Federal budget measures to overhaul parts of Australia’s property tax system include changes to negative gearing, but multiple outlets report that more than 1 million landlords are expected to avoid those changes. The reporting focuses on how the government’s approach uses grandfathering and exemptions (“carve-outs”) that limit the impact of the reforms for certain property investors. The outlets describe property-tax reform as a key element of the budget put forward by Treasurer Jim Chalmers. However, they note that the final effect on landlords depends on eligibility and timing, with some investors able to keep existing arrangements. While the measures target negative gearing in the reforms, the articles emphasise that not all landlords are affected equally because of the structure of the policy, including provisions that continue existing tax treatment for qualifying holdings. The reporting therefore presents a scenario in which a large number of landlords remain outside the scope of the proposed negative gearing changes, reducing the immediate reach of the reform compared with a model that applied uniformly to all investors.