Shadow treasurer Tim Wilson says his objective is to ‘defeat’ changes to capital gains and negative gearing. Follow today’s news live
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The Climate Council came out of the blocks quickly to decry a “massive free kick” in the budget for fossil fuel multinationals while consumers are “left exposed” to global energy price spikes and climate harm.
The council said last night that by maintaining more than $19bn in annual fossil fuel subsidies and foregone gas tax revenue, the budget ignored “major opportunities to expand clean energy solutions that shield Australians from global fossil fuel chaos”.
This budget maintains the $19bn gravy train for big fossil fuel corporations. That is $19bn in the wrong direction, keeping us tied to foreign oil, rather than supporting the expansion of renewable energy solutions that Australians want to deliver a safer, cleaner, more secure energy future.
We’ll repeal these measures if necessary, but our objective is to defeat them and to make sure that they’re never legislated. Because this government doesn’t have licence from the Australian community [to] support these changes.
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Source link : https://www.theguardian.com/australia-news/live/2026/may/13/budget-2026-live-updates-reaction-jim-chalmers-tim-wilson-cost-of-living-capital-gains-negative-gearing-housing-tax-ntwnfb
Author : Martin Farrer
Publish date : 2026-05-12 20:43:00
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