“This is probably the single best thing in the budget,” said Greg Jericho, Chief Economist at The Australia Institute.

“It will have a lasting positive effect for so many people.”

The government will scrap negative gearing for new investors buying existing properties from July 2027. It will continue to be available to those buying new homes.

It will also scrap the 50% capital gains tax discount, introduced by the Howard government a generation ago.

CGT will be applied to the full profit on the sale of an investment property – above inflation, with a 30% minimum rate.

From July 2028, a minimum 30% tax rate will also be applied to discretionary trusts.

“This is a great reform. Discretionary trusts have been increasingly used as a way for the rich to hide assets and avoid paying their fair share of tax.”

These changes will help to fund a $250 tax offset for workers, from July 2028.

The Working Australians Tax Offset will only be applied to wages and the business incomes of sole traders, not income from assets like investment properties.

If first home buyers are the big winners from the budget, the big losers are National Disability Insurance Scheme participants.

The government will slash more than $36 billion from the scheme, cutting out around 160,000 participants.

It will continue to raise more revenue from beer drinkers than from the Petroleum Resource Rent Tax, the tax which was designed to make multinational companies pay for the Australian resources they extract and sell.

Despite widespread calls for a 25% gas export tax, which polling shows is supported by voters across the political spectrum, the government has continued to allow the gas industry’s free ride.

“This would have raised more than $17 billion a year and made the savage cuts to disability support unnecessary,” said Matt Grudnoff, Senior Economist at The Australia Institute.

Meanwhile, PRRT revenue will fall from $1.9 billion next year to $1.3 billion by the end of the decade.

“The gas industry keeps telling us to wait, insisting PRRT revenue will go up. But the budget papers show it falling by a third by 2029-30.”

“Big gas continues to take the piss, and this government continues to do nothing about it.”

Similarly, taxpayers will continue to subsidise much of the fuel used by rich mining companies, with the budget papers showing the fuel tax credit scheme to cost the nation $12.8 billion by the end of the decade.

“At a time when we need to be weening ourselves off fossil fuels, the budget is assuming that our consumption is going to increase.”