The Australian dream of home ownership has become a nightmare.
The Greens are the only party with the courage to take action on negative gearing and other measures to make housing more affordable.
Australia is a great place to live but the cost of buying or renting is too high.
It’s has become too hard for first home buyers and renters to find quality housing near where they work, play and take their kids to school. This means long commutes, less time and higher transport costs.
More and more Australian households are paying more than they can afford on either rent or a mortgage. On any given night 105,000 Australians are homeless – up 17% since 2006. It’s only going to get worse if we don’t change our system.
Leading the way
The Greens are the only party with a National Housing Affordability Plan and are the only party that supports and is actively campaigning for phasing out the over-generous negative gearing and capital gains tax discount arrangements. We released Parliamentary Budget Office costings that show abolishing the capital gains tax discount and grandfathering negative gearing would save us $127.1 billion over ten years.
Negative gearing overwhelmingly benefits wealthy investors, and drives up prices for everyone. The Greens want to reform negative gearing to make it easier for first home buyers to get into the market. We’ll reinvest revenue generated from ending negative gearing and into construction of quality affordable housing instead.
The Greens successfully prevented Labor’s radical cuts to the National Rental Affordability Scheme in 2012 (only to have the Liberal party abolish the scheme in 2014) and have been long term advocates for increased funding for homelessness services, social housing, and affordable rentals.
Our National Housing Roadmap
In 2013 we released a nine point plan to address Australia’s housing crisis. In 2016 we are building on that work to set out an achievable vision that will ensure housing is within reach for everyone.
- Reforming Negative Gearing – our proposal that negative gearing for future investments would end, with existing investments grandfathered. This would stop billions of dollars each year being used to unfairly subsidise property investors at the expense of housing affordability. Our plan to phase out Negative gearing would increase the revenue available to address the housing needs of all Australians, and would generate over $42 billion over ten years.
- Capital Gains Tax Discount Reform - the current 50% discount on income earnt from investments should be removed to stop the structural unfairness in the tax system and benefits the wealthiest Australians. It would generate as much as $74 billion over the next decade, or $127 billion when combined with negative gearing reform.
Additional elements of the Greens housing affordability package will be announced in coming weeks.
A vote for the Greens is a vote for the only party with the courage and vision to implement measures to ensure everyone who needs a home can afford one.