The RBA\u2019s string of 12 interest rate rises in 13 months will mean an additional $11 billion lost revenue for the Commonwealth budget, PBO figures show.<\/p>\n\n\n\n
Max Chandler-Mather, Greens spokesperson for housing and homelessness said:<\/em><\/p>\n\n\n\n \u201cThis week\u2019s interest rate rise is set to cost the government an extra $550 million in tax handouts for property investors next year alone – on top of the $12.4 billion that negative gearing and capital gains will cost the budget<\/u><\/a> next year.\u201d <\/p>\n\n\n\n \u201cThis is another half a billion dollars the government should be spending on building public and genuinely affordable housing, not handing out massive concessions to property moguls.\u201d<\/p>\n\n\n\n \u201cRather than spending tens of billions every year on hand outs for property investors that turbocharge house prices and go overwhelmingly to the top 10%, the government should be spending billions every year on building public and affordable housing and incentivising states to freeze rent increases.\u201d<\/p>\n\n\n\n \u201cWhen 1% of taxpayers own a quarter of all investment properties, it\u2019s clear that our broken housing system only works for the wealthy. The government needs to explain how they can justify spending an extra half a billion a year on tax breaks for investors when they can\u2019t find a single dollar of guaranteed funding for public housing or to freeze rents.\u201d <\/p>\n\n\n\n Nick McKim, Greens spokesperson for Treasury and Economic Justice said:<\/em><\/p>\n\n\n\n “These figures show that renters just can\u2019t win.\u201d<\/p>\n\n\n\n \u201cIn addition to getting smashed by massive rent rises, their taxes are being used to subsidise their landlords\u2019 profits.\u201d<\/p>\n\n\n\n \u201cCurrent policy settings are ripping apart our country\u2019s social fabric. It\u2019s time we reformed the tax system to transform housing from an investment class into a human right.\u201d<\/p>\n\n\n\n The PBO costings are available here<\/u><\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":" The RBA\u2019s string of 12 interest rate rises in 13 months will mean an additional $11 billion lost revenue for the Commonwealth budget, PBO figures show. Max Chandler-Mather, Greens spokesperson for housing and homelessness said: \u201cThis week\u2019s interest rate rise is set to cost the government an extra $550 million in tax handouts for property … Continue reading “RATE RISES MEAN MORE PUBLIC SUBSIDIES FOR LANDLORDS”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-21384","post","type-post","status-publish","format-standard","hentry","category-aussie"],"_links":{"self":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/21384","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/comments?post=21384"}],"version-history":[{"count":1,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/21384\/revisions"}],"predecessor-version":[{"id":21385,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/21384\/revisions\/21385"}],"wp:attachment":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/media?parent=21384"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/categories?post=21384"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/tags?post=21384"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}