BREAKING: Pauline Hanson EXPL0DES at ‘cσmmunism’ in Jim Chalmers’ Budget, as she highlights what she claims is a fatal flaw in Labor’s argument that the tax changes are solely about housing… 😳

One National leader Pauline Hanson has issued a scathing attack of the Federal Budget by blasting the tax reforms as ‘communism’.

As Prime Minister Anthony Albanese and Treasurer Jim Chalmers spent Wednesday defending their broken election promises regarding negative gearing and the capital gains tax, Hanson welcomed newly-elected Farrer MP David Farley to Canberra.

She used her press conference to mock Labor’s ‘Sheriff of Nottingham budget’ and did not hold back.

‘To me this is basically taking the wealth from people that have worked hard and I’m talking to people my age. We were the baby boomers,’ Hanson told reporters.

‘We didn’t go the restaurants and we didn’t have all this. Then we saved and we invested into, wealth to create that wealth.

‘I see this as nothing but communism taking over and redistributing wealth.’

Hanson then accused Australians of not wanting to work hard and save.

‘We are not incentivising people to want to get ahead in this country, to go and work hard, save some money,’ she said.

‘The young ones are being helped out very much by their parents to actually help them over that line.’

‘A lot of the young ones aren’t getting married, they’re not having children … mass migration has driven up cost of housing.

‘Foreign investment has driven up cost of housing.’

Hanson also refenced former Prime Minister’s Paul Keating ‘attempts’ to scrap negative gearing while he was Treasurer under the Hawke government in 1985.

Keating reversed the policy just two years later due to rental market pressures.

‘It didn’t increase housing,’ Hanson said.

‘He realised that it actually destroyed the market.’

It comes after Hanson accused the Albanese government of rewriting the entire tax system.

‘If this is all about housing for young people, then why are all our other assets being included such as shares , commercial property , industrial property what’s that got to do with housing?’ she tweeted on Tuesday night.

Chalmers later fired back with a subtle dig at One Nation’s win in Farrer while drawing similarities between Hanson and the UK’s Nigel Farage.

‘When you look around the world, from Farage to Farrer – the choice this moment presents for parties of government is clear,’ he told the National Press Club on Wednesday

“We are the last ones standing in the sensible centre of Australian politics but we aren’t standing still.

‘Standing still would make us the reluctant defenders of a status quo that doesn’t work.’

One of Australia’s leading finance journalists has warned of tough times ahead with the cost-of-living crisis set to continue.

Compare the Market economic director, former Sunrise co-host David ‘Kochie’ Koch, has shared his take on the Federal Budget.

Currently at a near-three year high of 4.6 per cent, he fears inflation will get a ‘whole lot worse’, especially if oil prices surge past $100 a barrel.

‘I think we’re going to see some tough years ahead,’ Koch said

“If you look in the budget, the inflation forecast looks as though it’s going to peak at around five per cent in the middle of this year, but it’s not going to get back to 2.5 per cent until 2029-30 – and that’s assuming oil stays around these levels.’

‘I think the budget is a little naive in some of its economic forecasts…it says we’re not going to go into an economic recession – let’s keep our fingers crossed that is correct.’

Koch had this investment advice for Aussies in the wake of the overhaul on negative gearing and capital gains tax discounts.

‘The family home remains capital gains tax free, while the CGT discount is being wound back on other investments, and superannuation continues with its15 per cent earnings tax and concessional treatment,’ he said.

‘So, tax-wise, by far the best places to invest your money are your own home and your super.’

Koch accused the Albanese government of ‘fiddling around with just one area of tax reform’ in the Budget.

‘There’s nothing there to encourage earning more income, working harder, or improving productivity,’ he added.

‘Australian personal tax rates are still some of the highest in the world. The revenue from personal income tax is still at record highs.

‘Tax thresholds really haven’t been changed at all. So what incentive is there to work harder? We need that to help fight inflation.’

