Australian Prime Minister Anthony Albanese readies federal budget to favour gen Z and millennial voters

In an interview with the ABC to mark one year since Labor's landslide victory, Mr Albanese said he would "absolutely" lead Labor to a third election in 2028.

Conscious that gen Z and millennials now outnumber Baby Boomers at the ballot box, the government is widely tipped to use its upcoming budget to wind back negative gearing and the 50 per cent capital gains tax discount, which have both encouraged investors into the market.

There is growing speculation Labor will also increase the tax paid on distributions from family trusts, as part of a package of measures to be finalised by cabinet in the coming days.

Mr Albanese did not rule out "grandfathering" existing investment properties from the changes, when asked.

"I want Australia to be a land of opportunity for the future and the truth is, young people feel like they're not getting a fair crack at the moment," Mr Albanese told the ABC.

"So any changes we put in the budget, or indeed while we're in government, will be very much focused on those principles."

Before the last election, Mr Albanese ruled out changes to negative gearing, used by about 1.1 million landlords, telling reporters the policy was "off the table".

Since then, the government has sought to reframe the debate by talking up the need to address the intergenerational inequality and help younger Australians get into the property market.

When asked if making changes to negative gearing was worth the risk of breaking another election promise, Mr Albanese said "voters will make their decisions".

"My job and the job of the government is to put in place measures that are in the interests of the Australian public, not just to make the easy decisions but to make the hard decisions that are in the national interest," he said.

Nationals leader Matt Canavan said he was "dead against" any tax increases but indicated he would consider any proposals put forward by the government on May 12.

"All we have seen from budget leaks is that the government wants to tax Australians more. And we're dead set against that," Senator Canavan told Insiders.

"When you put to me specific options, look, I'll consider them. But what I want to see is tax rates go down."

In an interview with the ABC, Mr Albanese said he would "absolutely" lead Labor to the next election, by which time he would have surpassed Paul Keating's record as prime minister.  

"I'm certainly motivated; I'm captain of a very strong team," he said.

[Source: ABC News]