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Budget 2026 has dropped – and insiders say it's not bold reform, but a tax grab that could redraw the winners and losers in Australian property. On Property Buzz, hosts Phil Tarrant and Liam Garman are joined by Tom Panos to break down one of the most consequential budgets in years and why it's already dividing investors, agents, and policymakers.

Panos argues that the budget falls short of real tax reform, saying it shuts the door on younger Australians entering the market through changes to negative gearing and capital gains tax.

Reporting from Canberra, Tarrant flags rising political risk, warning broken pre-election promises could define the budget as much as its economic impact.

The discussion outlines winners and losers, with owner-occupiers and service providers potentially gaining while leveraged investors and developers come under pressure.

Garman points to rising construction costs, labour shortages, and migration demand as forces that could further tighten rental markets. The trio closes on a warning: the budget's real impact will be measured in affordability, rents, and investor confidence.