The tax package includes a $250 income tax offset, a $1,000 instant deduction, tighter negative gearing rules, and a revised approach to capital gains concessions by taxing real gains with a minimum 30% rate.

The Greens are open to Labor's tax reforms but will fiercely oppose the NDIS overhaul, using an extended inquiry and potential brinkmanship in negotiations to delay or block the NDIS legislation.

A key Greens concession is a ban on future limited recourse borrowing arrangements for residential properties within self-managed super funds, effectively limiting SMSF leverage in property purchases.

To secure Greens' support for the tax package, the government is reportedly considering a longer NDIS inquiry that could give Greens leverage ahead of a July 2 sitting.

The economy sentiment remains negative, with a majority of Australians expressing gloom according to recent polling.

Greens secured amendments to remove exemptions that let SMSFs borrow to buy property, tightening the leash on SMSF investment in housing.

Historically, Australia has enacted only a few major reform packages since World War II, with lasting budget and economic impacts.

The coalition is unhappy with such deals, preferring to extend the NDIS inquiry while scrutinizing the tax bills, and the government may still need bipartisan backing to pass the NDIS reforms later.

Industry stakeholders warn the changes could limit SMSF investment paths and diversification, arguing the policy targets a small market slice with limited impact on housing affordability.

Treasurer Jim Chalmers signaled budget rollbacks to reforms, trimming ministerial discretion over asset-class targeting and redefining new builds in relation to negative gearing.

There is political risk and criticism surrounding the package's execution, including claims of broken promises, haste in drafting, and concerns about unintended consequences.

The reforms aim to rebalance the housing market as a long-term objective beyond a simple tax cut, though critics say they could dampen aspiration and productivity.