Labor Flags ‘Changing Australia’s Tax System’ Ahead of Budget

Labor is expected to cut the capital gains tax discount and limit negative gearing of investment properties.

Treasurer Jim Chalmers takes questions from the media on arrival to Australian Parliament House ahead of handing down the 2026 budget in Canberra, Australia on May 12, 2026. Hilary Wardhaugh/Getty Images

Labor has launched a last-minute sales pitch to young Australians saying their changes to property investing incentives will help tens of thousands more people to buy their first home.

Ahead of Jim Chalmers delivering his fifth budget on Tuesday, the treasurer, Prime Minister Anthony Albanese, and Finance Minister Katy Gallagher released a video online to confirm tax changes for property owners.