The voters of New South Wales woke up in a communist state on Wednesday – at least according to the Daily Telegraph, which claimed that “Lying Jim” Chalmers was cackling like the devil as he gouged them with big taxes in the federal budget.

To underline this apparent sharp turn to the left, the Tele added a red hammer and sickle and used a red background.

“In the most radical redistribution of wealth since the Whitlam era, the Treasurer’s fifth budget last night locked in a major broken election promise by slashing negative gearing and the capital gains tax discount,” the Sydney tabloid said.

In Victoria, the treasurer was portrayed a deathly shade of blue as “The Jim Reaper”. The coffin theme was embraced by the Herald Sun as election promises were “dead and buried” and investors were given “last rites”. The Hun continued the Tele’s communist theme by referring to “old school Labor wealth redistribution”.

The Courier-Mail went for the jugular, accusing the treasurer of a flat-out fib with the headline “Jim’s Guide to Lying: Labor’s guide to broken promises and the secret plan for defending it”.

The Australian offered a pink hue and a counter-culture vibe as the broadsheet turned to a 54-year-old classic book, The Joy of Sex, to sell its message that the budget was just a $77bn tax grab. But would anyone under the age of 60 get the reference of “The Joy of Tax” or the “Chalmers Sutra” in the Johannes Leak cartoon? The Oz agreed with the Murdoch tabloids that Chalmers was waging “class warfare” in the 21st century.

The Nine-owned Sydney Morning Herald was more balanced than any of the Murdoch papers, giving credit to Labor for uplifting first home buyers and workers with an illustration of hot air balloons lifting these two groups, while “bursting Boomers’ bubbles” with sinking hot air balloons.

The Age focused on the loss of tax breaks for investors, with the prime minister and treasurer juggling the economy in a tiny row boat on an open choppy sea.

Thankfully, Sky News Australia and the Daily Mail gave us the update we all needed. What did Chalmers’ wife Laura wear to watch Jim deliver the budget this year, and would it annoy anyone?

Laura Chalmers “opted for her cheapest budget night outfit yet, forgoing her usual designer wardrobe in favour of a modest dress from Zara”, Sky reported.

“The magazine editor wore an elegant brown midi dress from the high-street giant, complete with gold buttons, pockets, and a cinched-in waist.

“Ms Chalmers also kept her accessories to a minimum, pairing the sleeveless dress with nude court heels, a gold bangle, and a Garmin Lily 2 smartwatch with a tan leather band.”

The Daily Mail summed it up with its signature long headline: “Laura REALLY read the room: Jim Chalmers’ wife wears her cheapest budget outfit yet – after previously sparking fury with the staggering cost of her dress.”

The backstory: “Back in 2024, Ms Chalmers attracted heavy criticism for wearing an $899 yellow Carla Zampatti dress and a matching $999 jacket.”