A budget that meets the moment but doesn’t yet prepare for the future

May 13, 2026 — 7:15pm

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In March 2025, inside the federal budget lock-up, Peter Dutton’s Coalition colleagues fell into line behind him to oppose a $17 billion Labor tax-cut package, vowing to repeal it if they won office. The rest is history, but not of the kind the opposition would care to recall.

Angus Taylor lost the argument with Dutton that day. But in opposing and even threatening to repeal Jim Chalmers’ decision in this year’s budget to shift the tax burden onto the investor class through changes to negative gearing and a 30 per cent minimum tax on trusts – or as Taylor prefers to put it, “stand[ing] between hard-working Australians and … toxic taxes” – could the Coalition again be jumping the wrong way?

Anthony Albanese certainly hopes so, as he made that connection in question time on Wednesday.

While the treasurer danced around whether unwinding negative gearing benefits on property and Howard-era cuts to capital gains tax constituted a broken promise, the prime minister who repeatedly made that promise has sought to concede the point and move on. His ability to do so – and the success of Taylor’s line of attack – will depend........

© The Age