He said that next week’s tax cuts will be welcome relief but Aussies but added they, will be quickly gobbled up by cost-of-living increases and future interest rate rises.

Jim Chalmers has mocked a question about the government’s proposed negative gearing changes in the Budget.

Sky News political editor Andrew Clennell challenged Chalmers on his contention that the government’s reforms are on the side of younger generations.

Clennell pointed out that Treasury modelled the changes will increase rents and slow the growth of median house prices by $19,000 – while older investors can still benefit from negatively geared investments.

‘So when it comes to young people in this country, are you really on their side?’ he asked.

‘Or, as young people would say, is it all about getting that bread for the tax man?’

Chalmers’ reply drew laughter from the room.

‘Are you sure young people say that, Andrew?’ he said.

‘You did actually ask the office, and we didn’t come up with much. Maybe we’re all too old.’

The Treasurer then turned serious, outlining what he described as a ‘three-part’ answer.

He rejected claims that the policy would drive rents higher, insisting Treasury modelling showed a ‘negligible impact on rents,’ while house prices would ‘grow more slowly, about 2 per cent more slowly.’

On negative gearing, Chalmers emphasised that the rules had been changed, but not abolished.

‘We are not ending negative gearing entirely, but saying if you want to negatively gear in the future, buy a new home… that genuinely adds to housing supply.’

He argued the broader tax changes were designed with younger Australians in mind.

‘We are trying to rebalance the tax system on their behalf.’

Australians will soon be slugged with an increased $80 exit fee when they leave the country under new measures announced in the Federal Budget.

The fee is applied to all passengers departing by air or sea from Australia, regardless of whether they are citizens or non-citizens intending to return.

The passenger movement charge, which is already included in the ticket, will be increased by $10, from $70 to $80, from January 1, 2027.

However its understood passengers who have already purchased a ticket will benefit from a six-month transition arrangement.

The Albanese Government expects the fee will bring in a total of $755million over the next five years.

It comes as aviation industry experts say they expect airlines will pass on the extra $10 in the form of increased airfares.

Tourism and Transport Forum chief executive Margy Osmond described the changes as ‘literally outrageous’.

‘You’re looking at an environment where the tourism industry is wearing an impossibly uncertain global aviation marketplace,’ Osmond said.

‘You’ve got a decimated domestic driving market, which would have been the fallback for a lot of operators, because of the fuel situation [that is making driving holidays less attractive].’

Passengers are seen at Sydney’s Domestic Airport.

Bill Shorten feels ‘vindicated’ after the Albanese government introduced the same tax reforms he tried to bring in as Opposition Leader.

He took plans to scrap negative gearing and wind back the capital gains tax discounts to the 2016 and 2019 elections.

Shorten was tipped to win in 2019 but lost against then-Prime Minister Scott Morrison.

Now a University of Canberra vice chancellor, Shorten celebrated his 59th birthday as his controversial proposals were announced in Tuesday night’s Federal Budget.

‘It was nice on my birthday to see an idea that I backed come home at last,’ he told Sky News on Wednesday.

‘I don’t like using the word a lot, but I do feel vindicated.’

Shorten is adamant that the policies did not cost Labor the 2016 and 2019 elections, as he doubled down on the changes that have sparked widespread backlash from Aussies.

‘The motivation I had in 2016 was that I could see that younger people, first time buyers, were being locked out of the market by distortions caused in the tax system,’ he explained.

‘And we had a sensible policy of not changing the rules for people who have already invested, but I wanted to give younger homebuyers a chance to have that great Australian dream.

‘I see it every day at the University of Canberra, the graduates, they can get a job, but they’ve got student debt and they don’t ever think they’ll own a house.’

Shorten conceded that he recently took advantage of the current negative gearing laws when he relocated from his hometown of Melbourne to the nation’s capital for work.

He also admitted to Sky News host Laura Jayes that he has benefited from a policy that he thinks is unfair in doing so.

