EDITORIAL: Treasurer Jim Chalmers’ Budget of broken promise and busted dreams
What this Budget actually amounts to is nothing much other than the official documentation of the most egregious election broken promise we have seen in quite some time.
Jim Chalmers can dress it up however he wants.
“This is a budget for first homebuyers,” Dr Chalmers declared, “and it’s for workers, and it’s for small business, and it’s for future generations.”
What it actually amounts to is a Budget about nothing much other than the official documentation of the most egregious election broken promise we have seen in quite some time.
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By continuing you agree to our Terms and Privacy Policy.Well, in fact, since the last one engineered by Dr Chalmers and executed by Anthony Albanese before the 2025 election, where they conspired to trash their heavy-hearted promise not to renege on promised tax cuts.
And for what? It certainly won’t fix the problem of housing affordability for young people.
Dr Chalmers couldn’t quite decide what he thinks, using the budget lock up briefing to variously describe his generational “reform” as “controversial”, “sensible”, “common sense changes”.
Governments can do whatever they want in power, that’s the thing, and we implore them to be bold and take risks for the benefit of society.
Dr Chalmers, Mr Albanese and Finance Minister Katy Gallagher all promised to explain why they had chosen to reverse ferret on their promise before the 2025 election not to scrap capital gains tax and negative gearing on investment properties.
The explanation that times had changed since 12 months ago is so glaringly duplicitous it’s embarrassing for them.
These are policies they took to the 2019 unloseable election (and 2016 for that matter) and lost.
So to suggest the idea has slowly dawned on them since last year is, well, silly.
It’s bad luck boomers, as this government plays to young voters who can’t crack the housing market.
This Budget will do stuff all to change that.
Dr Chalmers promised not to inflame inflation with this set of policies, and a $5 tax break a year from now probably hits that mark.
He says the government is intent on being “helpful rather than harmful” in tackling inflation. I guess there is a first for everything.
What he’s been less open about is the reality of the not so beautiful set of numbers he’s published.
Despite the alternate rhetoric from the Treasurer, this budget shows spending outpacing economic growth and the real driver of a stronger economy — productivity — meandering along more or less irrelevant to the conversation.
The war has created all manner of challenges for this government, that’s obvious, but there is no signs here that they had put too much thought into coming up with anything innovative had Donald Trump not derailed the global economy by finally beheading the evil Iranian Islamist regime.
Dr Chalmers reckons anyone “defending the status quo” needs their heads read.
Ultimately, the Budget presented a chance to set the nation up.
Instead Dr Chalmers has kicked the can down the road.
And he and Mr Albanese have cemented a legacy of broken promises.
