The May 2026 budget had one of the worst receptions on record: Newspoll found 47% thought it bad for the economy and 52% expected to be worse off. Even so, Resolve found the budget's capital gains tax and negative gearing changes had more support than opposition by August (35–21 and 35–20). Debt is a live worry: Resolve in September 2026 found 74% concerned about federal debt and 48% wanting the government to cut spending.
How much it matters
Ipsos Issues Monitor: % naming each as one of the most important issues facing Australia.
The government redesigned its super tax: extra tax on earnings for balances above $3 million, with a higher rate above $10 million, from 1 July 2026. (ato.gov.au)
The 2026–27 Budget limited negative gearing to new builds for property bought after budget night, and replaced the 50% CGT discount with indexation plus a 30% minimum tax from July 2027. (abc.net.au)
Newspoll: 47% said the budget was bad for the economy (22% good); 52% expected to be worse off (11% better off); 39% expected to pay more tax. Freshwater found 46% thought it would worsen the economy. (theconversation.com)
The CGT and negative gearing changes passed parliament. (capitalbrief.com)
Resolve: 74% concerned about federal debt; 48% want the government to cut spending. (newsbeep.com)