Crossbench senators Jacqui Lambie, left, and David Pocock say changes to negative gearing and capital gains tax concessions could make major savings for the federal budget.Crossbench senators Jacqui Lambie, left, and David Pocock say changes to negative gearing and capital gains tax concessions could make major savings for the federal budget.have thrown down the gauntlet to Labor to reform property tax concessions by revealing changes that could net up to $60bn over a decade.
Sign up for Guardian Australia’s free morning and afternoon email newsletters for your daily news roundup The PBO found that retaining the 50% CGT discount in full and limiting negative gearing to properties built after 1 July 2024 would save $50.5bn over the decade. “There is a real urgency that all solutions be on the table,” he said, describing grandfathering CGT and limiting negative gearing to one property as “a sensible way forward”.
The PBO advised the proposals would probably increase CGT revenue in the short-term “due to the significant bring-forward of sales and purchases by investors seeking to avoid being affected by” changes to negative gearing.
It comes as Anglicare’s annual rental affordability snapshot, released on Tuesday, found there were only 45,895 listings across the country, the lowest in the 15 years Anglicare has prepared the report. Between 2018 and 2021 the number of available rentals listed was consistently above 65,000.