The pressure for real reform is building:
Anthony Albanese would have parliament’s support to crack down on negative gearing and the capital gains tax discount if he adopted new policies ahead of the election, after an overhaul of the tax concessions was backed by the Greens and three Senate crossbenchers.
The Australian understands the Greens may even push for reforms to negative gearing and the 50 per cent CGT discount as part of its negotiations on Labor’s signature Help to Buy scheme, which is designed to assist low- and middle-income earners purchase new or existing homes.
The Coalition will oppose the bill, giving the Greens the balance of power.
…As the Coalition and Labor traded barbs over which tax policies the major parties would rule in or out at the next election, which is due by May 2025, crossbench senators Jacqui Lambie and David Pocock demanded the government take action on negative gearing and the CGT discount to help make housing more affordable.
Where are the Posh Teals when you need them? Busy buying another investment property.
But even they pale next to Labor. Policy poltroons like Treasurer Jim “Chicken” Chalmers will never reform negative gearing. His track record is one of base policy cowardice.
Worse, Albo is nothing but a backroom bovver boy and number cruncher. He doesn’t give two hoots about who he mows down for power.
Sadly, even if negative gearing were cut now, I doubt it would make a difference. It might even make housing access worse for youth.
There is not going to be any substantial supply response to Albo’s insane population explosion unless house prices are rising.
Yet nobody will be incentivised to invest as brutally rising rents are offset by stalled and falling prices on tax reforms.
I favour the reforms, but unless immigration is cut to 100k or below, they won’t improve housing access in any hurry.
This is the usual fake left pantomime of pretending to care.