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.

ANDREW HAYESY, HOST: And it is time now to introduce a very, very special guest.

JODIE ODDY, HOST: Yes, I don't think people get more important than this particular man. And that is – it says on our screen, Anthony from Canberra. And I do presume that is our Prime Minister. Hello, Anthony Albanese. How are you?

ANTHONY ALBANESE, PRIME MINISTER: Anthony from Canberra here. Indeed. Jodie and Hayesy, good to talk with you.

MURRAY JONES, HOST: Well, as we know, Cairns is turning 150 years of age this year and the old girl at the radio station is turning 90 years of age. The first radio station here in Cairns, she's even older than me. To help me celebrate this special occasion, Prime Minister Anthony Albanese. Good morning. How are you today?

SALLY SARA, HOST: Well, the Federal Government is tomorrow handing down a high-stakes Budget amid stubborn inflation and significant global uncertainty. The Federal Treasurer, Jim Chalmers promises the Budget will take the hard road of reform rather than the path of least resistance, flagging tax changes to tackle intergenerational equity. Anthony Albanese is the Prime Minister and joins me now. Prime Minister, welcome back to Radio National Breakfast.

ANTHONY ALBANESE, PRIME MINISTER: Good morning, Sally.

Your Excellency, the Governor General of Australia. 

Premier Jacinta Allan. 

My Deputy Prime Minister, Richard Marles, and members of the team who are here. Members of the Federal Parliament, including the Speaker of the House of Representatives.

Other distinguished guests who are here. Particular congratulations
to the first leaders – elected leaders of the assembly here in Victoria. 

125 years ago, formalities commenced here with the singing of God Save the King. 

CARINA GARLAND, MEMBER FOR CHISHOLM: Good morning, everybody. I'm Carina Garland, I'm the Federal Member for Chisholm. And I'm so pleased to see so many people here today, including, of course, the Prime Minister of Australia, Anthony Albanese, the Premier of Victoria, Jacinta Allan, Ministers and State and Federal colleagues. I've lived in the southeastern and eastern suburbs of Victoria almost my entire life, and I know how important infrastructure and connectivity is for this community.

The Albanese Government continues to invest in Victoria’s future with a new investment of $3.8 billion towards the transformational Suburban Rail Loop (SRL) East project. 

Delivered as part of the 2026 Federal Budget, this investment brings the total Albanese Government spend for the project to $6 billion. 

SRL East will deliver a 26-kilometre underground orbital rail line through Melbourne’s eastern and south-eastern suburbs.

HOST: I've organised today's mystery guest.

HOST: Uh-oh. Are we playing like game?

HOST: I can't believe this person has agreed to be our mystery guest. Anyway. Okay.

HOST: Really? Are we guessing now?

HOST: Sidle towards the door, mystery guest. Now, you're going to have to bring your guesses through me, please.

HOST: Okay. All right. They're behind a box.

ANTHONY ALBANESE, PRIME MINISTER: Good morning. This morning, the National Cabinet has met for another important update on our preparedness for the National Fuel Security Plan. It is important to recognise the fact that the longer that the Strait of Hormuz is essentially shut, even in spite of the ceasefire being in place for four weeks now, the longer this conflict goes, the greater the impact will be. It's as simple as that. Our number one priority remains shielding Australians from the worst effects of this crisis.