‘I moved,’ he said.

‘There would be a revolution if retrospectively, the government didn’t grandfather the position.

‘In 2016 and 2019, I never negatively geared myself, but I wasn’t going to change the tax rules for people.

‘If you retrospectively change tax laws that would be a bad law.

What I say is that the law needs to change.’

Shorten had this advice for those slamming the changes.

‘What I would really say to the people who think somehow that this is bad news is that it was a good idea 10 years ago and it’s an even better idea now,’ he said.

Commonwealth Bank chief economist Luke Yeaman has predicted prices will fall by three per cent in response to Labor’s tax reforms.

House prices could fall because the Budget reduces tax incentives for property investors, lowering demand and easing upward pressure on prices.

Economists have long argued tax breaks like negative gearing and the CGT discount have boosted investor demand and pushed prices up.

‘We look closely at this. In our view, it is going to mean weaker house prices over the next few years, but not too materially,’ he told Sky News.

‘When we look at an aggregate, we think that over a period of time, we could see house price levels drop by 3 per cent overall.’

Mr Yeaman also predicted a moderate increase to rents.

‘Fundamentally, these changes, they drive a lot more revenue into the budget… but over time, the biggest issue still centres around supply,’ he told the program.

Luke Yeaman is pictured.

The Opposition has vowed to block the negative gearing and capital gains reforms announced in the Budget that it claims will ‘kneecap young Australians’, and could repeal them if it wins the next election.

The 50 per cent capital gains tax discount has been scrapped and replaced with an inflation indexation system across all asset classes, including shares and property.

In another broken 2025 election promise by the Albanese government, negative gearing has also been wound back and restricted to new builds from July 1, 2027.

The Opposition believes the tax changes will block young people from accessing tax advantages that have benefited older generations.

Liberal treasury spokesman Tim Wilson vowed to the ABC that he would ‘make sure they’re never legislated’.

On Sky News last night, Wilson said ‘our plan is the fight them and to make sure the (taxes are) defeated’ in Parliament.

He was then asked if the Opposition would be repeal the measures, and he agreed: ‘Ultimately that’s where we’ll end up, we’ll repeal these measures if necessary but our plan is to defeat them and make sure they’re never legislated.’

Opposition Leader Angus Taylor echoed the sentiment.

‘We absolutely don’t support the assault on aspiration in this budget through hiking taxes on small businesses, on savings, on houses,’ he said.

‘Our position is we’re gonna do everything we can to stop these bad taxes, toxic taxes from getting through the parliament.

‘They are a tax on aspiration, a war on aspiration.

‘We’ll do whatever it takes to roll these taxes back.’

Shadow Treasurer Tim Wilson and Opposition Leader Angus Taylor are pictured.

Anthony Albanese and Treasurer Jim Chalmers have both admitted previously taking advantage of a major property tax concession which they have scrapped for future generations.

The pair have spent the morning defending their broken 2025 election commitments announced in the Federal Budget.

Negative gearing has been wound back and restricted new builds from July 2027.

The 50 per cent capital gains tax discount has also been scrapped and replaced with an inflation-indexation system, applying across all asset classes, including shares and property.

Sky News morning host Peter Stefanovic asked Albanese whether he had used negative gearing to build his property portfolio.

“Oh, look, I have in the in the past, absolutely,’ the Prime Minister admitted.

“But all my things are declared in the normal way. I’m subject to all of that, but in a transparent way, like everyone else, like everyone else.’

Chalmers made a similar admission to Sky News.

‘I did, maybe a decade ago or something like that,’ he conceded.

Migrant trade workers are among the biggest winners of the Federal Budget, with the government set to spend $82.5million fast‑tracking skills assessments and licences to help ease Australia’s tradie shortage.

Budget papers said the permanent migration points test would be ‘optimised’ to ensure ‘better educated, higher-skilled and younger migrants’ were selected.

