Prime Minister Anthony Albanese has hιt bɑck at bɑcklɑsh after the biggest shake-up to housing taxes in Australia in more than 25 years: ‘We’ll take those measures…BUT..’

The Opposition has vowed to block the negative gearing and capital gains reforms announced in the Budget that it claims will ‘kneecap young Australians’, and could repeal them if it wins the next election.

The 50 per cent capital gains tax discount has been scrapped and replaced with an inflation indexation system across all asset classes, including shares and property.

In another broken 2025 election promise by the Albanese government, negative gearing has also been wound back and restricted to new builds from July 1, 2027.

The Opposition believes the tax changes will block young people from accessing tax advantages that have benefited older generations.

Liberal treasury spokesman Tim Wilson vowed to the ABC that he would ‘make sure they’re never legislated’.

On Sky News last night, Wilson said ‘our plan is the fight them and to make sure the (taxes are) defeated’ in Parliament.

He was then asked if the Opposition would be repeal the measures, and he agreed: ‘Ultimately that’s where we’ll end up, we’ll repeal these measures if necessary but our plan is to defeat them and make sure they’re never legislated.’

Opposition Leader Angus Taylor echoed the sentiment.

‘We absolutely don’t support the assault on aspiration in this budget through hiking taxes on small businesses, on savings, on houses,’ he said.

‘Our position is we’re gonna do everything we can to stop these bad taxes, toxic taxes from getting through the parliament.

‘They are a tax on aspiration, a war on aspiration.

‘We’ll do whatever it takes to roll these taxes back.’

Shadow Treasurer Tim Wilson and Opposition Leader Angus Taylor are pictured.

Australians will soon be slugged with an increased $80 exit fee when they leave the country under new measures announced in the Federal Budget.

The fee is applied to all passengers departing by air or sea from Australia, regardless of whether they are citizens or non-citizens intending to return.

The passenger movement charge, which is already included in the ticket, will be increased by $10, from $70 to $80, from January 1, 2027.

However its understood passengers who have already purchased a ticket will benefit from a six-month transition arrangement.

The Albanese Government expects the fee will bring in a total of $755million over the next five years.

It comes as aviation industry experts say they expect airlines will pass on the extra $10 in the form of increased airfares.

Tourism and Transport Forum chief executive Margy Osmond described the changes as ‘literally outrageous’.

‘You’re looking at an environment where the tourism industry is wearing an impossibly uncertain global aviation marketplace,’ Osmond said.

‘You’ve got a decimated domestic driving market, which would have been the fallback for a lot of operators, because of the fuel situation [that is making driving holidays less attractive].’

Passengers are seen at Sydney’s Domestic Airport.

Bill Shorten feels ‘vindicated’ after the Albanese government introduced the same tax reforms he tried to bring in as Opposition Leader.

He took plans to scrap negative gearing and wind back the capital gains tax discounts to the 2016 and 2019 elections.

Shorten was tipped to win in 2019 but lost against then-Prime Minister Scott Morrison.

Now a University of Canberra vice chancellor, Shorten celebrated his 59th birthday as his controversial proposals were announced in Tuesday night’s Federal Budget.

‘It was nice on my birthday to see an idea that I backed come home at last,’ he told Sky News on Wednesday.

‘I don’t like using the word a lot, but I do feel vindicated.’

Shorten is adamant that the policies did not cost Labor the 2016 and 2019 elections, as he doubled down on the changes that have sparked widespread backlash from Aussies.

‘The motivation I had in 2016 was that I could see that younger people, first time buyers, were being locked out of the market by distortions caused in the tax system,’ he explained.

‘And we had a sensible policy of not changing the rules for people who have already invested, but I wanted to give younger homebuyers a chance to have that great Australian dream.

‘I see it every day at the University of Canberra, the graduates, they can get a job, but they’ve got student debt and they don’t ever think they’ll own a house.’

Shorten conceded that he recently took advantage of the current negative gearing laws when he relocated from his hometown of Melbourne to the nation’s capital for work.

He also admitted to Sky News host Laura Jayes that he has benefited from a policy that he thinks is unfair in doing so.

‘I moved,’ he said.

‘There would be a revolution if retrospectively, the government didn’t grandfather the position.

‘In 2016 and 2019, I never negatively geared myself, but I wasn’t going to change the tax rules for people.

‘If you retrospectively change tax laws that would be a bad law.

What I say is that the law needs to change.’

Shorten had this advice for those slamming the changes.

