In response to a question from Guardian Australia’s economics editor, Patrick Commins, about whether fully abolishing negative gearing would have raised more revenue, and why the government didn’t take that approach, the treasurer, Jim Chalmers, says the reforms strike the right balance for Australia. ‘We’ve balanced respecting and recognising those former investments at the same time as we’re changing the system for the future, so that we continue to provide a discount in the CGT system, but calculated in a way that minimises some of these other distortions,’ he says
What the budget means for your generation – gen Z, millennial, gen X or boomer
Capital gains tax and negative gearing benefit the 1% and this chart shows it
