Mixed Results From First Post-Budget Auction Weekend
The budget change replaces the 50% capital gains tax discount for all assets, a move critics say could hit shares and businesses as well as property.
- On Monday, Treasurer Jim Chalmers defended removing the 50 per cent capital gains tax discount for all assets, arguing the change corrects a "massive distortion" that has favored property over shares.
- Despite Labor vowing during the 2025 election campaign it would not change housing taxes, the government last week moved to limit CGT discounts and negative gearing to address intergenerational inequity.
- Wilson Asset Management founder Geoff Wilson described Chalmers's defense as "classic gaslighting," arguing the policy unfairly targets shares and businesses rather than solving housing market issues.
- A Newspoll survey of 1,252 voters found the budget had a minus 25 net approval rating, with 60% of respondents calling the housing measures a "step in the wrong direction."
- Meanwhile, a parliamentary inquiry heard the government's $10 billion housing supply centerpiece has completed less than four per cent of its target, complicating Albanese's promise of tangible market improvements.
19 Articles
19 Articles
Sydney Morning Herald
The Age‘A problem for every single business’: Labor insider adds to backlash over CGT overhaul
The prime minister and treasurer overhauled the property price-fuelling combination of negative gearing and the 50 per cent CGT discount last week.
'The party had to end': Young investors torn on budget tax reform
Some young Australians locked out of the property market due to unaffordable housing have pursued ETFs and "rentvesting" as a way to build financial security. Here's what they make of the budget's CGT reforms.
Australia's property tax overhaul unpopular with voters, polls show
SYDNEY, May 18 - Australia's centre-left government is facing voter blowback after breaking election promises to roll out the biggest changes to investment taxes in decades in its latest budget, according to two closely watched polls. Read more at straitstimes.com.
Chalmers accused of ‘gaslighting’ in tax clash, as treasurer is grilled on why key discount was removed for non-property assets
Treasurer Jim Chalmers has been accused of “gaslighting” after appearing to mix up shares and property while defending sweeping capital gains tax reforms in the federal budget.
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