Young Aussies have dismissed the Labor Budget aimed at helping them, while baby boomers told Daily Mail they are incensed by the tax changes set to hit their savings.

Treasurer Jim Chalmers said he was delivering a radical landmark Budget to address intergenerational wealth and give the young more chance in the housing market. 

But Sydney family man Bob, 75, slammed the government's changes to capital gains tax and negative gearing.

'I don't understand this emphasis on the intergenerational transfer of wealth,' he told the Daily Mail.

'Families work hard. My parents worked hard, my wife and I worked hard and we accumulated some money - why shouldn't we be able to transfer that to our children?

'What the government wants to do is take that money from me and spread it out.'

The Bondi local questioned whether it will spread wealth, but was certain it will impact those wanting to invest in properties, while forcing rent to go up.

'I don't know how it will benefit renters,' he said. 

'For me, as an investor, to buy into a property and not get the benefits of negative gearing and capital gains, it's not something I'm going to be interested in.'

The boomer also slammed the new $250 tax offset that 13million working Aussies will be given.

'It's just a coffee a week - but if you want a croissant? 'Sorry!',' he said.

His concerns were matched by millennials and Gen Z Aussies who told the Daily Mail they are terrified about the future - and the Budget did nothing to calm them.

The tax changes are projected to raise $77billion over a decade, but Eastern Suburbs local Sabrina Minford, 27, wasn't impressed.

She told Daily Mail her extra $250 tax break a year, or $4.81 a week, would not help her situation.

'It's not going to make any difference at all. That $5 doesn't even pay for a coffee,' she said.

'It's really scary and spooky. I'm already paying $500 a week in rent and that's not including my bills. It's a scary thought.'

Despite changes to negative gearing, which are predicted by some analysts to lower demand for housing, Ms Minford said owning a home hasn't even entered her mind.

'No, that's something far in the future,' she said.

Elsa Charlwood is paying $465 a week in rent, which is nearly half her weekly wage ($1,000).

The Labor government's negative gearing changes are widely predicted to cause rents to rise and Ms Charlwood said it felt impossible to buy a home.

'I'm really worried (about rent increases),' she said. 'I think it will go up in January and that's the hardest bit, when my lease ends. They do it on purpose.

'In January it's impossible to get a place around here so you're stuck and can't go anywhere else. I think it's going to go up to $500. That will be near-impossible to make it work.

'I don't know how it's going to be possible for young kids to save and get a place and build a future for themselves here.'

Couple Zane Marolt, 26, and Alex Marks, 23, described being renters as a 'tough situation'.

Mr Marolt says the baby boomers have no idea just how lucky they were in the 1960s and 1970s when they were buying their first homes.

'Comparative to the wages, it's a lot harder now - and it's not going to get any easier,' Mr Marolt said.

Ms Marks said the tax breaks in the Budget wouldn't 'lessen the blow' to the cost of living crisis.

'We both always have discussions about it (home ownership) and the market here is just becoming more and more saturated,' she said.

'People having multiple properties doesn't give us a chance to get our foot in the door.'

Australia is experiencing its largest-ever intergenerational wealth transfer, with an estimated $3.5trillion to $5.4trillion expected to pass from baby boomers to younger generations over the next two decades.

The 2026-27 Federal Budget will introduce significant changes to negative gearing, restricting tax deductions for rental losses on established properties.

From July 1, 2027, investors buying established homes cannot offset losses against their salary, while new builds remain exempt.

The 50 per cent capital gains tax discount will be removed for assets acquired after May 12, 2026, reverting to an inflation-based indexation model from July 1, 2027.

A minimum 30 per cent tax rate on capital gains tax will be in place from July 2027.

Pam and Ron McCarthy were in town from Brisbane, visiting Bondi Beach when they spoke to the Daily Mail and Pam was not impressed with Chalmers.

'It doesn't affect all of us oldies who have got houses, but I don't think it inspires the young ones to try and get ahead,' she said.

'They won't invest if they can't use it as a tax deduction.'

Investors who buy established homes from Budget night on will no longer be able to offset their losses against their taxable income.

Newly built homes will remain eligible for negative gearing, but Ron said that wouldn't be taken advantage of.

'We used to have investment homes, and you'd buy them at a cheap price - you didn't buy them brand new because you'd pay too much for it,' he said.

'You'd get in low and keep it and it helps you with your superannuation. Rents will rise because there will be no houses to rent.'

Kim Richardson, 64, however, was satisfied with Chalmers' Budget and rated it a 7/10, despite being an investor.

'I think the negative gearing changes and capital gains changes were overdue, so I'm happy with that and it will wash through the system,' she said.

'I think we've had it a bit too good for a bit too long. I was reasonably happy with the Budget.'

Ms Richardson wasn't complaining either about private health rebates being cut for over 65s.

'We have private health insurance, and I don't think we need to be a strain on the public purse so I'm happy with that,' she said.

The NDIS will also have $15billion slashed from its budget in the next four years, with 160,000 people expected to be removed from the scheme as well.

Ms Richardson said it certainly needed a review, as did fellow baby boomer Hazel Moise.

'That's just been a minefield and a licence to print money for the people that are doing the wrong thing but the people who really need it are going to be the ones who suffer,' she told Daily Mail.

Ms Moise laughed when asked about the $250 a year tax break and called for a restriction on people from overseas buying up property.

'If you don't live here, you shouldn't be allowed to buy here,' she said.

'My son has already got his foot in the door with an investment, but my daughter has got no chance.

'I don't know how changing negative gearing is going to get the rents down, if you've got no-one investing, the rents will be harder to find and they'll go up.'

Joe Butler, 71, called for more taxation of the wealthiest people but said Chalmers was on the right path.

'It's [the $250 tax relief] only a step in the right direction,' he said.

'I think they're doing the right thing. It was braver than the last [Budget].'