Australia to Tackle Housing Tax as Budget Deficit Set to Narrow

Australia’s center-left government is expected to crack down on tax concession for property investors as part of efforts to ease generational inequality and help rein in a budget deficit.

Treasurer Jim Chalmers will hand down his fiscal blueprint at around 7:30 p.m. in Canberra on Tuesday, with the document publicly released once he begins delivering his speech to parliament. The budget is expected to show the underlying cash deficit easing to A$25 billion ($18 billion) in the 12 months through June 2027, according to the median estimate of economists, from an official estimate six months earlier of around A$34 billion.