Its not completely gone, buts significantly limited: from its initial inception>

Now it can only apply to newly built properties. Meaning you can no longer purchase pre-existing property to negatively gear. Which means as a new home buyer you are limited to either building your own home off the bat (a very heavy investment) or purchasing in those pop up developments / low-cost housing intended to reduce the cost of property over all; if you intend for something to be negatively gear able.

The scheme was changed to funnel investment money away from established and existing suburbs and toward those rapid developments that the government likes to subsidise in order to “reduce the cost of living”.

Basically - its not gone, but it might as well be if your intending to purchase a property that grows in value from having a sizeable land holding; and it also really devalues pre-existing property on the sale side of things - but makes the lot itself much more valuable to anyone who was negatively gearing the property pre-2020; assuming the tax break was desirable to begin with..... I’m honestly really curious if you knock the building down & build a new one on the lot; can it still be negatively geared.

But since nothing has happened in 2020 I suspect the knock on effect of this change wont be discussed until the majority of babie boomers start to keel over and saturate the property market with Larger, higher value properties and make those small estates plummet in value.