Prime Minister Anthony Albanese readies federal budget to favour gen Z and millennial voters

Prime Minister Anthony Albanese is preparing to overhaul property tax perks in this month’s budget to provide younger Australians a “fair crack” at home ownership, a move that breaks a previous election commitment.

Proposed Changes to Property Tax Perks

With Gen Z and millennials now outnumbering Baby Boomers at the ballot box, the government is tipped to target tax incentives that have historically encouraged investors to enter the market.

Cabinet is expected to finalize a package of measures in the coming days. This includes speculation regarding increased taxes on distributions from family trusts.

When asked about the implementation of these changes, Mr. Albanese did not rule out “grandfathering” existing investment properties to protect current owners.

Addressing Intergenerational Inequality

The Prime Minister stated that the changes are focused on the principle that young people currently feel they are not getting a fair opportunity in the housing market.

Before the last election, Mr. Albanese had declared that changes to negative gearing—a policy used by approximately 1.1 million landlords—were “off the table.”

Regarding the risk of breaking an election promise, Mr. Albanese noted that “voters will make their decisions,” adding that his responsibility is to make hard decisions in the national interest.

Opposition and Political Outlook

Nationals leader Matt Canavan stated he is “dead against” any tax increases, though he indicated he would consider specific government proposals when they are presented on May 12.

Senator Canavan argued that current budget leaks suggest a government desire to tax Australians more, maintaining that tax rates should instead go down.

Amid these policy shifts, Mr. Albanese confirmed his intention to lead the Labor Party to a third election in 2028. If successful, he would surpass Paul Keating’s record as prime minister.