What we know about how the budget could affect your wealth
· Australian Financial ReviewAndrew Hobbs and , Michelle Bowes
May 7, 2026 – 5.00am
The federal budget won’t be handed down until May 12, but it’s already shaping up to be the biggest – outside a crisis – in decades. Significant tax changes are coming for property and share investors, electric car drivers and the beneficiaries of more than 818,000 discretionary trusts.
Prime Minister Anthony Albanese says the changes are needed to make Australia fairer. “For many young people, they feel like they haven’t got a fair crack compared with my generation and the generations beforehand,” he says. Here is a rundown of what we know so far.
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Andrew HobbsWealth reporterAndrew Hobbs covers self-managed superannuation funds (SMSFs), financial planning, retirement, inheritance, tax, personal finance and, sometimes, the Perth Bears. He has been a financial journalist for 30 years, previously at Bloomberg and AAP.
Michelle BowesDeputy wealth editorMichelle Bowes is deputy wealth editor at The Australian Financial Review. She has been a business journalist for 25 years and is the author of Money Queens: Rule your Money, an award-winning personal finance book for teenage girls. Email Michelle at michelle.bowes@afr.com
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