Budget 2026 live updates: Coalition pledges to repeal Chalmers’ tax reforms amid mixed reception for ‘difficult’ budget

The Coalition has pledged to repeal Chalmers' tax reforms, with Shadow Treasurer Tim Wilson aiming to 'defeat' changes to capital gains and negative gearing. The government's budget has received a mixed reception, with Jim Chalmers defending the changes as necessary to address issues in the housing market and tax system. The reforms include phasing out negative gearing over five to ten years.