The Greens have secured a Senate inquiry into the capital gains tax (CGT) discount, exposing one of the most regressive tax breaks in Australia\u2019s system which is inflating house prices by incentivising speculative investment in property.<\/p>\n\n\n\n
A separate Senate inquiry by the Greens will examine intergenerational housing inequality in Australia, including tax settings, rental and homelessness policies, and public housing investment. It will investigate solutions for tackling intergenerational housing inequality to address the widening gap between current and future generations.
The housing inquiry will commence at the conclusion of the CGT inquiry in mid March. <\/p>\n\n\n\n
Greens Economic Justice Spokesperson Senator Nick McKim:<\/strong> \u201cPBO analysis commissioned by the Greens show that 50% of the benefits of the CGT discount go to the richest 1% of income earners. This unfair tax break is fuelling the housing crisis by turbocharging speculative investment while locking renters and young people out of home ownership.<\/p>\n\n\n\n \u201cThis inquiry will shine a light on how the CGT discount has supercharged inequality, funnelled money away from productive investment, and turned homes into financial assets instead of places of shelter and community. \u201cThe Greens will use this inquiry to make the case for fairness: that someone who goes to work every day to earn a living should not be subsidising tax breaks for property speculators.\u201d <\/p>\n\n\n\n Greens spokesperson for housing and homelessness Senator Barbara Pocock:<\/strong><\/p>\n\n\n\n \u201cWe don\u2019t have a functioning housing system in Australia; we have a generational lottery, where young people are staring down the barrel of lifelong renting, precarious leases, and a housing market rigged against them. Housing should not be an intergenerational tug-of-war.<\/p>\n\n\n\n \u201cIn Australia, we\u2019re seeing declining rates of home ownership among young people, increasing rental security and affordability, and rising rates of homelessness. With house prices forecast to increase by 9 percent next year<\/u><\/a> on top of more than 6% this year, which will only fuel the housing crisis.<\/p>\n\n\n\n \u201cAn inquiry into our housing crisis is a matter of urgency. This inquiry will investigate the causes of Australia\u2019s intergenerational housing inequality, including the $181m tax breaks for wealthy investors – the capital gains tax discount and negative gearing – that are locking out first home buyers and forcing rents to skyrocket.<\/p>\n\n\n\n \u201cAustralia\u2019s housing crisis cannot be solved unless we tackle intergenerational inequality. We need solutions to get young people, first home buyers and renters access to affordable and secure housing.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":" The Greens have secured a Senate inquiry into the capital gains tax (CGT) discount, exposing one of the most regressive tax breaks in Australia\u2019s system which is inflating house prices by incentivising speculative investment in property. A separate Senate inquiry by the Greens will examine intergenerational housing inequality in Australia, including tax settings, rental and … Continue reading “Greens secure Senate inquiries into unfair CGT discount and intergenerational housing inequality”<\/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-35855","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\/35855","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=35855"}],"version-history":[{"count":1,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/35855\/revisions"}],"predecessor-version":[{"id":35856,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/35855\/revisions\/35856"}],"wp:attachment":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/media?parent=35855"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/categories?post=35855"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/tags?post=35855"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\u201cThe CGT discount is the most unfair and unequal tax break in the entire Commonwealth tax code which is supercharging house prices and locking first homebuyers out.<\/p>\n\n\n\n
\u201cThe Albanese Government said reforming the original Stage 3 tax cuts was impossible, until they weren\u2019t.
\u201cThe CGT discount is orders of magnitude more unfair than the original Stage 3 tax cuts, and it\u2019s long past time for it to be reformed.<\/p>\n\n\n\n