How Labor’s budget hit the brakes on Australia’s housing market

The finance minister, Katy Gallagher, the prime minister, Anthony Albanese, and the treasurer, Jim Chalmers. The 2026 federal budget announced changes to the capital gains tax discount and negative gearing concessions, measures designed to help owner-occupiers gain a foothold in the housing market. Photograph: Susie Dodds/AAP

Steph Thomas rarely hears from homebuyers looking to pull out mid-purchase. Four rang the mortgage broker after the government curbed investor tax breaks in last week’s budget.

Two were investors weighing the budget’s impacts but two were owner-occupiers, entirely unaffected but worried by the reforms.