LABOR’S BUDGET 2026 “REFORMS” MEAN BROKEN PROMISES, HIGHER DEBT, AND HIGHER TAXES FOR WIDE BAY HOUSEHOLDS AND BUSINESSES

When the Albanese Labor Government uses the word “reform” it’s really a code word for broken promises and higher taxes that will leave families, seniors and businesses worse off, Federal Member for Wide Bay said in response to the 2026 Budget.

“Everywhere I go in Wide Bay, people tell me that the rising cost of living is at the top of the list of their concerns and Labor’s 2026 Budget spends more, taxes more and borrows more, adding to inflationary pressure, making it even harder for households to make ends meet and businesses to balance their books,” Mr O’Brien said.

“From Labor’s cuts to the private health insurance rebate for seniors, to its broken promises on its housing, small business and family savings tax, and $275 cut to energy prices, Prime Minister Anthony Albanese, who promised us that his word is his bond, is about to make life so much harder for families and businesses in Wide Bay,” Mr O’Brien said.

After promising 50 times not to increase taxes on housing and savings, the Albanese Government has gone back on its word and abolished negative gearing for existing homes and radically restructured capital gains tax, increasing taxes on savings.

“This broken promise, disguised as “intergenerational equality”, means that people who are saving for their retirement, or investing in the share market to save for their first home, will pay higher taxes and be worse off,” Mr O’Brien said.

“Labor’s increases to capital gains tax will make Australia one of the least desirable places to invest in the world and will push investment from other asset classes into the capital gains tax exempt family home, putting additional pressure on property prices and making it harder for younger generations to enter the property market,” Mr O’Brien said.

“The Albanese Labor Government says its tax on housing is about intergenerational fairness, but if the Government was serious about helping generations to come, it would restrain its spending and not leave them to inherit Labor’s $1.25 trillion dollar debt bomb, costing $80,000 in interest every minute,” Mr O’Brien said.

“With 2 million migrants coming into the country over Labor’s term, if the Government wanted to properly address intergenerational equality and improve housing and rental affordability for younger Australians it would cut immigration.”

Mr O’Brien said the abolition of the private health insurance rebate loading for seniors will have perverse outcomes. 

“I have received numerous complaints from retirees across Wide Bay who are worried about the Albanese Labor Government’s cut to the rebate for people aged 65 and over.  They are at a time in their lives when they need private health insurance the most.  Many tell me they can’t afford to keep their private health cover without the loading, and the Government itself forecasts that 44,000 people will drop their private health insurance, putting more strain on the public health system, leading to worse health outcomes for everyone.”

The income tax cut that was announced in last year’s Budget will take effect this year, but with inflation now running at 4.6 per cent, energy bills soaring by 39 per cent, and bracket creep costing households $2,000 a year since Labor came to office, its value has been completely eroded.

The 2026 Budget cuts funding to regional Australia by at least $11 billion, including $4.7 billion from infrastructure and more than $21 million from regional communications funding, but the Albanese Labor Government will spend another $18.2 billion of your money on its ideological pursuit of Net Zero.

“The Government has spent $80 billion on Net Zero, and this doesn’t include expenditure on the Capacity Investment Scheme, because the costs of taxpayer funded subsidies to weather dependent intermittent energy projects are hidden,” Mr O’Brien said.

“Australians want to get out of Net Zero and the sooner the Albanese Labor Government recognises that, the more money Australians will save.  The Nationals will dump Net Zero and I won’t give up the fight to give Australians the better, fairer and cheaper energy we deserve from the full abundance of natural resources our country is blessed with.”

Critically, there’s nothing new in the 2026 Budget to fund significant projects in Wide Bay.

“The Albanese Government spruiks it Medicare Urgent Care Clinics but there are none in Wide Bay,” Mr O’Brien said.

“The Government has failed to deliver any new suitable funding programs to help veterans, community and sporting groups to realise their ambitions to cater for growing demand for their facilities and services.

“The 2026 Budget removes incentives for saving, it’s an attack on aspiration, and it sets Australia up for intergenerational warfare.”