2026 Australian federal budget · context
Australian median dwelling prices: 40 years of policy impact
National median, 1985 to 2026. Key policy decisions and their measurable market effects highlighted.
1
1985: Negative gearing quarantined by Hawke government
2
1987: Negative gearing restored. Sydney rents rose 31.9% during quarantine period.
3
1999: Howard government introduces 50% CGT discount for assets held over 12 months
4
2000: GST introduced (July). Short-term demand pull-forward before introduction.
5
2008: Global Financial Crisis. RBA cuts rates aggressively. First Home Owner Boost introduced.
6
2015: APRA caps investor lending growth at 10% per year. Effects lag 18 to 24 months.
7
2019: Labor loses election. Negative gearing and CGT discount kept. Market rebounds quickly.
8
2020: COVID. RBA cuts cash rate to 0.1%. Stimulus packages drive 36% price surge nationally.
9
2022: RBA begins hiking from 0.1% to 4.35% across 13 meetings. Prices fall ~4.8% nationally.
10
2026: Federal budget. Negative gearing restricted to new builds. CGT discount cut from 50% to 25%.