The Albanese government has firmly ruled out any changes to negative gearing and capital gains tax concessions, despite facing political pressure following the Prime Minister's recent purchase of a $4.3 million waterfront home.

Deputy Prime Minister Richard Marles reiterated the government's stance, stating unequivocally, 'We’re not doing negative gearing,' and emphasizing that this position has been consistently communicated by both him and the Prime Minister.

Despite calls from some Labor MPs to reassess negative gearing tax breaks, the government remains steadfast in its refusal to alter tax treatment policies for housing investments, which were established during the 2019 election.

Approximately 2.2 million Australians own rental properties, with around 950,000 negatively geared, highlighting the significant role of negative gearing in the property market.

Housing experts argue that negative gearing is a major barrier for many Australians aspiring to buy homes, contributing to the ongoing affordability crisis.

Opposition Leader Peter Dutton has suggested there may be a conflict between the Prime Minister and Treasurer regarding potential tax policy changes, particularly in light of the recent scrutiny surrounding Albanese's property deal.

The Greens have intensified their calls for the removal of capital gains tax concessions, arguing that these concessions exacerbate the lack of affordable housing for prospective buyers.

Albanese has reiterated his commitment to addressing housing costs and access issues for both buyers and renters, urging opposition parties to support the government's housing initiatives.

Plibersek emphasized the government's dedication to housing, citing a $32 billion housing policy initiative aimed at increasing rental and ownership options for Australians.

The government has announced funding for the first 14,000 homes from the Housing Australia Future Fund, although this initiative faced delays due to opposition.

Senior ministers have quickly dismissed rumors of changes to negative gearing tax breaks, asserting that the government's position remains unchanged despite internal discussions within Labor.

Negative gearing is projected to provide $26.8 billion in tax concessions to property owners this financial year, with the wealthiest 10% of income earners benefiting disproportionately from these concessions.