Everybody’s Home is pleased to see reports that the Albanese Government is considering winding back the capital gains tax discount for property investors.
Media reports today suggest the government is considering scaling back the 50 per cent CGT deduction as it prepares for a "significant reform" budget in May.
The national housing campaign has consistently been calling on the government to abolish the CGT discount and negative gearing - property investor tax breaks that cost taxpayers billions of dollars annually and make the housing crisis worse.
“Tax breaks for property investors are making the housing crisis worse and everyday Australians are paying the price. Lining the pockets of investors largely benefits higher income earners and makes housing more expensive for everyone else,” Everybody’s Home spokesperson Maiy Azize said.
“The federal government spends billions more on property investor tax breaks than on providing rentals that people can actually afford. That is the opposite of what we need to do to fix the housing crisis.
“What matters now is whether any changes actually help fix the housing crisis. That means changes big enough to stop fuelling speculation and to free up money to build the public and community homes that Australia desperately needs - not just small tweaks that raise money for the budget.
“These reforms should be about making homes more affordable and taking pressure off people bearing the brunt of the housing crisis. We look forward to working with the government on changes that meet the scale of the crisis Australians are facing.”
Contact details:
Lauren 0422 581 506
Sofie 0403 920 301