Chalmers defends property tax overhaul

Australian Treasurer Jim Chalmers has defended a federal budget centered on sweeping tax reforms for property investors and first-time homebuyers.

The plan includes the abolition of negative gearing and changes to capital gains tax aimed at improving housing affordability.

Chalmers argued that the current system is "unacceptable" and unfairly benefits wealthy investors at the expense of younger generations.

The Coalition has vowed to fight the changes, claiming they will lead to higher rents and a reduction in housing supply.