Budget contains $45bn bottom-line improvement over four years as Jim Chalmers promises ‘spending restraint’

Anthony Albanese says ‘very wide-ranging budget’ will have a focus on housing, productivity and fuel security

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Tuesday’s budget will reveal a $45bn improvement in the commonwealth’s bottom line over this and the next three financial years, as Jim Chalmers promises “spending restraint” at a time of high and rising inflation.

The improvement in the forecast bottom line comes as Anthony Albanese defended expected reforms to negative gearing and capital gains tax, casting the budget’s focus on intergenerational fairness as a salve against rising populist anti-establishment politics sweeping the western world.