Treasurer Jim Chalmers defends the government’s budget changes to negative gearing and capital gains tax, arguing they will help level the playing field for first-home buyers competing against property investors. The changes include restricting negative gearing to new properties only, with existing arrangements grandfathered, and modifying capital gains tax rules including for pre-1985 assets. Chalmers acknowledges the government has changed its position since the last election, stating it became increasingly clear that supply-side measures alone were insufficient to address housing affordability for younger Australians.
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