Jun 2, 2026 – 4.00pmFund managers have started to adjust their investment strategies after a swathe of tax changes in the federal budget triggered a fierce debate in the industry over whether bonds, equities or property would emerge as the winners in the new regime.UBS is telling clients the changes, which restrict negative gearing tax breaks and significantly increase capital gains tax, will hit the property industry hard because a vast portion of investors use negative gearing to offset losses against their personal income.Subscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber? Fetching latest articles