SYDNEY, May 18 – Australia’s center-left administration is confronting significant public opposition following the implementation of sweeping investment tax reforms in their recent budget, marking a departure from campaign commitments, two major polling surveys reveal.
The administration announced last week plans to restrict capital gains tax benefits and negative gearing policies on investment properties as part of efforts to tackle generational inequality in wealth distribution.
Critics have argued these policies have historically favored older, more affluent property investors in the housing market.
A Newspoll survey taken following the budget announcement showed 47% of respondents viewed the measures as harmful to economic growth.
Additionally, 60% of those polled described the housing policy changes as either a “step in the wrong direction” or said they would “make no difference.”
The budget received a negative 25-point net approval score, marking it as the least popular in recent decades according to the poll of 1,252 respondents.
Despite the budget’s poor reception, the Labor government’s primary support level held steady at 31%. Prime Minister Anthony Albanese maintained his position as voters’ preferred leader, though his approval rating remained at negative 17%.
Opposition leader Angus Taylor saw his approval rating climb one point to negative 12%, while support for the conservative-coalition opposition fell one point to 20%. The far-right One Nation party gained 3 points, reaching 27% support.
A second Resolve poll surveying 1,800 voters showed the budget had a negative impact on Labor’s primary support, which dropped 3 points to 29%.
One Nation benefited from this shift, gaining 2 points to reach 24%, while the coalition remained at 23%.
In the Resolve survey, Taylor emerged as voters’ preferred prime minister choice, leading Anthony Albanese 33% to 30%.
The budget proved particularly unpopular among older demographics, property investors, and homeowners, with roughly 40% in each group stating that Labor’s broken campaign pledges negatively affected their opinion of the party.
Younger Australian citizens and renters showed less opposition to the proposed changes, according to polling data.
Property investment tax reform represents a politically challenging issue in Australia. Labor had promised during their 2025 election campaign not to alter housing-related taxes before winning a decisive second term.
