Treasurer Jim Chalmers called it one of the most ambitious budgets in decades. On May 28, the Australian government introduced legislation in parliament that would reshape investment taxes for the first time in generations. The bill scraps the long-standing 50 percent capital gains tax discount. It limits negative gearing on established homes. And it does so with one stated goal: give young buyers a fairer shot in a market where homes cost nearly 10 times the average household income. One in five Australian households owns an investment property. Decades of tax incentives helped fuel that. Prices surged. Rents doubled. Supply lagged. Now policymakers say the incentives have locked out first-home buyers. The changes take effect from July 1, 2027. They apply only to gains and purchases after key dates. Existing holdings remain protected. Yet the reaction split sharply along generational lines. Critics warned of higher taxes for landlords. Supporters hoped for more homes built and prices that finally ease.…