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As the Prime Minister Anthony Albanese and Treasurer Jim Chalmers continue their big budget sell, they've faced fierce backlash from small business owners over changes to the CGT discount.While Labor billed this as a "housing reform budget", did they fail to lay the groundwork for broader taxation changes — and have they lost control of the narrative?And Shadow Treasurer Tim Wilson has capitalised on the discontent, laying out vision that backs and rewards "self-starters". So, has he offered up an economic lifeline for Liberals?Fran Kelly and Patricia Karvelas are joined by Phil Coorey, AFR Political Editor on The Party Room.Got a burning question?Send a short voice recording to PK and Fran for Question Time at thepartyroom@abc.net.au

Shadow Treasurer Tim Wilson has used a National Press Club Address to outline his vision for the Liberals.As PK tells David Speers the speech functioned as a "call to arms for what the Liberal Party's chief mission should be".And what we didn't hear from Tim Wilson was as interesting as what we did in this set-piece speech — with David pointing out that the Shadow Treasurer was squarely focused on "aspiration, small business, start-ups" avoiding immigration and culture war issues.So, is his "classic Liberal" vision something fellow Liberals can coalesce around?Patricia Karvelas and David Speers break it all down on Politics Now.Got a burning question?Got a burning political query? Send a short voice recording to PK and Fran for Question Time at thepartyroom@abc.net.au

The fight over Labor’s proposed capital gains tax changes isn’t brewing - it’s already here.Small business owners, founders and investors are piling pressure on the government, with backlash erupting across talkback radio and social media. Critics say the changes punish aspiration, investment and growth.As Labor tries to sell the reforms, business groups warn Australia risks becoming a less attractive place to build and scale companies. Meanwhile, viral memes portraying Anthony Albanese as an accidental “co-owner” of small businesses are spreading fast online.So will Labor hold the line, or soften the changes as pressure mounts?And later - why the government is delaying aged care price caps, and what new budget measures could mean for older Australians.Patricia Karvelas and Raf Epstein break it all down on Politics Now.Got a burning question?Got a burning political query? Send a short voice recording to PK and Fran for Question Time at thepartyroom@abc.net.au

There's a big budget contest of ideas underway, as Labor and the Coalition try to sell their alternate visions for Australia to voters.Or as Jacob puts it to PK, "politics is back!"Treasurer Jim Chalmers has brushed off new polling, suggesting the Government wasn't expecting a post-Budget bounce and doing the right thing is worth "any near term political costs".And the Opposition leader Angus Taylor is also defending his policies, with some pushback coming from within his own party.Patricia Karvelas and Jacob Greber break it all down on Politics Now.Got a burning question?Send a short voice recording to PK and Fran for Question Time at thepartyroom@abc.net.auRead PK's analysis hereRead Jacob's analysis here

This week's federal budget included an overhaul of negative gearing and the capital gains tax rules in a bid to move thousands of homes from the hands of investors to first home buyers.

Opposition leader Angus Taylor used his first budget in reply speech to lay out some big bold policy ideas, saying he hopes Australians can "begin to believe again."Income tax would form the centrepiece, with bracket creep returned to workers, at a cost of over $22bn to the budget bottom line.PK and Clare agree this was a "big swing" from Angus Taylor — with PK suggesting it's because the Opposition are "drowning and desperate to get the light on them — it's an attention grabbing response."Clare adds the announcements from Opposition leader had an "inkling of desperation" about them, as Angus Taylor realises he doesn't have the time usually afforded an Opposition leader to build towards a centrepiece.So, while the tax cuts set the Opposition leader up for an interesting couple of years, giving him something substantial to defend and fight Labor on does it "tie his hands behind his back" on what he can do and announce in the next few years?Patricia Karvelas and Clare Armstrong break it all down on Politics Now. Read Clare's reporting here Got a burning question?Got a burning political query? Send a short voice recording to PK and Fran for Question Time at thepartyroom@abc.net.au

As Treasurer Jim Chalmers and Prime Minister Anthony Albanese continue their big budget sell, Opposition leader Angus Taylor is gearing up to deliver his budget reply -- and big political and ideological battlelines are being drawn.PK tells Fran and David Speers, as the two budgets and two different visions for Australia take shape, there's a sense of real contest and a "battle for who people can win over". David says the Albanese Government's Budget is the "most reforming budget" in decades, with previous governments have been resistant to creating "winners and losers". And in the immediate wash-up of budget night, he says Labor is feeling upbeat that they've "finally got something to fight for".So, will Labor reap the rewards of the political risk? Or will the Coalition's message cut through?Fran Kelly and Patricia Karvelas are joined by David Speers, ABC's political lead on The Party Room.Got a burning question?Send a short voice recording to PK and Fran for Question Time at thepartyroom@abc.net.auREFERENCES: Read David's analysis hereCatch up on PK's IV with the PM hereCatch up on Fran's economic wrap of the budget here

Treasurer Jim Chalmers has unveiled his highly anticipated fifth budget, claiming it's the "most ambitious and important in decades".Housing tax reform was the centrepiece of the wartime budget, with changes to negative gearing and the capital gains tax discount announced.Labor says the reforms will allow 75,000 new people to afford their first home, but does the move go far enough to address intergenerational inequity? Will voters reward them for taking a risk - or punish them for "breaking a promise"?And as inflation continues to surge, how healthy is the budget bottom line?Patricia Karvelas and Carrington Clarke break it all down from the budget lock-up on this Politics Now x ABC Business Daily special episode.Got a burning question?Send a short voice recording to PK and Fran for Question Time at thepartyroom@abc.net.au

Labor is leaning into housing this budget, with big tax reforms to negative gearing and capital gains tax to form the centrepiece.It's all in a bid to address intergenerational inequity — but as Tom tells PK, grandfathering could "directly undermine" that and feed into accusations the Albanese Government is "pulling the ladder up" on a new generation.As PK says, the way Labor "frames" the reforms is key both to win over voters and ward of future scare campaigns. But while the Albanese Government wants the focus to be housing, Tom is convinced that come end of week we're going to be talking about another element of the budget "whether it's trusts, whether it's capital gains in the share market".And remember there will be another special episode of Politics Now x ABC Business Daily in your feed after the budget lock-up!Patricia Karvelas and Tom Crowley break it all down on Politics Now.Got a burning question?Send a short voice recording to PK and Fran for Question Time at thepartyroom@abc.net.au

There's been a seismic shift in the Australian political landscape, with One Nation claiming it's first ever lower-house seat.The minor party's landslide victory in the former Coalition heartland of Farrer came with a warning shot from leader Pauline Hanson — "One Nation is coming for your seat next."So, as the recriminations continue, PK and Jacob discuss if "operation Angus" has failed the Coalition and what base the party has left.PK points out the party have lost their city heartland and now their regional heartland, while Jacob adds that the suburbs in areas like Western Sydney is exactly where One Nation has vowed to target next.Meanwhile, across the pond UK Labour have been delivered a drubbing at local council elections, haemorrhaging seats to Nigel Farage's Reform party on the right and The Greens on the left. The diabolical result sends a warning sign for major parties of all stripes, including the Albanese government.Patricia Karvelas and Jacob Greber break it all down on Politics Now.Got a burning question?Got a burning political query? Send a short voice recording to PK and Fran for Question Time at thepartyroom@abc.net.au