Despite what you hear, this has minimal impact on those saving for a home.
I'm tired of constantly being told these changes hurt young people the most, and only push housing further out of reach. I ran the numbers assuming consistent savings of 2000 per month. Monthly savings are increased in line with CPI, assuming wage increases in line with inflation.
I also set a savings target of 120,000 for a deposit, increasing by 10% per year to account for rising house prices. Savings are assumed to all be invested in shares, which increase in value by 10% per year.
This graph shows the net savings using the current CGT discount, and also with the proposed changes to CGT. I also added in the deposit target so you can see how much longer it will take to reach that deposit goal for a home buyer. This will barely impact young Australians trying to save up for their first home, with a 6-7 year savings strategy being extended by less than 3 months.
If inflation is higher, or growth of the share portfolio lower, the proposed changes make even less impact. This isn't the blow to young people some claim it is.
EDIT: I assumed CPI at 2.5%. Second graph is just the first one but zoomed in on the one year period where both methods meet the target. CGT at 30%, typical tax bracket for young Aussies striving for a first home.