My limited-research understanding is that there shouldn't be a difference between capital gains from housing versus shares, otherwise it's 'picking winners' or encouraging investment in specific directions. Having said that, the 'winner' they've picked is new house builds, which retain some tax benefits. I'm OK with that, without having skin in that game now or likely into the future.

In regards to other comments further down regarding Australia's tax rates being high, internationally Australia is on the lower end.

I believe the (seemingly very loud) naysayers about these tax changes are those who receive much more of their income via 'capital' than via 'effort', and so my sympathies are minimal to non-existent. Sure, I have capital investments that will yield lower returns, but I believe the changes make "the way it works" overall more fair to those who don't have the means to earn means passively.

Cashed up bogans may funnel more of their money into new house builds, which is productive...?

Semi-unrelated addition: To some extent I think that 'owning ones own house' is a motivator to work harder, so as home ownership has grown increasingly out of reach, so has some amount of motivation to actually work dried up. There's an inherent 'participation in society' to owning a home that has an intangible but high value. Whether this has anything to do with Australia's decreasing productivity, I don't know.