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On Wednesday, the Australian Greens announced that the abolition of negative gearing and the capital gains tax (CGT) discount will be a priority in a minority government.
The Greens’ policy is as follows.
- Grandfather negative gearing and the 50% CGT discount to one investment property.
- Any properties purchased after the policy commences, or the second and subsequent investment properties already owned, would not be eligible for these concessions.
- The 50% CGT tax discount would be scrapped for all other assets. However, the asset base for non-housing assets would be indexed by inflation.
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.