Most Australian voters want the government to reduce tax breaks for property investors and put more money into social housing, according to new polling.
It comes as new analysis from Everybody’s Home also found that these tax breaks have fuelled a landlord boom with more than one million now reaping the benefits, yet housing affordability has never been worse.
The polling conducted for The Australia Institute and Everybody’s Home in March found of the 1,502 Australians surveyed:
- One in two (50%) support reducing tax concessions for property investors (negative gearing and the CGT discount)
- Just over a quarter (28%) are opposed
- Support to reduce property tax breaks outweighed opposition across the political spectrum (Labor, Coalition, One Nation, Greens, Independents, other)
- Half (50%) ranked building more social housing as the best way for the federal government to spend its estimated $20 billion annual housing budget
- More public and community housing was the leading choice across all voting preferences, with support ranging between 41% to 62%
- By contrast, only 15% favoured providing tax breaks to encourage property investors to supply rentals.
Meanwhile, the Everybody’s Home ‘From Profit to Loss’ paper reveals that since the early 1990s, the number of property investors benefiting from negative gearing has more than doubled, reaching 1.1 million.
Everybody’s Home spokesperson Maiy Azize said this federal budget is the government’s chance to deliver the housing solutions that Australians are crying out for.
“This housing crisis has been hurting Australians for years. Rents, property prices, interest rates and investor tax breaks keep soaring while affordable homes get harder to find,” Ms Azize said.
“These tax breaks have fuelled a landlord boom with more than one million now reaping the benefits, yet housing affordability has never been worse.
"Australians overwhelmingly want the federal government to wind back investor tax concessions because they know they're unfair and deepening the housing crisis.
“Voters know that the billions of dollars that line the pockets of investors every year would be better off spent on solutions that ease the housing crisis.
“Of all the ways the federal government could spend its billions on housing every year, Australians want to see more public and community housing built. These are low-cost rentals that people can actually afford.
“Winding back investor tax breaks and spending more on social housing isn't a partisan issue. Voters across the political spectrum, from Labor and the Greens to the Coalition and One Nation, are saying the same thing: the housing system is failing and the government needs to fix it.
“This budget is the best shot the federal government has had to make the bold changes we need to end this housing crisis. The government has the support and the evidence to act. There is no excuse for half-measures."
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