In a recent publication, former Liberal MP Keith Wolahan has put forth a proposal to reform negative gearing by capping it to one established property and five new builds. He asserts that this approach would significantly enhance housing supply and provide crucial support to first home buyers, a demographic he believes the party needs to focus on to regain its electoral footing. Wolahan's argument comes amidst a shifting political landscape, where the Liberal party has seen a greater loss to Labor than to rising teal independents in multicultural and suburban areas.

Wolahan elaborates on the changing voter demographics, revealing that while the Coalition held 44 metropolitan seats in 2013, they have lost 28 seats to Labor, indicating a loss of appeal among traditional Liberal constituencies. He underscores the disconnect between the party's messaging, which has historically resonated with archetypal families like "Phil and Jenny," and today's electorate that includes younger, more diverse voters such as a university-educated woman renting in suburban Melbourne. This demographic, seeking homeownership and a family-oriented future, represents a critical target for the Liberal party's revitalization efforts.

In his essay titled "Liberal Foundations", Wolahan emphasizes that to regain ground and effectively compete in upcoming elections, the Liberal party must adapt its policies and appeal to the aspirations of modern voters. By prioritizing issues such as housing affordability and addressing the needs of first home buyers, he argues that the party can reconnect with a significant portion of the electorate and redefine its position in an evolving political landscape.