Labor promised to deliver a budget that would tackle intergenerational housing inequity but failed to deliver.
The Greens say Labor's budget bakes in existing housing inequality and does nothing for renters, public housing, and first home buyers being smashed by inflation driven by untaxed corporate profits.
As stated by Senator Barbara Pocock, Greens spokesperson for Finance, Housing and Homelessness:
"Labor had the chance to scrap the most unfair tax breaks, what a shame it missed the moment.
"This budget bakes in existing housing inequality. It locks in tax breaks for multi-property owners. The top 20% who own more than 50% of the property market will continue to hold this wealth.
"Rich property hoarders with 50 properties will continue getting tax breaks on their 50 properties.
"3 million homes will continue to sit in the real estate portfolios of wealthy property hoarders while 190,000 people are on public housing waiting lists.
"In the midst of a housing crisis, this budget does nothing for renters and first home buyers who are struggling to keep a roof over their heads. Instead it protects the unfair wealth hoarding of multi-property investors and the 1%.
"Once again, Labor has over-promised and under-delivered on housing for renters, first home buyers and people on public waiting lists. There's no new money to actually build housing, except for $110m for defence housing for US and UK troops under AUKUS.
"Under Labor, homelessness has risen by 10% yet this budget does nothing for homelessness services unable to meet the rising demand. Without tackling the structural drivers - high rents and a lack of public housing, the homelessness crisis will only worsen.
"Labor is a government of gestures. We have massive housing inequality in our country. What a missed opportunity for genuine reform."
The Greens-led Senate inquiry into intergenerational housing inequity will commence with its first hearing on Monday 18 May in Canberra.
