NAB Shares Slide as Budget Tax Shock Turns Housing Policy Into Bank Risk
NAB shares tumbled again, but this time it wasn’t a single negative headline to blame. Instead, investors wrestled with a larger concern: shifting housing tax rules, already elevated rates, and mounting credit stress. All three are now forcing a rethink for Australia’s mortgage-focused banks. Treasurer Jim Chalmers’ budget draws a sharp line: from next year, negative gearing on residential property will apply only to new builds. The longstanding 50% capital gains tax discount gets the axe, replaced with indexation tied to inflation. Negative gearing lets investors offset property losses against other income; capital gains tax kicks in on profits from asset sales. Both levers have underpinned housing investor appetite for years.
