Patricia Karvelas

It's a huge thing that happened.

Basically, we've had decades now where baby boomers have been in the box political seat in terms of tax arrangements and their voting power.

What's shifted is that young people have taken over the electoral role.

And I think this is the prism in which these decisions have been made.

They are increasingly angry that they've been locked out, obviously, of the property market, but generally of being able to get ahead.

And the government has finally read the room that they need to shake things up.

So this is a budget which is, I think, a long time coming for Labor.

I mean, they first suggested some of these things 10 years ago.

2016 was when Bill Shorten first took the issue around negative gearing to an election.

Well, he was on a victory tour this morning, wasn't he?

Sort of saying, hey, a Labor government's finally done what he clearly wanted to do.

Now, what people don't realise is that in 2016, Labor went forward when it came to seats.

So the idea that negative gearing was toxic to the electorate is actually not true.

2019 had a lot of other ideas and a lot of other issues.

So I actually don't know if changing negative gearing is going to be as unpopular as some people, including the Liberal

They have totally hedged.

But the hedging isn't just so the voters don't get angry who already can negatively gear, although that's part of it.

Of course it is.

It's also, I think, about not shocking the system, right?

If you just change everyone's arrangements, the consequences on the housing market, I mean, you know about money.