New quarterly data today shows 'a landlord's market' where rents are yet again at record highs in nearly every capital city in Australia, with Sydney topping the list at $800 a week.
With rental vacancy rates at record lows, Labor's policies are incentivising wealthy property investors which push property prices up further, and rents are skyrocketing as a result.
The Greens say rather than fueling the housing crisis, Labor should come up with policies that actually deliver affordable housing.
As stated by Greens spokesperson for finance, housing and homelessness Senator Barbara Pocock:
"Record high rents across the country are further proof of a housing crisis out of control. People on low and middle incomes can't afford to live where they want to or anywhere near where they work.
"Renters are literally paying the price for a landlord's market. While renters reach the limits of what they can pay, the Government gives tax breaks to wealthy property investors. How is that fair?
"This is a system stacked against younger generations and people who haven't won the intergenerational housing lottery.
"For decades, successive governments have turbocharged house prices and driven up rents, putting billions of dollars in the pockets of property investors, property developers and the banks.
"The Government's $181 billion tax breaks for wealthy investors - via the capital gains tax discount and negative gearing - are locking out first home buyers and forcing rents to skyrocket. They have failed to build public housing.
"This government needs to treat housing as a human right instead of giving billions of tax breaks to wealthy property investors.
"Labor needs to introduce rent caps and invest directly into building good quality homes and renting them to people who need them at prices they can actually afford."
