Live: Treasurer defends budget backdown despite Labor losing 'political paint' (opens original article in a new tab)

Treasurer Jim Chalmers acknowledges political backlash against May's budget but defends changes to capital gains tax and testamentary trusts, while opposition leader Angus Taylor criticizes the measures and remains noncommittal on extending fuel excise cuts.

• Treasurer Jim Chalmers says the government lost 'political paint' from May's budget but stands by changes to capital gains tax and testamentary trusts.
• Opposition leader Angus Taylor refuses to commit to extending the fuel excise cut and criticizes Labor's budget changes as insufficient.
• Chalmers defends budget backdowns, citing support for young people and first home buyers, while attacking One Nation's stance on tax reforms.