National housing campaign Everybody’s Home said pressure is mounting on the federal government to reform unfair investor tax breaks, as the union movement adds to growing national support.
The Australian Council of Trade Unions (ACTU) has today called for the winding back of negative gearing and the capital gains tax discount as the government prepares to hold its economic reform roundtable this month.
The union’s call adds to mounting pressure from politicians, economists, think tanks, housing advocates and other organisations and experts demanding housing tax reform.
Everybody’s Home spokesperson Maiy Azize said ending property investor tax concessions is good for housing affordability, wealth equality and productivity.
“The union movement is showing real leadership by calling for property tax breaks to be wound back. Workers across Australia are being priced out by investor breaks, so the union’s push for reform makes perfect sense,” Ms Azize said.
“These tax breaks most benefit those who don’t need it, while the majority of hardworking Australians pay the price. Billions of taxpayer dollars are lost every year to these tax breaks that are making housing more expensive for everyone - and making inequality worse
“Everyday workers are being pushed to the brink because of Australia’s housing crisis, forced to live further away from their jobs and forgoing the basics just to afford a roof over their heads. Regional employers are also struggling to attract workers because there are not enough affordable homes.
“A productive workforce needs safe, stable, affordable housing. You can’t improve productivity without addressing the housing crisis. Ending these tax breaks is a crucial part of the solution. Ending unfair investor tax breaks will take heat out of the housing market and improve the budget bottom line meaning more funds can be spent on productive investments, like building more social housing.
“Poll after poll shows more Australians are open to winding back investor tax breaks because they know it’s unfair and unproductive. We’re seeing more politicians, economists, think tanks, unions and other organisations calling for reform.
“This month’s economic reform roundtable offers the federal government a critical opportunity to take decisive action on housing and end unfair investor tax breaks for good - it can not afford to let this chance slip away.”
Contact details:
Sofie Wainwright 0403 920 301
