Anthony Albanese's huge hypocrisy as he scraps the tax benefit that helped build his wealth - as Aussies react to Federal Budget

By KYLIE STEVENS, SENIOR BREAKING NEWS REPORTER, AUSTRALIA Prime Minister Anthony Albanese has come under fire after the biggest shake-up to  capital gains tax discounts in more than two decades. Housing has taken centre stage in the government's landmark Budget, as Labor swings the axe at negative gearing and property tax incentives in a mammoth effort to fix generational inequality and provide cost-of-living relief. Treasurer Jim Chalmers delivered a litany of broken election promises when he tabled his fifth Federal Budget on Tuesday night, announcing negative gearing will be wound back to include only new builds. Capital gains tax discounts have also been reduced. Under the previous rules, investors only had to pay tax on half their profits on sale. Now, the tax will be indexed to inflation and apply to the sale of any asset – including stocks and property.  There are also changes to negative gearing, which allows investors to offset a loss-making property against other income Young Aussies will be locked out of the tax breaks on which the Prime Minister built his property portfolio, including a $4.3million clifftop property on the NSW Central Coast.  Follow Daily Mail's live coverage of the Federal Budget here. Millions of young Aussies have been locked out of tax breaks that previous generations - and the Prime Minister - has enjoyed. The Albanese government has abolished the 50 per cent tax discount on all asset classes, including the stock market and existing property investments in the Federal Budget handed down on Tuesday night. Under the old scheme, individuals and trusts that held assets for more than 12 months were able to claim a 50 per cent tax discount on profits earned from selling. Capital gains taxes have now reverted to the pre-1999 system, where discounts were indexed to inflation. There are also changes to negative gearing, which allows investors to offset a loss-making property against other income. Investors who purchase existing homes after Budget night will only be able to use negative gearing until July 1, 2027. Anthony Albanese has been accused of hypocrisy by scrapping the tax benefits that he used to build his extensive property portfolio. 'The majority of people who negatively gear are under 40,' Shadow Assistant Minister to the Opposition Leader, Simon Kennedy, told Sky News. 'We are taking away opportunities for these people to grow their wealth that I have, that the Prime Minister is probably actively using now. 'We’re taking away lower tax treatment from them. What we’re doing is increasing taxes on (young people). They will now pay the top marginal tax rate when they sell their investment property. They will no longer have negative gearing. 'We’re going to tax this generation even more. Now the hide of somehow dressing this up as solving intergenerational inequity when they will pay more tax tomorrow than they did today… that’s the fact of this budget. 'There are loads of things we can do to lower the tax burden on young people, but what the Labor government is going to do is increase the tax burden on young people, rig the system further against them. 'I’ve benefited from CGT discount. I’ve invested well, no young person will ever have those tax benefits that I had or that the prime minister is probably actively using now.' Pictured is Anthony Albanese's clifftop Copacabana property on the NSW Central Coast. He purchased the property in 2024 and is renting it out to tenants. Daily Mail Political Editor Peter van Onselen breaks down what Anthony Albanese's government is giving YOU in the Federal Budget. No comments have so far been submitted. Why not be the first to send us your thoughts, or debate this issue live on our message boards. By posting your comment you agree to our house rules. Do you want to automatically post your MailOnline comments to your Facebook Timeline? Your comment will be posted to MailOnline as usual. Do you want to automatically post your MailOnline comments to your Facebook Timeline? Your comment will be posted to MailOnline as usual We will automatically post your comment and a link to the news story to your Facebook timeline at the same time it is posted on MailOnline. To do this we will link your MailOnline account with your Facebook account. We’ll ask you to confirm this for your first post to Facebook. You can choose on each post whether you would like it to be posted to Facebook. Your details from Facebook will be used to provide you with tailored content, marketing and ads in line with our Privacy Policy.