Leaked to AFR, see MB: https://www.macrobusiness.com.au/2026/05/property-tax-reforms-leaked-ahead-of-budget/
So AFAIK:
- negative gearing only for new build properties
- existing neg geared properties grandfathered in
- 50% CGT discount for assets held > 1 year gone except for new build properties from tomorrow. Buy assets you intend to hold long term immediately (today!). Assets bought after budget night will keep the 50% discount until 1 July 2027. After that, they will switch to inflation‑indexed CGT.
I reckon it’s intended to buy off younger voters in time for the next election. House prices and rents won’t come down much without big cuts to immigration, which would be totally against Labor’s destroy the nation in order to control it forever scam. It might work for a while.
I’m sure there’s other stuff in there. We’ll find out tomorrow. I’m off to buy some stuff in markets that aren’t closed right now.