MEL CLARKE, HOST: Prime Minister, thank you for joining AM this morning.

PRIME MINISTER: Good to be with you, Melissa.

CLARKE: Now, we've just heard about the details of the changes to negative gearing and capital gains and trusts. Do you have a mandate for this, given you ruled it out at the election?

HOST: Someone who knows all about the Budget, he is Anthony Albanese, our Prime Minister and he is on with us this morning. Thank you for choosing our show this morning, Prime Minister.

HOST: You haven't actually turned him on.

HOST: Oh my God. You haven't turned him on. Oh my God.

HOST: Sorry. Are you there?

ANTHONY ALBANESE, PRIME MINISTER: I am here.

HOST: Sorry, Albo.

NAT BARR, HOST: Joining us now is Prime Minister Anthony Albanese. Good morning to you.

ANTHONY ALBANESE, PRIME MINISTER: Good morning, Nat.

BARR: This is being labelled a budget of broken promises. Can Australians still trust the things you say?

The Albanese Labor Government is delivering a new round of tax cuts, helping more Australians realise the dream of home ownership and supporting investment and innovation through the most significant tax reform package in more than a quarter of a century.

This is about tax relief and tax reform to make our economy work in the interests of more Australians, businesses and future generations.

This tax package is pro-aspiration, pro-worker and pro-investment.

The Albanese Labor Government is taking decisive action in the Budget to boost housing supply, make our tax system fairer to help more Australians into homeownership and build on our work over the last four years to build more houses.  

This is about building more homes, helping more Australians realise the dream of homeownership and giving younger Australians a leg up in the housing market.  

We know it’s too hard for too many Australians to buy their own home and get ahead.

The Albanese Labor Government will deliver more cost-of-living relief in this Budget to take pressure off Australians, including a new permanent $250 tax offset for workers.

Together with our existing tax relief, this new round of tax cuts means the average Australian worker could receive a combined benefit of up to $2,816 from 2027-28.

We’re helping Australian workers earn more and keep more of what they earn and providing responsible cost-of-living relief where we can.

The Albanese Labor Government will deliver a major fuel security and price relief package in the Budget, investing $14.8 billion to immediately secure more fuel, strengthen Australia’s supply chains and build long-term resilience to future fuel shocks.

The Strengthening Australia’s Fuel Resilience package will deliver more fuel for Australian motorists, and more fuel security in Australia’s economy.

The package focuses on how to help Australians now, and how to set Australia up better for the future so we are prepared for future shocks.

The Albanese Labor Government is delivering a stronger and more sustainable Budget with smaller deficits, less debt and net policy decisions that improve the bottom line.

Responsible economic management is a defining feature of this Government and this Budget is our most responsible yet.

Strong fiscal discipline is even more important at a time of heightened global uncertainty, and that’s exactly what we’re delivering. 

Decisions in this Budget mean we are saving more than we’re spending, compared to the mid-year update.

This is a responsible Budget that is all about resilience and reform.

It’s all about getting Australians through the global oil shock and building an economy that works for more people.  

We’re delivering more cost-of-living help and building a more productive economy, a better tax system, a fairer housing market and a stronger and more sustainable budget.

The conflict in the Middle East is weighing heavily on our economy and compounding cost-of-living pressures facing Australians.

RICHARD KING, HOST: Our Treasurer, Jim Chalmers, will be handing down the Budget tonight. And well, the expectation is we keep hearing about intergenerational equity, particularly trying to get more younger Australians into the housing market. The great Australian dream. Is it still the great Australian dream, owning your own home? And the expectation is some of the things that might receive a bit of a change will be things like capital gains tax discounts, negative gearing and taxation of trust funds.