Independent MP Andrew Wilkie has called on the Albanese government to use its political currency to try again to curb negative gearing and capital gains tax concessions for housing investors.
Following the release of the latest annual Rental Affordability Index, Mr Wilkie, whose home city of Hobart has become the least affordable city in which to rent a home, also called for curbs on accommodation marketplace Airbnb, saying it had resulted in the loss of hundreds of long-term rental properties.
He said Labor’s franking credits policy had more to do with the 2019 election loss than its negative gearing and CGT plans, and now was the time to discourage housing an as investment. “The pressing need remains. The government’s got a fair bit of political capital right now - this is the time to be brave.”
The book uses data from the Australian Electoral Survey that shows a strong correlation between property ownership and being a Liberal Party voter.“Home owners are far more likely to vote for the Liberal Party compared to other parties, including the Coalition partner the Nationals,” Mr Wilson wrote.He singled out the CGT exemption.
Tax incentives needed to be looked at, along with supply and allowing first home buyers to use their super to buy a house.“Encouraging home ownership is central to a nation encouraging self-reliant and responsible citizens,” he told“Housing for renting has an important place, but the aspiration should be to encourage ownership through increasing supply, letting people use their super as their fund can, and rebalancing tax incentives back in favour of first home buyers.
MASS IMMIGRATION is a far far far far far far bigger issue that's not just increasing prices but rents, while driving down wages, conditions, livability and destroying the environment. Where's Weak Wilkie's opposition to that?
Reports show NG accounts for less than 10%. Mass immigration and reckless lending are far bigger issues.
crilly10 Wilkie. The weakest politician in Australia. As soon as Gillard didn't need him, she reneged on her promise for his pokie reforms. He should have refused to vote for anything. He should have demanded other independents stop supply.
crilly10 1000 immigrants arrive today. All consuming more and needing housing. An environmental catastrophe Greens support. Why don't you address that Wilkie?
crilly10 Immigration is what's driving housing. That's why elites pay LNP and Labor to do it. NG provides rental properties to an insane demand of renters via MASS IMMIGRATION. Investing isn't even viable without NG. Aust's a mess, and it all revolves around way too much immigration.
Removing property investment from portfolios will also cause more pressure on housing affordability (rental market) unless the government has a plan to build more rental social housing....... they can't even control gas companies.....
Doing this will put more significant pressure on the government pension programs. We need negative gearing in order to help manage debt levels and make sure we create an income for our old age rather than be a burden to the government!!!
Good lord please do it AlboMP
'Almost one-third of large corporations paid no income tax in Australia in 2020-2021, including more than half of the nation’s major mining, energy and water companies' But pLeAsE tell us auspol more about the taxation of individuals...
Who is going to build the homes for the renters
I'm not sure. Ardern's Labour Government had arguably built up more political capital when it attempted to introduce a CGT in NZ but couldn't get it done.
If you want the housing crisis on steroids yeah this is a great idea. With government intervention on private property rights shown through covid there’s already declining interest to own a rental. And then add in increasing interest rates.
They won’t go for it - do you know how many labor politicians own multiple investment properties?
Labor doesn’t want to increase home ownership. By trapping millennials as renters it has their vote for life. That’s why labor’s policy is for us to rent a home owned by our super fund.
Haha…..then even less properties available…learn from history!!!
It’s got to be done. Investors (by using the tax dodging tools available) have made housing unaffordable. There must be a limit on total gearing per investor and total number of properties available in an area for AirBnB purposes.
About time to reign in negative gearing it’s a RORT ;
People aren’t making millions from negative gearing, any real property investor isn’t buying a property with the aim of negative gearing but a capital loss is a loss like any other business and justifiably offset against cost of the property
solo_dio_
Curbing. Should remove negative gearing completely.
the problem is most MPs n ministers are on neg gearing Albo had 1 in Marrickville so is Dutton n pals They all love tax rorts
Those capital were gained from ditching the curb and the keeping the concession.