Australian Prime Minister Anthony Albanese delivered a passionate, visibly emotional speech at Victoria's state Labor conference on Saturday, defending his government's proposed tax changes — including limiting negative gearing (a tax arrangement allowing property investors to offset losses against income) to new homes, reducing the capital gains tax discount, and introducing a 30% minimum tax on discretionary family trusts. Albanese framed the reforms as a generational equity issue, arguing that first-home buyers are routinely outbid at property auctions by investors backed by taxpayer-funded breaks, and vowed that Australia would not become a country "where aspiration is only for some." Opposition leader Angus Taylor, addressing a separate Liberal Party gathering the same day, condemned the budget as an "assault on aspiration" and pledged to repeal the changes if elected.