More than half of the benefit of the CGT concession went to the top 1% of income earners, the most recent data shows

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This year’s federal budget includes changes to negative gearing and capital gains (CGT) and discretionary trust tax concessions – policies that some blame for fuelling housing speculation and that disproportionately benefit the richest.

The top 1% of lifetime earners alone have received more than $700,000 in tax concessions over their working life from capital gains tax, negative gearing and discretionary trusts, according to figures in the budget.