Patricia Karvelas

And there's a lot of people on the backbench very excited that they've got something to actually campaign on.

I think that we are going to see a fierce scare campaign about these changes.

I think the scare campaign will act in subterranean ways on the internet through people's different algorithms.

It will damage the government, I predict.

I reckon, though, that ultimately, if Labor can really go out and sell this well, and there's a big if there because they haven't always done a good job of selling their policies, that they might be on the side of young voters and that might really help them electorally.

But first, they have to win the scare campaign.

The government has delivered its boldest, most reforming and potentially riskiest budget yet, ending negative gearing on housing and confining it to new builds from July 2027.

They are replacing the capital gains tax discount with a discount based on inflation and a minimum 30% tax on gains from the 1st of July 2027.

Guys, this isn't small stuff.

They say it will help

75,000 Australians get into their first home over the next decade and trusts are under the gun.

A minimum tax of 30% on discretionary trusts will also begin from July 2028.

In exchange, workers are going to get a permanent $250 tax offset.

Welcome to a special Budget Night edition of Politics Now.

Hello, I'm Patricia Carvellis.

And we are together in a tiny, and I mean tiny, we had to check if we were both sick.

We claim we have no germs.

We claim.

I mean, we haven't really checked it.

But I haven't sneezed for at least an hour.