SBS News In Depth

The Federal Budget has been handed down, including major tax changes that have been welcomed by unions, social services groups, and renters groups. Industry groups have raised concerns, saying the tax changes will be bad for business, as debate continues over how to balance fairness and fiscal restraint.

The federal budget for 2026 has been announced with a mixed response from different community groups. In the disability, multicultural and Indigenous sectors leaders have shared their views about this year's budget and how it will affect their communities.

Treasurer Jim Chalmers has delivered his 2026 budget, which he says takes what he's called the 'hard road of reform'. At the heart of the budget are housing tax changes, and a $35 billion saving from reform to the runaway National Disability Insurance Scheme. Labor has been keen to portray this budget as one of spending restraint, after warnings by economists and Reserve Bank governor Michele Bullock that splashing out would only fuel inflation and risk further rate hikes.

Discussions on a peace deal between the United States and Iran appear to be at an impasse, and US President Donald Trump described the ceasefire between the two sides as unbelievably weak. He described Iran's response to the latest proposal from the US as a piece of garbage that he didn't finish reading. Iran says it has not made excessive demands and says the US is the one trying to impose unreasonable demands.

The ASX 200 slipped 0.5 per cent ahead of the Federal Budget as oil prices surged and investors weighed the prospect of tax reform. Banks were weaker across the board, while CSL plunged 16 per cent after cutting earnings expectations and flagging a major impairment.