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ALP Abandons Tax Reform
and First Home Owners

The ALP has ditched its commitment to reforming Negative Gearing and Capital Gains Tax, along with its opposition to stage 3 tax cuts and, in doing, so has abandoned would-be homeowners and low-income households wanting to buy homes.

“The pursuit of homeownership has been pushed out of reach by successive governments having over-generous capital gains discounts, allowing negatively geared investment losses to be claimed against any income and misguided first homeowner grants and home builder.” according to National Shelter’s Adrian Pisarski.

“These policies have seen homeownership drop overall and plummet among 25-45-year-olds, as politicians lie about building homeownership, while undermining it in reality.” Mr Pisarski said.

“In abandoning these  policies which were welcomed and popular, the ALP has now re-joined the list of enemies of increasing homeownership in favour of benefitting wealthy landlords.”

The evidence from many and various reports shows that negative gearing and CGT discounts, overwhelmingly favour high-income households while contributing to house price inflation by pumping up demand without adding to supply.

The ALP has announced a future fund investment policy to build social and affordable housing but this is modest support relative to the damage done by maintaining current tax settings, according to National Shelter.

“At the least, the ALP could have also announced some positive measure to help like a review of taxes affecting housing, but it looks like they have caved into industry mythology and political myopia.” Mr Pisarski added.

“It took 15 years of campaigning by many to get the ALP to find a spine on CGT and Negative Gearing and commit to helping reduce house price inflation, this is a sad day for housing reform.” Mr Pisarski concluded.

Ends

Further contact:
Adrian Pisarski
0417975270
adrian.pisarski@shelter.org.au

Copyright © 2021 National Shelter, All rights reserved.


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