Superannuation becomes the outlier with an effective CGT rate of 10 per cent in accumulation phase, and no tax on gains realised in pension phase.

2. Some assets become less attractive

• New investment properties

The budget changes are designed to make owner-occupied housing more affordable for first home buyers and a higher CGT rate combined with the removal of negative gearing for all but existing investors and new builds changes the economics of property investing.

Under the proposed measures, the cost base of assets will be adjusted upwards in line with inflation, and any “real” gains will be subject to tax at a minimum rate of 30 per cent from July 1, 2027.

“With negative gearing now restricted and capital gains tax less generous,…