In anticipation of the upcoming federal budget, Treasurer Jim Chalmers has indicated that it will be Labor's most ambitious yet, focusing on managing disruptions from the war in Iran and improving intergenerational equity in Australia. Significant changes are expected, including revisions to negative gearing and the capital gains tax discount for property investors, which aim to shift the property market towards first home buyers. The government plans to spend an additional $53 billion on defense over the next decade, responding to pressures to increase military spending. Furthermore, the National Disability Insurance Scheme (NDIS) is projected to see its growth rate cut dramatically, with around 160,000 participants expected to be removed from the scheme. To alleviate cost-of-living issues, $2.55 billion will be allocated to reduce fuel excise for three months. The budget is also set to forecast higher inflation and unemployment rates as a consequence of ongoing international tensions, particularly due to the war in Iran.