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

What did I miss? Australia’s political week in fast-forward

I doubt you missed the demise of the Liberal Party, which happened in its birthplace over the weekend. But you might have missed the irony of Pauline Hanson and One Nation supporters singing John Farnham’s ‘You’re the Voice’ in Farrer.

The song was part of the infamous Voice to Parliament campaign while the One Nation victory is perhaps the least-Woke event possible. In my view, Pauline is now Sadie the Cleaning Lady. The room certainly loved it.

One Nation’s thumping win in Farrer wasn’t just a by-election, it was a political earthquake. David Farley stormed home with over 39 per cent of the primary vote and more than 57 per cent after preferences. The once-mighty Coalition scraped together barely 20 per cent.

My latest in The Spectator Australia, What did I miss? Australia’s political week in fast-forward. 

Probably the main thing you missed this week was that Nasa released actual footage of UFOs under President Trump’s orders.

‘We found many very interesting documents, I must say…’ said President Trump.

Yes. No doubt that's how Australians will feel about the Budget after Jim… pic.twitter.com/8M0e17PGcB

— The Spectator Australia (@SpectatorOz) May 11, 2026

Here’s what Albo can do with his Medicare card

I know exactly what Albo can do with Medicare card. I'll leave the rest to Hemingway’s ‘iceberg’.

When Albo flashes that card, he is taking the mickey. Whenever anything goes wrong, he pulls it out as if to say, ‘Look what we do for you!’ I’d rather keep my Medicare Levy in my own pocket and get a real benefit from my health insurance. Instead, we pay and pay and get nothing in return. If only I could fill out a form with my left hand and spell my name wrong.

Mind you, there’s plenty of anecdotal evidence of that happening on the NDIS. You could see that enormous rort a mile away.

My latest in The Spectator Australia, Here’s what Albo can do with his Medicare card.

When Albo flashes that card, he is taking the mickey.

Whenever anything goes wrong, he pulls it out as if to say, ‘Look what we do for you!’

I’d rather keep my Medicare Levy in my own pocket and get a real benefit from my health insurance.

Instead, we pay and pay and get… pic.twitter.com/JFPdmM1Y5z

— The Spectator Australia (@SpectatorOz) May 6, 2026