Sasha Barbagat

What will they mean for you?

And what does an economist make of how they could impact the country?

Matt Grudnoff is a senior economist at the Australia Institute and he joins me now.

This federal budget is shaping up as one that is set to deliver pretty major tax reforms.

Before we get into what they are and what they'll look like, why do you think Jim Chalmers is choosing to do this now?

So let's get in then to what areas are being looked at now.

We'll clarify the budget is on May 12.

We haven't actually had any of these measures formally announced yet.

We might get them before May 12, but these are all areas that we know Labor is considering making some big reforms in.

Let's start with capital gains.

First off, can you explain what this discount is briefly and how it works?

What's your verdict then when it comes to the consideration of changes to the capital gains tax?

Now, another one we hear about in relation to house prices and one that is also being considered by this Labor government is changes to negative gearing.

Now, this allows investors to deduct investment losses against their other income.

What is the criticism around negative gearing as it stands?

Look, both CGT and negative gearing changes have long been touted.

In fact, a lot of people say Bill Shorten lost the election for Labor in 2019 by taking this policy as well as one on franking credits to the Australian population.

Why have we been hearing about it so long but have seen no changes in this space?

Let's move on now.

Now, this is a space that could see Australia kind of cash in a little bit on the energy crisis that's looming amid the war in Iran, and that is around our oil and gas exports and the taxes around that.