FOR IMMEDIATE RELEASE
In response to the 2026-27 Federal Budget, Oxfam Australia Chief Executive Officer Jennifer Tierney said:
“At a time of deepening inequality, rising housing pressures, escalating climate disasters, and growing global instability, the Federal Budget takes some welcome measures on fairness but ultimately falls short of the bold action needed to tackle poverty and inequality in Australia and around the world.
“We welcome the significant steps to wind back capital gains tax settings that have unfairly benefited wealthy investors while fueling Australia’s housing affordability crisis. These are important and long-overdue changes that show the Government is willing to respond to growing public concern about fairness in the tax system. However, the reforms do not go far enough. By grandfathering negative gearing, wealthy investors will still be able to lower their tax while younger Australians and working people continue struggling to buy a home, baking-in inequality.
“Oxfam is again calling on the Government to introduce measures that effectively tax the super rich and close loopholes that allow corporations to avoid paying what they owe.
“This Budget also misses a critical opportunity to address entrenched inequality facing First Nations communities. First Nations make up 3% of Australians, yet receive just 1% of the $800 billion budget. While existing programs have largely been maintained, the response remains piecemeal rather than transformational, stopping short of major new investment in community-led solutions, justice reinvestment and climate adaptation for remote communities already facing the worst impacts of climate change.
“Real progress requires long-term investment that matches the scale of the challenges First Nations communities continue to face, including disproportionately high rates of incarceration, family violence and climate impacts.
“The Budget papers make clear that the costs of climate disasters continue to rise, yet some of the world’s biggest fossil fuel corporations are still avoiding paying meaningful tax in Australia and instead there are $46 billion in fossil fuel subsidies prioritised over the forward estimates.
“As climate disasters become more severe and costly, this Budget falls short of the action needed to prepare communities and ensure the corporations most responsible for the climate crisis pay their fair share. The Government failed to deliver a gas export tax or invest in a dedicated climate adaptation fund, while continuing billions in fossil fuel subsidies.
“This Budget fails the climate test and misses the opportunity to raise billions for cost-of-living relief and to help communities here and across the Pacific respond to worsening climate impacts.
“As the world looks ahead to COP31, Australia has an opportunity to show genuine leadership on climate and inequality, but this Budget falls short of the ambition needed to meet that moment.
“That leadership must also extend beyond our borders. We welcome the Government’s decision to maintain investment in overseas aid at a time when millions of people globally are facing rising poverty, conflict, displacement and climate disasters, but the proportion of overall budget spending has dropped to 0.63%. In a period of growing instability, Australia has an important role to play in supporting peace, stability and cooperation across our region and the world.
“As a significant middle power, Australia has an opportunity to show global leadership during a time of increasing humanitarian need and rapidly shifting international dynamics. Looking ahead, we continue to call on the Government to increase aid to one per cent of the federal budget so Australia can play a stronger role in responding to urgent and growing global challenges.”
For interviews, contact Lucy Brown [email protected] 0478 190 099
