Budget 2026 losers and biggest losers

The budget byline is ‘Reform and Resilience’, but it is all plagiarised from Paul Keating.

The Treasurer’s opening statement in the budget overview places the blame for our current economic woes on the war in the Middle East. Energy, technology, intergenerational equity, and home ownership are the key words used to justify emptying your wallet. Out of the six opening paragraphs, five mention the Middle East and the global oil shock.

The budget byline is ‘Reform and Resilience’. Clayton’s reform, with none of the resilience home-grown. A Fuel and Fertiliser Security Facility costing $7.5 billion will secure overseas fuel instead of Australia producing its own. It’s like using our money for a beggar’s stash rather than developing our productive capabilities.

The Treasurer said in his briefing this afternoon:

‘This Budget is ambitious in the face of adversity … making sure that opportunity, aspiration, and ambition are central … it’s all about getting compliance costs down…’

If your ambition is to lean on the government, you’re a loser, and this budget’s for you. If you want opportunity and aspiration, you’re the biggest loser.

For Australia’s 840,000 family trusts, however, the headaches are only just beginning. Never mind the war in Iran. With this budget, the Treasurer has gone to war with Australian small businesses.

Yikes! Broken promises and terrifying surprises.

We've had a look at the Budget and ... it’s clear that Labor doesn’t want you to be independently wealthy.

Labor wants you to be dependent on the government.

Article | https://t.co/uTGVtJgB20 pic.twitter.com/MOET64HWEt

— The Spectator Australia (@SpectatorOz) May 12, 2026