Treasurer Jim Chalmers has acknowledged that he sought advice from his department regarding potential changes to negative gearing and capital gains tax concessions. However, he emphasized that any reforms to these contentious tax breaks are not currently on the government's agenda. Chalmers described it as "not unusual" for governments to seek guidance on complex issues, but he reiterated that there are no plans to alter the existing housing tax breaks at this time. Independent senator David Pocock commented that the government has various options to make the tax system fairer through moderate adjustments, while still safeguarding the investments of ordinary families.

Labor leader Anthony Albanese has confirmed that the government has no plans to pursue reforms to negative gearing in the lead-up to the next federal election. This statement comes despite recent Treasury modelling suggesting potential changes and a growing number of Labor MPs expressing interest in re-evaluating the contentious tax write-off associated with housing. In a media appearance, Albanese addressed speculation that the government might be preparing to alter its stance on negative gearing. He emphasized that the party is not inclined to advocate for changes to this policy, even as discussions continue among some members regarding its implications amid the ongoing housing crisis. The Coalition has launched a vigorous campaign to defend negative gearing, further complicating the political landscape. Albanese's remarks signal a cautious approach from Labor, indicating a reluctance to engage in a contentious debate over this issue as they prepare for the upcoming election.