The 2026 Australian federal budget has introduced a range of measures aimed at easing cost-of-living pressures, including a permanent Working Australians Tax Offset of up to $250, lower income tax rates, and a new $1,000 instant tax deduction without receipts. First home buyers are also set to benefit from expanded assistance programs. However, high-income families, frequent overseas travellers and illegal tobacco sellers are expected to bear greater costs under the budget, as the Australian Government seeks to strengthen revenue and curb illicit trade.