new housing supply.

To build more, we need to train more builders.

That’s why we’re attracting more apprentices into the housing industry.

By doubling incentive payments so eligible apprentices get up to $10,000 if they train-up in the housing construction sector.

More support for first home buyers

Speaker, Tonight, we’re expanding our Help to Buy scheme.

This is part of our efforts to help more Australians buy a place of their own.

We will update the property price and income caps so more first home buyers are eligible for the scheme.

This will help 40,000 Australians buy their first home in the next four years. [This year around 116,000 first home buyer loans were taken out, so that’s about 8%. Is that a lot? Well yes, but if it is not 8% people who otherwise would not have bought a first home, then no – it is just helping people who would have bought a house to buy a house]

The changes will mean they can access a bigger range of homes and buy one that suits them.

And we’re easing pressure on the housing market by banning foreign investors from buying established homes, and cracking down on foreign land banking as well.”

Jim Chalmers:

“The Pharmaceutical Benefits Scheme is a great Labor creation – and a great Australian institution.

We are strengthening it because Australians need us to, not weakening it because American multinationals want us to.

A Labor Government created Medicare as well – and only Labor Governments strengthen it.

Tonight, we are proud to make the single largest commitment to Medicare since its creation.

A record $8.5 billion to lift bulk billing rates and build our health workforce.

Because of this investment, 9 out of 10 GP visits should be fully bulk billed by the end of the decade.

More bulk billing will mean less pressure on families.

These incentives mean there will be around 4,800 fully bulk billing practices across the country – Making it easier to see a doctor and get the care you need. And saving patients around $860 million per year.

This Budget also delivers new incentives for doctors to train as GPs – New scholarships for nurses and midwives –and another 50 Medicare Urgent Care Clinics.

A $644 million investment in this Budget to build on the 87 we have already opened.

4 in every 5 Australians will live within a 20-minute drive of an Urgent Care Clinic as a consequence.

Opening early, closing late – available on weekends. [Just as a note, cripes these speeches are just a series of one liners back to back to back. Speech writers and good writers everywhere must despair at reading them]

Taking pressure off hospitals and emergency departments.

And all you need is your Medicare card.

More funding for public hospitals

Every single state and territory will also get more money for hospitals in this Budget.

Funding that will reduce waiting times.

Tonight, we’re locking in an extra $1.8 billion, taking our total contribution to public hospitals to $33.9 billion next year.

We’re proud to be investing $793 million in women’s health.

To create more choices, lower costs and deliver better health care for women.

This funding will help Australian women save on contraception, access more endometriosis and pelvic pain clinics, and receive better support through menopause. [As someone with a ‘hostile uterus’ this is a good start, but increasing research funding, access to surgery – it’s about a three year public wait list in Canberra I am told, and early diagnosis for things like endo would be much better – Amy]

Because for our Government, women’s health is not a boutique issue or a question of special interest – it is a national priority. [something something domestic violence]“