As pressure mounts on the federal government to wind back property investor tax breaks, a national housing campaign is calling for the handouts to be scrapped entirely.
In its pre-budget submission, Everybody’s Home has urged the government to abolish negative gearing and the capital gains tax discount to make housing in Australia fairer and more affordable.
It follows revelations that Australian Senators and MPs own an average of two properties each.
Everybody’s Home spokesperson Maiy Azize said the forgone revenue could build half a million social homes within the next decade.
“Housing in Australia has been rigged against average Australians because the government has chosen to prop up the private market,” Ms Azize said.
“Handouts like negative gearing and the CGT discount are pushing up the cost of buying and renting, and they’re making Australia more unfair and more unequal.
“Politicians understand that trade-off. Most have declared at least one investment property. Some have as many as seven. Each property brings in tens of thousands of dollars in tax benefits funded by the taxpayer every year.
“Our federal budget submission shows we’re losing billions to these handouts every year. We’ve also found that scrapping them would fund enough social housing for one in three renters over the coming decades.
“More and more people want the government to dump these tax breaks and build a system that works for everyone.
“Without action, housing in Australia will only become more unfair and more expensive.”
Media contact: Sofie Wainwright 0403 920 301