LIVE UPDATES: Chalmers' subtle attack on Hanson in parting shot; Investors say negative gearing will hit renters; All winners and losers revealed

Thanks for following along with our live coverage of the fallout from this year's federal budget.

Prime Minister Anthony Albanese and Treasurer Jim Chalmers have been doing the media rounds all day to promote the measures handed down in last night's budget – and to defend breaking the government's promise not to change negative gearing and the capital gains tax discount.

Those generous tax breaks will be wound back from next July, but the duo have insisted the contentious move is the right one.

"What's clear is we need to do more, because there's nothing more aspiring than the legitimate aspirations Australians have to own their own home, and they were being locked out," Albanese told Today this morning.

Chalmers said the government had taken a more difficult approach than maintaining the policies, but that the change would benefit the nation.

"It would be worse for homebuyers and particularly for younger people if we left these arrangements unattended. It would be easier, politically, frankly," he said.

"Obviously there will be politics played around this."

As you'd expect, not everyone agrees. The Coalition has slammed the move and promised to oppose it in parliament – although with the Greens likely to back the legislation, that probably won't matter – while some pundits from the real estate industry say it will lead to higher rents.

Chalmers also hinted further tax cuts could be handed down in future budgets, with a particular focus on bracket creep.

He also said a road user charge – which was something of a surprise admission from last night's budget – remains on the government's agenda.

On the ABC's Afternoon Briefing, Albanese has skirted around questions about whether he would have won last year's election in the same crushing landslide had he put yesterday's changes to negative gearing and the CGT discount to voters then.

"Look, we are putting [these reforms] forward and arguing our case, and I believe that the Australian people will support this sensible reform, because it is the right thing to do," the prime minister said.

"I want a society that fulfils the Australian values, that everyone has a fair go, that people have a crack at home ownership, that rewards aspiration and working hard. And that's what these measures do," he added.

Before question time finished up for the day, Albanese said the government has been 'up front' about its changing position on negative gearing and the capital gains tax discount.

Much like Chalmers in his Press Club appearance this afternoon, the prime minister sought to frame the move as something hard and unpopular but necessary in order to address some of the issues facing Australian society – and the tax system.

"What we are not prepared to do is just sit back and kick the can further down the road," he said.

"What we are doing is acting, acting in support of aspiration, acting in support of growing the economy, acting in support of housing supply.

"The difference between investing in an existing home with negative gearing is it benefits the investor, but if you invest in a new home, it benefits the investor, and it benefits the nation.

"This is a change in our policy, and I'm upfront about that. But unless we act now, we're looking at a generation missing out."

Chalmers also pointed out this afternoon that young future investors will still have access to negative gearing and the 50 per cent CGT discount, as long as they buy new properties and help boost the nation's housing stock.

After a lot of yelling and interruptions from both sides, question time is over.

The government has defended its budget measures as it has been all day today.

Chalmers has been up quite a bit to talk up his policies, as he did not too long ago at the National Press Club.

The prime minister has been asked about how he could block young people from receiving tax breaks that he himself has benefited from in the past.

"I had access of home ownership and I had it in my 20s," he said, adding that his mother drilled it into him.

"I'm proud of what I've achieved and that is why in last night's budget we have made sure we are not leaving a generation behind."

The energy in parliament is high as Labor MPs yell out in support of Prime Minister Anthony Albanese, who is fielding questions about the government's "lies" - Labor breaking an election promise to deliver changes to negative gearing and the capital gains tax discount in the budget.

As he explains the government's tax reform and housing policies, Opposition Leader Angus Taylor shakes his head.

"We want to make sure that we continue to give Australians a fair crack going forward," Albanese says.

"The opposition has blocked every single housing measure that we have put forward.

"Labor is the party of aspiration."

Albanese's last line is cut off with laughs from the other side.

It's question time in parliament - the first since last night's federal budget.

I'm sure there will be plenty of questions about the government's decisions in the budget papers.

Stick with us.

The government has faced a slew of criticism today for breaking an election promise to deliver the capital gains tax discount and negative gearing reforms, but has also been handed some questions on the other side of that coin about whether the budget went far enough to support first-home buyers.

Chalmers was asked about whether the reforms are enough if only 75,000 extra people over 10 years would be helped to buy their first home.

He said intergenerational inequity in the housing sector reached a level he was "not prepared to tolerate".

"It's worth it for 75,000 Australians who wouldn't otherwise get a hook in the housing market," he said.

"It's worth the political risk that we've taken in coming to a different view and changing our policy position in some contentious areas."

The treasurer said he will focus future tax reform on returning bracket creep - when wage inflation pushes people into higher tax brackets, even as the purchasing power of their salary stays put.

"We've only been here four years, and so people should take their cues from that," he said.

"The reform ambition I have in the future is to try and provide more tax relief, to return more of this bracket creep, which you can see in the budget papers."

He said he believed future governments would do the same in targeting bracket creep.

Reserve Bank Governor Michele Bullock told reporters last week that more government spending would make her battle against inflation more difficult.

The treasurer has been asked whether the $18 billion in additional spending in last night's budget qualified as much spending.

"I'm not going to give free advice to the independent Reserve Bank. They will make their own decisions in the usual way. But everybody should rest assured that the budget we handed down last night... is historically responsible," he said.

"If you compare our net impact we made on the budget, compare the magnitude of the savings we made in the budget, that is a historically responsible document, and that's because we take the inflation challenges in our economy seriously."