CBA released its investor presentation last week, which included the below chart showing home loan applications by household income band:

Source: CBA Investor Presentation
As shown above, households with incomes above $200,000 have leveraged-up massively into investment property.
This cohort accounted for around 60% of all investor home loans taken out in the 6 months to December 2023, according to CBA.
Separate data published last week in The SMH showed that investors are especially active in NSW, where they comprise over 40% of all housing finance commitments:

No doubt investors are being encouraged by the nationwide shortage of rental housing, which is driving up rents, as well as the prospect of interest rate cuts later in the year.
The large increase in personal income taxes is also likely encouraging higher-income households to seek negative gearing benefits to lower their tax bills:

Given that the share of income lost to personal income taxes is projected to continue rising despite the Stage 3 tax cuts, it is fair to assume that investor demand from higher income earners will remain strong.

So too will the losses of revenue for the federal budget;

Source: Australian Treasury
Australia desperately needs genuine tax reform that broadens the base away from productive effort (taxing work) and towards more efficient sources such as resources, land, wealth, and consumption.