Treasurer Jim Chalmers will hand down the Federal Budget tonight at 7.30pm AEST - the government's most 'ambitious' yet.
The Federal government is widely expected to significantly change negative gearing, the capital gains tax and the tax treatment of trusts. The NDIS will also face cuts.
Chalmers has claimed that the Budget will focus on boosting productivity, with the $20,000 instant asset write-off scheme set to be made permanent for small businesses and self-employed tradespeople.
It will mark the Albanese Government's fifth budget and its first since Labor's re-election win last year.
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05:40
Albanese mocks Coalition MPs in response to question on why Australians should trust Labor
With just hours to go until the Treasurer's Budget address, Anthony Albanese has mocked several members of the Coalition's shadow cabinet in response to a question about Labor's expected Budget backflip on changes to the Capital Gains Tax (CGT).
Before last year's federal election, the Prime Minister was asked if he would change CGT or negative gearing, prompting him to snap that he would not.
'Yes, how hard is it?! For the 50th time.'
During Question Time on Tuesday, Opposition Leader Angus Taylor asked Mr Albanese why Australians should trust any future commitments from Labor.
Mr Albanese quoted past remarks from prominent Liberal MPs including shadow treasurer Tim Wilson and Canning MP Andrew Hastie in response.
'So many of those opposite, including the Member for Canning (have) said, "If that includes negative gearing, then we should make changes,"' Albanese said.
'The shadow treasurer had this to say: "It's time to be honest. The tax system is screwing over young Australians. Instead, it favours well-off, established interests against those trying to get ahead. In short, if we work hard to get ahead, you get hit hard. If you live off assets, you don't."'
Albanese also called out Queensland Liberal MP Garth Hamilton, quoting the Groom MP as saying he was open to a discussion on CGT, and repeated previous comments made by the former MP for Menzies, Keith Wolahan, who was defeated at the last election.
05:47
Labor's cheat sheet leaks on how to sell you Albanese's broken promises
By Sarah Brookes
Labor MPs have been handed a seven-point cheat sheet to tackle prickly questions over the government's broken promises as they scramble to defend a backflip on negative gearing and capital gains tax in this year's Budget.
Just hours before Treasurer Jim Chalmers delivers his fifth budget, the internal talking points, obtained by The Australian, instruct government MPs to defend the shift by insisting Labor is doing 'the right thing with the right policies at the right time'.
The cheat sheet also frames the Budget as a responsible one, focused on measures to address intergenerational inequity in the housing market.
Key Updates
Albanese mocks Coalition MPs in response to question on why Australians should trust Labor