Clare O'Neil slammed after labelling critics of the Albanese government's Federal Budget 'finance bros'

By NICHOLAS COMINO, POLITICAL REPORTER, AUSTRALIA Published: 04:54, 21 May 2026 | Updated: 04:54, 21 May 2026 Housing Minister Clare O'Neil has come under fire after calling critics of the government's housing and tax plans 'internet finance bros'. A political storm was sparked after it was announced in the Federal Budget that there will be a crackdown on negative gearing, which will be limited to new builds from July 2027. The government also said it will scrap the 50 per cent capital gains discount in favour of a flat 30 per cent rate indexed to inflation. In a social media video published on Wednesday, O'Neil questioned the motives of online commentators who critiqued the new measures. 'Does anyone else find it weird that a whole bunch of internet finance bros are suddenly concerned about renters?' O'Neil asked. 'I've watched quite a few of these videos, and a lot of it is just straight-up misinformation.' The statement followed a viral series of posts by Frank Greeff, who sold his real estate marketing company RealBase for $180million in 2022. Alongside AI-generated images of the founder beside Anthony Albanese, he falsely claimed the changes could see businesses pay up to 47 per cent in capital gains tax (CGT).  Clare O'Neil (pictured) labelled critics of the Albanese government's budget as 'finance bros' However, the change by the government means only businesses earning in the top tax bracket could pay up to 47 per cent on capital gains on the sale of their business. After the viral posts made headlines, Mr Greeff apologised on Instagram for his approach but insisted he had highlighted the issue.  'I apologise if the approach has left a bad taste in your mouth or a bad impression,' he wrote. 'This is about the next generation and making Australia a great place to build a business and to become a productive country with a culture of aspiration.' But O'Neil used her own social media video to question the motives of those commenting negatively on the government's measures. 'When you see a video from a finance bro defending these tax concessions, it's worth thinking about what they stand to gain,' she said. 'There's a lot of voices in this conversation, but not all of them are advocating for you.' She also used her video to set the record straight on how the changes will impact younger Australians. The Albanese government is on the defensive, following backlash over last week's Budget 'They're not cashing in on capital gains,' she said. 'They're not focused on trusts, and they're certainly not worried about how they're going to negatively gear property number five. 'The young people I know are getting wages from a frontline job. They've got a HECS debt, they've got rent due, and they are sick of the status quo. They know that something needs to change.' The housing minister added that the Federal Budget was designed with these Australians in mind. 'We're levelling the playing field so you can get into your first home,' she said. 'It means every auction you go to, you're going to have a better chance of winning, and this will get 75,000 renting households into home ownership.' But younger generations have pushed back, accusing the government of misreading their financial reality. 'I'm a uni student and I invest in shares, so do many others I know who are also studying,' one commenter said. Chalmers (pictured) faced pushback over his claim that one in ten young people hold shares 'Please let us speak for ourselves on what actually benefits us. 'You are taking away wealth-building methods that you yourself have used when you owned investment properties.' Another Australian said young people use the share market to help build their wealth. 'The young guys at work talk non-stop about the share market. They can't afford housing, so this is where they invest,' they wrote. 'I work in the building industry, not some finance company or bank. So, these poor young people will be punished, and they're being told it's helping them?' The government is standing by its budget despite growing criticism from small businesses and start-ups over its capital gains tax overhaul. In an interview with The Daily Aus, Treasurer Jim Chalmers was challenged on his claim that one in ten Australians under 28 own shares, which he said reflected Treasury data. ASIC data, however, suggests the figure is significantly higher, with nearly one in five young Australians having investments.  'I think sometimes, when you read commentary about the change we made on (Budget) night, it kind of assumes that everybody is in the share market,' Chalmers said.  He added that the changes were intended to push investors into the share market, away from housing.   Ministers say they will consult with the start-up sector over the next fortnight, ahead of Parliament's return in June to pass the Budget. No comments have so far been submitted. Why not be the first to send us your thoughts, or debate this issue live on our message boards. By posting your comment you agree to our house rules. Do you want to automatically post your MailOnline comments to your Facebook Timeline? Your comment will be posted to MailOnline as usual. Do you want to automatically post your MailOnline comments to your Facebook Timeline? 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