Social housing has emerged as a top priority for capital gains tax reform, with half of all organisation submissions to a Senate inquiry backing or raising the idea of redirecting the billions in savings toward building affordable rentals.
Ahead of hearings kicking off today, Everybody’s Home has analysed the submissions and found that more than seven in 10 organisations want the investor tax break to be abolished or reformed.
The hearings will be held in Melbourne today, followed by Canberra and Sydney later this week.
Everybody’s Home spokesperson Maiy Azize said: “These responses show strong support for winding back tax breaks that reward property investors while renters fall further behind.
“The capital gains tax discount is unfair, and it's making the housing crisis worse. It lines the pockets of investors and pushes up the cost of homes, benefiting people on the highest incomes. It is locking everyday people out of homes they can afford.
“Experts, community organisations and frontline services across the country see the impact of these tax breaks every day. When more than seven in ten groups tell the Senate this tax break should go or be wound back, the message couldn’t be clearer.
“People want tax reform that actually makes homes more affordable. Many of the organisations backing change want the savings to be used to build more public and community homes - rentals that people can actually afford.
“Any changes shouldn’t be about tinkering or raising extra money for the budget. This is a chance to fix a policy that is making homes more expensive. The goal must be to change the way investors behave and make homes more affordable.
“If the Albanese government is serious about fixing the housing crisis, it would end the CGT discount and invest the savings in building homes people on ordinary incomes can afford.
“This inquiry and the upcoming budget are a real opportunity to reset housing tax policy so it works for people who need a home – not just those who already own one. Australians are ready for change.”
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