Jim Chalmers announces negative gearing, capital gains tax reform; Coalition to support tax cuts; Keir Starmer stares down UK leadership challenge

Good morning and welcome to our follow-up coverage of the government’s announcement of its budget last night.

Finance Minister Jim Chalmers said the budget delivered net savings of $26.1 billion, most of which came from cuts to the NDIS.

The new Working Australians Tax Cut (WATO) will provide an additional $250 worth of tax relief on top of tax cuts announced in previous budgets, it has confirmed.

While the government estimates a major change to investor tax rules will help 75,000 Australians buy their first property, Australians looking to downsize an investment property will not be able to take advantage of the tax benefit from July next year unless it is a new-build home or they have already made the investment.

For a more comprehensive summary, follow our budget coverage here: