Side effects of the budget
Investors may crowd out first home buyers in new build suburbs. New builds have typically been targeted at the lower end of the market, so this will push home buyers towards established properties.
Over the next 20 years the number of rentals houses within 15kms of cbds will decrease as grandfathered IP sellers are not replaced. If you move city for work with your family and want to rent before buying, you'll be forced to live 30kms out in the suburbs to live in a house or in an apartment near the city.
If you get a new job in another city, currently you might choose to rent your house out and rent in the new city to see if it suits your and your family before committing. That won't be available moving forward. You won't be able to rent out your old ppor and claim any rental losses to improve cash flow. You may not be able to afford that. Meaning some people will be forced to sell their ppor in order to move to a new city for work.
Overall the big loser i see is labor mobility. People will be more encouraged than ever to stay put or move within their city.