Chris Spyrou

And Chris Brewer with you.

Overall, the budget will be better off by about $45 billion over the next five years compared to what was predicted six months ago.

And while Australia's finances still remain firmly in the red with a deficit of $34 billion expected by the 2028-29 financial year,

there is hope of a return to surplus in 10 years, largely thanks to massive cuts already announced to the NDIS.

Chalmers says this budget is his most ambitious yet as he spends the political capital gained from Labor's landslide election victory last year.

But it's also politically risky with the coalition waiting in the wings to take the government to task over the broken promises around property taxes.

So with all that said, what are the five key takeaways last night for you to take into your day today?

Now, we were all expecting it, and it was confirmed last night by Jim Chalmers.

Major changes to negative gearing and capital gains will make up the centrepiece of the 2026 budget.

So we'll start with negative gearing.

That allows people to deduct rental losses from their tax.

And that will only be available to those who invest in newly built homes.

That's the major change here.

Importantly, this change will be grandfathered.

That is...

Yeah.

Now, the Coalition has already flagged it won't be supporting the reforms, claiming they'll limit supply of housing and have a negative impact on affordability and rents.

Jim Chalmers has admitted these changes won't lower house prices, but will slow the rate of growth to about 2% over time.

He also says supply will be reduced by about 35,000 homes, but other measures in the budget are designed to increase that.

So this is all about generational inequality, fixing intergenerational inequality and stuff like that, not really focused on the supply side of things.