Treasurer Jim Chalmers and other ALP heavyweights are under pressure over the extent of the national property decline. But the evidence is on their doorstep.

But former prime minister Paul Keating has backed Labor’s changes, arguing successive governments have been afraid of reform.

Worsening sentiment is combining with longer-term policy changes to deepen the decline, as treasurer Jim Chalmers acknowledges the tax change’s role in the property downturn.