Jim Chalmers rules out fuel excise extension and downplays hopes for tax relief in ‘most responsible’ budget yet
Treasurer Jim Chalmers has ruled out extending the 26-cent fuel excise cut in the upcoming federal budget, emphasizing fiscal responsibility amid ongoing inflation pressures. He downplayed expectations for additional tax relief, stating the government is already delivering income tax cuts and support through existing measures. Chalmers also defended proposed changes to capital gains tax and negative gearing, framing them as intergenerational reforms despite prior election promises.
- ▪Jim Chalmers ruled out an immediate extension of the 26-cent fuel excise cut beyond June.
- ▪The upcoming budget will not provide additional tax relief for workers, as the government maintains existing tax cut plans.
- ▪Labor plans to reform capital gains tax and negative gearing rules, despite Prime Minister Anthony Albanese previously ruling out such changes.
- ▪Chalmers stated the budget will play a 'helpful, not harmful' role in combating inflation.
- ▪The government has spent over $2.5 billion on the temporary fuel tax cut and plans further income tax reductions starting mid-2026.
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Treasurer Jim Chalmers ruled out an immediate extension of the 26-cent cut to the fuel excise in next week’s federal budget. Photograph: Hollie Adams/ReutersView image in fullscreenTreasurer Jim Chalmers ruled out an immediate extension of the 26-cent cut to the fuel excise in next week’s federal budget. Photograph: Hollie Adams/ReutersAustralian politicsJim Chalmers rules out fuel excise extension and downplays hopes for tax relief in ‘most responsible’ budget yetThe treasurer also says May federal budget will play ‘helpful not harmful role in fight against inflation’Patrick Commins Economics editorMon 4 May 2026 00.34 EDTLast modified on Mon 4 May 2026 00.35 EDTSharePrefer the Guardian on GoogleJim Chalmers has warned there will be little room for more cost of living support in his…
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