With negative gearing back on the political table following the Greens campaign to end investor lending, momentum for tax reform is growing.
The Greens have long campaigned for winding back the most inequitable tax concessions, particularly negative gearing and the capital gains tax discount, to minimise investor demand.
The Greens call on the government to seize this moment with the budget just around the corner to deliver ambitious tax reform to tackle Australia's deepening housing crisis.
As stated by Greens spokesperson for finance, housing and homelessness Senator Barbara Pocock:
"The Greens campaign to end unfair handouts for wealthy property investors has forced negative gearing reform back onto the table.
"Unfair tax discounts just make housing more expensive and give billions to super-wealthy property investors. Ending these tax concessions will help more people have a roof over their head.
"Massive tax breaks for wealthy property investors are cooking our housing system. Negative gearing and the capital gains tax discount let cashed-up investors outbid everyday Australians - and young people and first-home buyers are the ones paying the price.
"Australia's housing system is rigged for the wealthy; it's a system designed to drive up the cost of housing, generating enormous wealth for the 1%.
"During the Greens-led inquiry into CGT discounts expert after expert said wealthy property investors shouldn't get these massive handouts.
"This next budget is a huge opportunity for the government to deliver bold, ambitious tax reform that puts renters and home buyers first."
