Who wins and loses in a switch to an inflation-adjusted CGT discount?
by Michelle Bowes · Australian Financial ReviewMichelle BowesDeputy wealth editor
May 2, 2026 – 5.00am
Reverting to the pre-1999 capital gains tax discounting method of adjusting for inflation may harm younger people and help older generations if it is rolled out across all asset classes, tax experts say.
There are always winners and losers from these kinds of changes, but in this case, it is unlikely to improve intergenerational equity – a slogan the government has deployed to justify the tax change, expected to be announced in the May 12 budget.
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Michelle BowesDeputy wealth editorMichelle Bowes is deputy wealth editor at The Australian Financial Review. She has been a business journalist for 25 years and is the author of Money Queens: Rule your Money, an award-winning personal finance book for teenage girls. Email Michelle at michelle.bowes@afr.com
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