Labor has wasted $53 billion on tax concessions for wealthy property investors since it came to power in 2022, according to new data compiled by the Parliamentary Budget Office (PBO).
The PBO analysis shows that a further $190 billion will be wasted over the next decade, if Labor continues to delay action on winding back the capital gains tax (CGT) discount and negative gearing.
The Greens say this foregone revenue should instead have built public and affordable housing, calling on Labor to end the waste at the May budget.
As stated by Greens leader Larissa Waters:
"Labor cannot keep subsidising and boosting the profits of property investors while a generation is locked out of home ownership and renters struggle to keep a roof over their heads.
"Australia is suffering the worst housing crisis in living memory, and Labor's pathetic tinkering has only entrenched housing inequality.
"When it's easier to buy your fifth home than your first, you know the system is truly cooked.
"The upcoming budget gives the government a once-in-a-generation choice to back regular people over wealthy property barons, billionaires and big corporations. The Greens would wholeheartedly support this.
"Albanese should stop handing billions to support speculators through the CGT discount, end negative-gearing handouts, and redirect that money into public and affordable housing."
As stated by Greens spokesperson for finance, housing and homelessness Senator Barbara Pocock:
"In the midst of a housing crisis, Labor has wasted billions on property tax breaks which could have instead built more public housing.
"Handing out $53 billion in tax breaks for wealthy property investors that could have instead helped fix the housing crisis, shows just how little Labor cares about first-home buyers and renters.
"First-home buyers don't stand a chance because the government has allowed investor lending to run rampant backed by the CGT discount and negative gearing.
"Labor must end the runaway housing price inflation driven by bad policy and tax breaks for property hoarders. It must end unlimited rent increases.
"Australia's housing system is rigged for the wealthy; it's a system designed to drive up the cost of housing and rents, generating enormous wealth for the 1%.
"Labor needs to deliver bold, ambitious tax reform that puts home buyers and renters first. It must do away with tax incentives for those who need it least.
As stated by Greens spokesperson for Economic Justice Senator Nick McKim:
"The Capital Gains Tax Discount is the most unfair tax break on the books."
"Nurses, carpenters, cleaners and bartenders are paying twice the tax of someone making the same amount of money buying and selling investment properties."
"Winding back the CGT discount would help renters, first-home buyers and the budget. The evidence given to the Greens-led Senate inquiry has made the case for change overwhelming."
"Labor has a massive majority in the House of Representatives, the opposition is in disarray, and the Greens with balance of power in the Senate are ready to pass progressive and ambitious tax reform.
"This is a once in a generation opportunity for genuinely progressive tax reform to pass the parliament."
