As Australian Treasurer Jim Chalmers prepares for what he describes as the most ambitious budget of his tenure, he faces significant challenges stemming from global economic volatility, particularly related to the US-Israel conflict. The budget, set to be unveiled soon, includes a major overhaul of the National Disability Insurance Scheme (NDIS), projected to save $35 billion over four years. Additionally, Chalmers is focusing on housing affordability, with plans to enhance supply and provide more options for younger families. He has also hinted at a substantial tax reform package aimed at intergenerational fairness, which may include changes to capital gains tax and negative gearing. A productivity package is expected to deliver a $13 billion boost to the economy by simplifying regulations and reducing red tape. However, economists have raised concerns about whether these measures will be sufficient to meet public expectations and address the long-term decline in living standards, which have grown at a significantly slower pace compared to other wealthy nations. Chalmers acknowledges the urgency for reform but emphasizes that the budget will not use international developments as an excuse to avoid making tough decisions.