‘What I would really say to the people who think somehow that this is bad news is that it was a good idea 10 years ago and it’s an even better idea now,’ he said.

Commonwealth Bank chief economist Luke Yeaman has predicted prices will fall by three per cent in response to Labor’s tax reforms.

House prices could fall because the Budget reduces tax incentives for property investors, lowering demand and easing upward pressure on prices.

Economists have long argued tax breaks like negative gearing and the CGT discount have boosted investor demand and pushed prices up.

‘We look closely at this. In our view, it is going to mean weaker house prices over the next few years, but not too materially,’ he told Sky News.

‘When we look at an aggregate, we think that over a period of time, we could see house price levels drop by 3 per cent overall.’

Mr Yeaman also predicted a moderate increase to rents.

‘Fundamentally, these changes, they drive a lot more revenue into the budget… but over time, the biggest issue still centres around supply,’ he told the program.

Luke Yeaman is pictured.

Anthony Albanese and Treasurer Jim Chalmers have both admitted previously taking advantage of a major property tax concession which they have scrapped for future generations.

The pair have spent the morning defending their broken 2025 election commitments announced in the Federal Budget.

Negative gearing has been wound back and restricted new builds from July 2027.

The 50 per cent capital gains tax discount has also been scrapped and replaced with an inflation-indexation system, applying across all asset classes, including shares and property.

Sky News morning host Peter Stefanovic asked Albanese whether he had used negative gearing to build his property portfolio.

“Oh, look, I have in the in the past, absolutely,’ the Prime Minister admitted.

“But all my things are declared in the normal way. I’m subject to all of that, but in a transparent way, like everyone else, like everyone else.’

Chalmers made a similar admission to Sky News.

‘I did, maybe a decade ago or something like that,’ he conceded.

Migrant trade workers are among the biggest winners of the Federal Budget, with the government set to spend $82.5million fast‑tracking skills assessments and licences to help ease Australia’s tradie shortage.

Budget papers said the permanent migration points test would be ‘optimised’ to ensure ‘better educated, higher-skilled and younger migrants’ were selected.

‘The government will reform the permanent migration points test to better identify migrants who drive productivity and Australia’s long‑term prosperity,’ it said.

‘Almost two‑thirds of permanent skilled migrants are currently selected through points tested visas. The points test will be optimised to select better-educated, higher‑skilled and younger migrants overall.’

Some $27million over two years will also be allocated to improve working conditions in the construction industry, including awareness of workplace safeguards, protections and compliance measures related to migration laws.

‘The extension of the pilot programs will continue to support information and education capabilities in each state, with the ability to cover metropolitan, regional and remote locations, where temporary migrants work,’ budget papers continued.

‘This will help embed reforms and support visa integrity, lawful businesses, and workers.’

Australian investors are tipped to pour billions into blue‑chip shares and ETFs after sweeping capital gains tax changes unveiled in Tuesday night’s Budget – shifts set to make stocks more attractive than property and trusts.

Treasurer Jim Chalmers said the overhaul was aimed at delivering a ‘fairer tax system for workers, first home buyers and future generations’ in what he described as one of the most significant tax reform packages in decades.

Under the changes, the 50 per cent capital gains tax discount will be scrapped and replaced with an inflation-indexation system, applying across all asset classes, including shares and property.

At the same time, investment properties purchased after 7.30pm on May 12, 2026 will lose access to negative gearing from July 1, 2027, except for new builds. Existing properties will not be affected.

Stockspot founder Chris Brycki said ETFs, super and dividend‑paying blue‑chip stocks were set to surge, with gold and Bitcoin likely to fall out of favour.

‘If capital gains become more heavily taxed, investors may place greater value on reliable income streams and franking credits,’ he wrote.

The major property tax reforms in the Federal Budget will have a ripple effect on all Australians, one of the country’s leading auctioneers has warned.

Property expert Tom Panos believed it felt more of a garage sale than a Budget and could go down as go down as one of the most divisive economic moments in recent Australian history.

‘It felt like a garage sold by people who accidentally burnt the house down,’ he shared on X shortly after Treasurer Jim Chalmers handed down his fifth Budget.

‘Tonight, Aussie’s didn’t get a Budget, they got a magician’s performance.

‘Look over here, cost of living there … meanwhile behind the curtain, think about what we just saw.

‘More taxes, more complexity, more pressure on people carrying the country.

‘If you’ve worked hard, if you’ve taken risks, if you’ve invested in property, if you’ve employed people, if you sacrificed for the future, congratulations – you’re the bad guy or girl.

