Labor is leaning into housing this budget, with big tax reforms to negative gearing and capital gains tax to form the centrepiece.

It's all in a bid to address intergenerational inequity — but as Tom tells PK, grandfathering could "directly undermine" that and feed into accusations the Albanese Government is "pulling the ladder up" on a new generation.

As PK says, the way Labor "frames" the reforms is key both to win over voters and ward of future scare campaigns. 

But while the Albanese Government wants the focus to be housing, Tom is convinced that come end of week we're going to be talking about another element of the budget "whether it's trusts, whether it's capital gains in the share market".

And remember there will be another special episode of Politics Now x ABC Business Daily in your feed after the budget lock-up!

Patricia Karvelas and Tom Crowley break it all down on Politics Now.

Got a burning question?

Send a short voice recording to PK and Fran for Question Time at [email protected]