First Read: Australian Insurance & Div Fins Update "Budget 2026 key take..."

研报英文原文证据摘录

First Read: Australian Insurance & Div Fins Update "Budget 2026 key take..."

Global Research

12 May 2026ab

First Read

EquitiesAustralian Insurance & Div Fins Update

Budget 2026 key takeways Australasia

Diversified Financial

Kieren Chidgey

Budget impacts across non-bank financials Analyst

Wealth Platforms are the most likely beneficiaries of the budget from the impacts of kieren.chidgey@ubs.com

changes to CGT and negative gearing, notwithstanding the risk to discretionary trusts. +61-2-9324 2820

We expect the improved relative attractiveness of equities (over property) along with tax- Shreyas Patel, FIAA

advantaged vehicles including Super / Retirement income products could benefit from Analyst

capital flows. With reduced property turnover likely, PXA appears most at risk of a near- shreyas-k.patel@ubs.com

term slowdown in activity. Impacts across Private Health Insurance were pre-flagged +61-2-9324 2821

where we see neutral impacts for MPL, though negative for NHF given NDIS exposure. Fraser Noye

Analyst

CGT reform & Negative gearing - positive for Wealth, negative for PXA fraser.noye@ubs.com

+61-2-9324 3353

Key changes for the Wealth sector include: 1) New CGT framework replacing the 50%

CGT discount for individuals, trusts and partnerships with the reintroduction of Zoey Chen

indexation and 30% minimum CGT rate. 2) Negative gearing on property abolished Associate Analyst

zoey.chen@ubs.com

(incl. grandfathering), though still available to new builds, commercial property and

+61-2-9324 3496

other asset classes (shares). Overall the changes make existing resi property less

attractive and likely drive capital rotation into commercial property and equities.

Alongside this, tax-advantaged products could see improved flows such as i) Super for