‘The government will reform the permanent migration points test to better identify migrants who drive productivity and Australia’s long‑term prosperity,’ it said.

‘Almost two‑thirds of permanent skilled migrants are currently selected through points tested visas. The points test will be optimised to select better-educated, higher‑skilled and younger migrants overall.’

Some $27million over two years will also be allocated to improve working conditions in the construction industry, including awareness of workplace safeguards, protections and compliance measures related to migration laws.

‘The extension of the pilot programs will continue to support information and education capabilities in each state, with the ability to cover metropolitan, regional and remote locations, where temporary migrants work,’ budget papers continued.

‘This will help embed reforms and support visa integrity, lawful businesses, and workers.’

Australian investors are tipped to pour billions into blue‑chip shares and ETFs after sweeping capital gains tax changes unveiled in Tuesday night’s Budget – shifts set to make stocks more attractive than property and trusts.

Treasurer Jim Chalmers said the overhaul was aimed at delivering a ‘fairer tax system for workers, first home buyers and future generations’ in what he described as one of the most significant tax reform packages in decades.

Under the changes, the 50 per cent capital gains tax discount will be scrapped and replaced with an inflation-indexation system, applying across all asset classes, including shares and property.

At the same time, investment properties purchased after 7.30pm on May 12, 2026 will lose access to negative gearing from July 1, 2027, except for new builds. Existing properties will not be affected.

Stockspot founder Chris Brycki said ETFs, super and dividend‑paying blue‑chip stocks were set to surge, with gold and Bitcoin likely to fall out of favour.

‘If capital gains become more heavily taxed, investors may place greater value on reliable income streams and franking credits,’ he wrote.

The major property tax reforms in the Federal Budget will have a ripple effect on all Australians, one of the country’s leading auctioneers has warned.

Property expert Tom Panos believed it felt more of a garage sale than a Budget and could go down as go down as one of the most divisive economic moments in recent Australian history.

‘It felt like a garage sold by people who accidentally burnt the house down,’ he shared on X shortly after Treasurer Jim Chalmers handed down his fifth Budget.

‘Tonight, Aussie’s didn’t get a Budget, they got a magician’s performance.

‘Look over here, cost of living there … meanwhile behind the curtain, think about what we just saw.

‘More taxes, more complexity, more pressure on people carrying the country.

‘If you’ve worked hard, if you’ve taken risks, if you’ve invested in property, if you’ve employed people, if you sacrificed for the future, congratulations – you’re the bad guy or girl.

‘The country used to reward aspiration, now it punishes it.’

Panos added that the reforms don’t just hit investors but everyone – from renters, small business owners and tradies, to first-home buyers, and everyday Australians trying to get ahead.

‘People stop moving and investors freeze builders, hesitant developers delays and consumers sit there clutching their wallets,’ his rant continued.

‘You cannot tax country into prosperity, it’s impossible. You grow prosperity.

‘If you keep punishing the people building the homes, employing staff and taking risks, you run out of people willing to do it.

‘They’ll just give up and say, ‘stuff it, we’re going to Byon Bat to watch Cheech and Chong movies.

‘And that when the Budget stops being economic and starts being a performance with spreadsheets.’

First home buyers will have to be patient to see their benefits from the Federal Budget, an expert has warned.

Tenants are among the Budget losers with sweeping changes to negative gearing set to make renting even more unaffordable.

Landlords who can’t get tax breaks from running their investment properties at a loss are expected to raise the rents to cover the shortfall.

Canstar data insights director Sally Tindall expects rent to go up, which means that first home buyers looking to get their foot on the property ladder will be impacted.

‘There’s no floodgates that are going to be open for first home buyers, that’s for sure,’ she told Sunrise

The benefits will be drip fed because this is big reform that will take a while to have an impact on the property market.

‘The changes to negative gearing, capital gains tax.

They’re designed to get investors out of buying existing properties gives the first home buyers a little bit more breathing space at overheated auction.’