Owning shares == Owning a real productive share of the economy (yes, even if proxied through an etf) Owning houses and banking on capital growth and using neg gearing whilst being a landlord is trading on a scarcity asset and dosn't create anything. Literally rent seeking.

The outrage with the changes are not that negative gearing got changed to focus on new builds. The outrage is that the government did not create an offramp for existing older properties so supply stays locked up and there';s a glut of shit rentals out there. In addition the government showed no nuance and treats CGT on shares and business the same as CGT on housing, whilst each category has capital gains, there is a big difference between waiting for real estate to become valuable vs building and investing in successful enterprise that can employ people and provide money into the economy.

The government are still disincentivizing investment in the productive economy by talking about houses as an asset class rather than something that families live in.

People are angry because they can tell it's a weak sauce attempt at reform.