Jun 26, 2026 – 4.30pmAs the biggest tax overhaul in a quarter of a century whistled through parliament on Thursday just six weeks after the Albanese government’s bold budget announcement, a jubilant Jim Chalmers declared it a win for workers, first home buyers and future generations.The crackdown on negative gearing and capital gains tax – although rushed and a broken election promise – was also a major political victory for the treasurer. He has been pushing for Labor to change investor taxes on and off since its 2016 election campaign.Subscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber? John KehoeEconomics editorJohn Kehoe is The Australian Financial Review’s economics editor at Parliament House, Canberra. He writes on economics, politics and business. John was Washington correspondent covering Donald Trump’s first election. He joined the AFR in 2008 from Treasury.Fetching latest articles
What Australia’s biggest tax overhaul in 25 years will mean for you
Treasurer Jim Chalmers is clocking it up as a major victory, but his tax package has received a mixed scorecard from the experts.
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