Changes to negative gearing and capital gains tax discounts have been downplayed by a spokeperson for Treasurer Jim Chalmers. The Age and Sydney Morning Herald report that federal officials have started work on options to scale back the tax breaks on housing investment. Also, Reserve Bank governor Michele Bullock says this morning's monthly inflation outcome will be distorted on one-offs including federal and state energy subsidies which will take headline inflation artificially lower.

Reporter: Peter Ryan, Senior Business Correspondent

Featured: Jane Hume, Shadow Finance Minister; Michele Bullock, Reserve Bank governor