‘The country used to reward aspiration, now it punishes it.’

Panos added that the reforms don’t just hit investors but everyone – from renters, small business owners and tradies, to first-home buyers, and everyday Australians trying to get ahead.

‘People stop moving and investors freeze builders, hesitant developers delays and consumers sit there clutching their wallets,’ his rant continued.

‘You cannot tax country into prosperity, it’s impossible. You grow prosperity.

‘If you keep punishing the people building the homes, employing staff and taking risks, you run out of people willing to do it.

‘They’ll just give up and say, ‘stuff it, we’re going to Byon Bat to watch Cheech and Chong movies.

‘And that when the Budget stops being economic and starts being a performance with spreadsheets.’

First home buyers will have to be patient to see their benefits from the Federal Budget, an expert has warned.

Tenants are among the Budget losers with sweeping changes to negative gearing set to make renting even more unaffordable.

Landlords who can’t get tax breaks from running their investment properties at a loss are expected to raise the rents to cover the shortfall.

Canstar data insights director Sally Tindall expects rent to go up, which means that first home buyers looking to get their foot on the property ladder will be impacted.

‘There’s no floodgates that are going to be open for first home buyers, that’s for sure,’ she told Sunrise

The benefits will be drip fed because this is big reform that will take a while to have an impact on the property market.

‘The changes to negative gearing, capital gains tax.

They’re designed to get investors out of buying existing properties gives the first home buyers a little bit more breathing space at overheated auction.’

The Australian Taxation Office is set to significantly expand its workforce, adding nearly 1,500 staff as part of a broader push to crack down on fraud and strengthen the integrity of the tax system.

Budget papers show the ATO’s headcount will climb from 19,938 to 21,410 over the next financial year.

Treasurer Jim Chalmers told Daily Mail that additional staff will underpin a new wave of compliance activity and fraud detection measures, as the government intensifies its efforts to close gaps in the system.

Anthony Albanese has responded to criticism that his government has scrapped the very tax arrangement that allowed him to grow his own property portfolio.

His government has abolished the 50 per cent tax discount on all asset classes, including the stock market and existing property investments.

There are also changes to negative gearing in the Federal Budget, which will allow investors to offset a loss-making property against other income.

Investors who purchase existing homes after Budget night will only be able to use negative gearing until July 1, 2027.

The Prime Minister was grilled about his government’s ‘broken promises’ during an appearance on Sunrise on Wednesday.

Host Nat Barr read out a comment from Sunrise viewer Lee, who pointed out that Albanese had built his property portfolio using negative gearing and then taken the opportunity away from millions of young Australians.

‘No, but they can invest in a new build though,’ Albanese hit back.

‘What they’ll be doing is not just helping to build their own portfolio, they’ll be helping to build homes that other young people will be able to move into and rent, and boost supply as well.

‘So they’ll be able to do that in exactly the same way. They can even choose the old system of capital gains – of a 50 per cent discount – if they choose to do so.’

Sunrise co-host Michael Usher pointed out that the property market is very different now compared to when the Prime Minister, along with many others, was able to invest and benefit from negative gearing.

‘That’s the whole point of why we’re making this change. You’ve just said it’s a very different market. That’s the point,’ Albanese said.

‘We’re throwing everything at this to make a difference because it has got tougher.

‘As time has gone on, it’s got tougher and tougher for young people to enter the housing market, which is why we’re making this change.’

He acknowledged there would be backlash over the decisions.

‘I knew there would be a bit of blowback on this, I’ll put why we’re doing it, but gee, it’s the right thing to do,’ Albanese said.

Anthony Albanese is pictured on Sunrise on Wednesday morning.

More than 160,000 Australians will be kicked off the NDIS as the scheme’s costs blow out of control.

The Albanese government confirmed that changes to eligibility rules would seek to lower the number of Australians on the scheme from 760,000 to 600,000 by 2030.

The scheme has previously been projected to cost about $49billion this financial year – and is now more expensive than Medicare.

The government is now aiming to divert children with autism who have low to moderate support needs onto the Thriving Kids program.

In his Budget, Treasurer Jim Chalmers announced that $2billion would be used to deliver the program, with funding to be matched by states and territories.

The government has also invested $3 billion over five years to establish Foundational Supports outside the NDIS, with funding to be matched by states and territories.

The overall reforms announced in the Budget are expected to save a total of $37.8billion over the next four years.