The federal election has been announced for May 3 and in this episode of New Politics, we unpack Treasurer Jim Chalmers’ latest federal Budget – a pre-election Budget filled with cautious politics, modest tax cuts and, as usual, plenty of attacks from the conservative media. While some early announcements pointed to a deficit, the final package didn’t include much reform and continues the trend of cautious fiscal policy under the Albanese government. Is this a sign of a strategic long game, or just another missed opportunity to enact real change?
Labor’s first Budget in 2022 didn’t deliver sweeping reform, and this latest effort continues a pattern of incrementalism. There’s tinkering at the edges, small tax relief measures, and stabilisation of the economy – no mean feat – but no real moves to tax the resource giants, close corporate loopholes, or address Australia’s outdated tax structure. The minerals and gas industries continue to enjoy enormous profits – often with negligible tax contributions – while everyday Australians shoulder the load.
We explore the growing call for more progressive taxation, a more equitable economic model, and government investment in public housing, healthcare, education, and renewable energy. Why has Labor shied away from reforming gas royalties or tackling climate change with urgency, especially when Australia is facing record-breaking temperatures? Has the Albanese government become too risk-averse to live up to its campaign promises?
We also dissects the Coalition’s Budget reply, with Shadow Treasurer Angus Taylor’s baffling decision to oppose tax cuts just weeks before a federal election – a move that contradicts the Liberal Party’s long-standing “low tax” identity. Fantastic, well done Angus!
We break down Peter Dutton’s populist messaging, from promises to cut fuel excise and public service jobs to the $360 billion nuclear energy proposal that has roots in Gina Rinehart’s policy playbook. But will these performative stunts resonate with voters, or simply reinforce the perception of the Coalition as a chaotic and unserious alternative?
We also look at the broader political landscape – rising profits for the resource sector, stagnant welfare payments like JobSeeker, and the unspoken issues being quietly buried in the lead-up to the election. From environmental backdowns in Tasmania to the Labor Party’s silence on Palestine and increasing alignment with the US and Donald Trump, it’s becoming clear which issues the major parties would rather keep out of the election campaign.
And as the latest opinion polls show a drift towards Labor, we reflect on the changing tone of Prime Minister Anthony Albanese, who’s finally taking a more assertive stance with the media. Meanwhile, Peter Dutton’s increasingly frantic media performances and bizarre cost-of-living claims may be alienating voters just when he needs them most. This is a critical episode for anyone wanting to understand the real politics behind the Budget and election headlines – beyond the clichés of “debt and deficit” – and the deeper forces shaping the 2025 federal election campaign. Whether it’s missed opportunities for reform, media bias, or political posturing, we cut through the spin and deliver the analysis that matters – independent analysis, fearless commentary, and all the stories the mainstream media ignores.
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Song listing:
- ‘Good Stuff’, The B-52s.
- ‘Crying’, Strawpeople.
- ‘Trouble’, Vox Noir.
- ‘Teardrop’, Massive Attack.
- ‘Humiliation’, The National.
Music interludes:
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The post It’s on: the 2025 election preview and Budget analysis appeared first on New Politics.