Federal budget tax changes targeting negative gearing are projected by property industry modelling to reduce new housing supply by nearly 9,000 homes over four years, increase rents by up to $9 per week, and eliminate more than 3,800 construction jobs. Health Minister Mark Butler defends Treasury's modelling showing only a $2 per week rent increase, arguing existing negatively geared properties are grandfathered and unaffected. Deputy Liberal Leader Jane Hume criticises the tax changes as having no electoral mandate and pledges to repeal them, proposing alternative measures including reducing construction red tape and linking migration to housing supply.

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