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Jim Chalmers just admitted that Labor’s housing reform isn’t really about housing.
He said boosting home ownership was key to countering a surge in right wing populism in Australia. That came after One Nation won the Farrer by-election.
So the broken election promise on capital gains tax and negative gearing (that Albanese explicitly campaigned against changing) is being driven by voters defecting to the right; not housing data or affordability modelling.
The treasurer also conceded the housing market is broken and admitted supply alone wouldn’t fix it.
That’s quite the reversal of the official Labor line that held all the way through the 2025 campaign.