Australia shares slide as CBA sinks 10% after earnings miss and housing tax shakeup

A tax tweak targets investors, but banks paid first

Australia stocks fell as Commonwealth Bank plunged about 10% following an earnings miss, dragging the broader market. The move comes alongside major housing tax changes in the federal budget: negative gearing is proposed to be restricted to newly built homes, while a 50% capital gains tax discount would be replaced with inflation indexation to steer demand toward new properties.