Latest / NewsCard® Australia Daily News / Australia's Budget: Cost-of-living relief, NDIS cuts, oil shock, anti-Semitism response, US market fears.
Transcript
- [warm] This is NewsCard Daily for Wednesday May 13, 2026 ... the biggest stories from Australia and around the world in just minutes. — — [serious] We begin in Canberra where Treasurer Jim Chalmers delivers what he calls the most important and ambitious federal budget in decades. Faced with a global oil shock from escalating tensions ... and a crushing cost-of-living crisis ... this budget tackles housing pain head-on. Huge $36 billion cuts to the National Disability Insurance Scheme aim to restore its original intent ... saving $63.8 billion overall ... the largest package on record. But there's relief too: a new $250 tax offset for 13.3 million working Australians ... starting mid-2027 ... plus tax tweaks on capital gains to level the playing field for wages and first home buyers. More Medicare ... aged care ... and housing investment. Chalmers promises fairness for workers and future generations ... as inflation pressures ease with savings outpacing spending. For families stretched thin ... this matters deeply. — — [curious] Staying in Canberra ... the budget boosts Closing the Gap with an extra $1.2 billion ... doubling remote jobs under the economic development program. It adopts every recommendation from the Royal Commission on Anti-Semitism and Social Cohesion ... fast-tracks tougher gun laws via National Cabinet ... and allocates $600 million for a new online counterterrorism center plus community grants. In a world of rising threats ... these steps build a safer ... fairer Australia. — — [urgent] We move to the economy now ... where Chalmers admits broken promises on tax reform amid twin crises of housing shortages and potential Iran war fallout. Critics call it his toughest budget yet ... balancing ambition with restraint. Productivity investments aim to lift living standards long-term ... but households want relief now. Your hip pocket feels every dollar. — — [serious] Overseas ... in the Middle East ... tensions spike as Iran-linked attacks fuel the global oil shock rippling into this budget. Australians face higher fuel prices ... squeezing budgets further. Why it hits home: every pump price hike echoes here. — — [hopeful] Now to Europe where... new green energy pacts promise cheaper renewables for Australia. Leaders ink deals to fast-track solar and wind tech ... cutting reliance on volatile oil. A bright spot for our energy bills and jobs in the regions. — — [serious] Finally ... in the United States ... markets wobble on budget ripples and trade fears ... but Aussie exporters eye opportunities in a resilient dollar. Wall Street watches Canberra closely. — — [warm] That's NewsCard Daily. For more top stories and quick summaries that keep you informed in minutes, download NewsCard ... available in the App Store.