Federal budget breaks election promises on property taxes

The federal budget includes major property tax reforms, with negative gearing facing a significant overhaul and the 50% capital gains tax discount under review. These changes represent the largest shake-up to property taxes this century, despite breaking previous election promises made by the Prime Minister in April last year. Finance Minister Katie Gallagher defends the policy reversals as necessary to address housing affordability and intergenerational equity, particularly for young Australians increasingly locked out of the housing market.See omnystudio.com/listener for privacy information.