Negative gearing on first investment property ONLY.

As Johnny Howard said there are core and non-core promises. Howard argued that "core" promises were the central, fundamental commitments voters elected him on, while "non-core" pledges were flexible and could be broken or deferred due to changing economic conditions. Who was upset when Howard promised not to introduce a GST in 1995 then introduced it in 2000, not me.

The fact is Australia's tax system is unfair, heavily favouring those who derive income from property and shares over wage earners

Big difference Paul 1405, Howard announced it before he took it to an election whereas Albo and Chalmers denied they would change the existing arrangements at least 50 times, then did it anyway. Their new arrangements were almost the same as Bill Shotren proposed in 2019 except he exempted discretionary testamentary trusts which are now caught in the new tax net as a form of death tax by stealth. At least Shorten had the decency to announce his policy before the election he lost.
Who could believe Labor now that they won't have the family home and inheritance taxes in their tax grab any time in the future?

I think the changes are a fair outcome and long overdue. The question is; what now for a future course for housing all Australians, not just the wealthy ones

Well Diver Dan, judging by the reactions since the Budget you and Paul 1405 are definitely in the minority and the reaction has been huge especially from business owners who will also be caught up in Labor's web of lies with higher taxes. Even many young people realise the changes will only force rents up and make it harder for them to ever enter the property market. A survey conducted today in the Courier Mail shows 98 percent of business owners saying they will be worse off.

The $2 a week rent rises mentioned by the world's worst treasure have actually been $50 to $100. Government provided workhouses coming soon.