Less than 40 per cent of capital gains earned by individuals come from property, undermining the Albanese government’s claim that cutting the tax break for all assets will help young home buyers, as investors urge Labor to restrict the changes to unproductive house flipping.

A bit over 60 per cent of capital gains for individuals come from ASX-listed shares, managed funds, trusts and other assets such as collectables, according to an analysis of Australian Taxation Office Statistics.

Investors are asking why shares, businesses and other non-property assets are caught up in the capital gains tax overhaul.

Activist investor John Wylie urged the Albanese government to narrow the changes to residential housing, or risk chilling business investment in innovation and jobs.…