Labor’s budget will benefit the young – but does little to woo voters drawn to One Nation

Jim Chalmers’ budget tips the scales in favour of younger and less well-off households – but it’s middle-class gen X that are turning to the rightwing party Explore all of our 2026 Australia federal budget coverage Follow our Australia news live blog for latest updates Get our breaking news email, free app or daily news podcast Labor’s fifth budget will do what it says on the tin: it will benefit the young and the poor at the expense of the older and the rich. This is the most obvious takeaway from distributional analysis conducted by Ben Phillips, an associate professor at the Australian National University’s Centre for Social Policy Research. But lift the lid on what Jim Chalmers has called his most ambitious reform package to date and it becomes evident there is little inside for the many middle-aged, middle-income Australians who are increasingly drawn to the populist politics of parties such as One Nation. Scaling back the capital gains tax discount, getting rid of negative gearing for landlords and a minimum 30% tax rate on income from discretionary trusts – which are a favourite tax minimisation vehicle for the well-off – were all part of measures framed as str