Capital gains tax discount to cost Australia $250bn over next decade with retirees and high-income earners to benefit most

Parliamentary Budget Office figures show top 1% of taxpayers will receive nearly 60% of the benefit this financial year Follow our Australia news live blog for latest updates Get our breaking news email, free app or daily news podcast Australia’s capital gains tax discount will cost nearly $250bn over the next decade, more than twice as much as the concession has cost in its entire 25-year history. As the federal government considers scaling back the 50% discount to help first home buyers, new figures from the Parliamentary Budget Office show the discount has cost the budget $205bn in lost revenue since its introduction in 1999.