world-economy

Australia Defends Capital Gains Tax Overhaul as Fair and Competitive

Australia's Treasurer Jim Chalmers is defending proposed changes to capital gains and housing taxation. He asserts the measures strike a balance between fairness and economic competitiveness. The government argues that revised tax rates on investment profits will remain lower than comparable overseas markets while addressing inequities in the property sector. The tax overhaul forms the centerpiece of a federal budget aimed at tackling housing affordability and generational inequality. Chalmers contends the changes target a broken housing market by cracking down on tax concessions for property investors. The proposals aim to narrow the budget deficit while easing affordability pressures. Public response has been mixed, with polling suggesting many Australians expect the budget measures will leave households worse off despite the government's stated fairness objectives.