Published • loading... • Updated
Australia Unveils Changes to Negative Gearing, Capital Gains Tax
The package is expected to shift 75,000 properties to owner-occupiers and raise $3.6 billion in the short term, Treasury says.
- On Tuesday, Treasurer Jim Chalmers, Prime Minister Anthony Albanese, and Finance Minister Katy Gallagher announced budget reforms restricting negative gearing to new homes, claiming the measures will help 75,000 young Australians enter the property market.
- Chalmers described the tax system as "out of whack" with the interests of young people, arguing that existing structures have locked them out of the housing market over decades.
- Treasury estimates 83 per cent of investor tax credits support existing housing rather than new supply, while the budget allocates $2 billion for infrastructure to unlock new development.
- While Treasury expects the changes will reduce new supply by about 35,000 homes, other taxpayer-funded measures aim to boost total stock by 30,000; critics labeled the move a broken election promise.
- Starting July 2027, the government will implement a 30 per cent minimum tax rate on capital gains and family trusts to prevent asset-sale timing loopholes and shift the tax burden toward workers.
Insights by Ground AI
Podcasts & Opinions
27 Articles
27 Articles
Your capital his gain: Lying Jim gouges Aussies in shock budget move
In a budget laced with old-school Labor wealth redistribution, Jim Chalmers has revealed he plans to fund new $250 a year tax cuts with billions of dollars of extra revenue reaped from cutting back negative gearing and the capital gains tax discount.
·Melbourne, Australia
Read Full ArticleCoverage Details
Total News Sources27
Leaning Left6Leaning Right6Center2Last UpdatedBias Distribution43% Left, 43% Right
Bias Distribution
- 43% of the sources lean Left, 43% of the sources lean Right
43% Right
L 43%
14%
R 43%
Factuality
To view factuality data please Upgrade to Premium
