Updated Sep 2, 2026 – 5.42pm, first published at 2.01pmHSBC is forecasting national home prices will tumble 13 per cent largely due to rising interest rates, but Albanese government investor tax changes are also contributing to the deepening downturn.Treasurer Jim Chalmers on Wednesday defended Treasury’s budget forecast that the phasing down of negative gearing and 50 per cent capital gains tax discount would shave only 2 per cent off house prices over two years and increase rents just slightly.Subscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber? Fetching latest articles