Mi-3 | Federal Budget Reforms Arrive, But Sugar Hits Deferred and Inflation Still to Be Curbed

Oliver Hume Property Group Chief Economist Matt Bell is featured in Mi-3's post-budget analysis, contributing to a wide-ranging industry assessment of what the Federal Budget means for consumer confidence, advertising spend, and the property market.

Bell was quoted in response to the Westpac-Melbourne Institute Consumer Sentiment Index, which recorded a significant decline across most components in April ahead of the budget announcement. He identified the Middle East crisis as the key variable shaping the economic outlook, noting that any recovery trajectory depended on how quickly a resolution emerged — a factor outside domestic policy control.

The Mi-3 piece draws on commentary from economists, agency leaders, retailers, and data providers to assess whether the budget's cost-of-living measures would meaningfully shift consumer behaviour. The consensus view was cautious: while spending data through March remained more resilient than sentiment indexes suggested, most of the budget's consumer-facing relief had been deferred to manage inflation, leaving little expectation of an immediate uplift.

For the property sector specifically, the article identified a clear short-term opportunity created by the negative gearing transitional window — with properties purchased before 30 June 2027 retaining full negative gearing benefits — flagging this as one of the most predictable demand signals in the market over the next 18 months.

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