Jim Chalmers rules out fuel excise extension and downplays hopes for tax relief in ‘most responsible’ budget yet

The treasurer also says May federal budget will play ‘helpful not harmful role in fight against inflation’

Jim Chalmers has warned there will be little room for more cost of living support in his fifth and “most responsible” budget yet, as he ruled out an immediate extension of the 26-cent cut to the fuel excise and downplayed hopes for additional tax relief for workers.

The treasurer also said Australian voters would forgive Labor for breaking a pre-election vow not to touch negative gearing rules for landlords, which is set to form part of a package that would also scale back the capital gains tax discount in the name of intergenerational fairness.