Labor overhauls investor tax breaks and commits $2 billion to build 65,000 homes

Australia's center-left Labor government is set to overhaul its approach to housing policy, with Treasurer Jim Chalmers preparing to unveil a sweeping federal budget that places residential affordability at its center. The budget, to be announced on Tuesday, will include major reforms to property investor tax concessions, including changes to negative gearing and capital gains tax discounts that have long encouraged real estate investment. These reforms represent a significant shift from previous government positions, particularly the Prime Minister's reversal of his stance from just a year ago when he ruled out such changes.