Negative Gearing ELI5?

I'm trying to wrap my head around this, and with all the Interest Rate hikes coming.

Negative Gearing.

Say I live in my house, currently mortgaged 500k owing, property worth 800k.

I move out, rent my house out, and start renting myself.

For argument's sake, the rent I receive pays for my rent.

I obviously still have mortgage repayments which are fine.

My partner and I have a combined income of 150k. (90k + 60k)

Am I going to be better off financially? I'm assuming not.

I've got an appointment with a Tax Accountant in the next couple of weeks, but am looking for some input and perhaps an easy-to-understand link to Negative Gearing scenarios.

Thanks for reading!