The St Vincent de Paul Society has backed calls for Parliament to pass the Albanese Government’s housing tax reforms announced in the Budget, saying the changes are an important step towards a fairer housing system.
The society welcomed the government’s reforms to capital gains tax (CGT) and negative gearing, describing them as a meaningful move to improve fairness in Australia’s housing system.
The society’s national president Mark Gaetani said the proposed changes would help rebalance the system and reduce some of the structural pressures that have locked too many Australians out of secure and affordable housing.
“The society backs the call from National Shelter, Everybody’s Home, ACOSS and Better Renting for Parliament to pass these reforms without delay,” Mr Gaetani said.
“For too long, tax settings have disproportionately favoured property investors over first home buyers and low-income renters. Housing should be treated first and foremost as a basic human right, not primarily a vehicle for wealth accumulation.”
The Society said the case for reform is clear. Only one in 8 investor loans goes to new construction, while the rest flow into existing properties, adding pressure to house prices.
Home prices have also risen three times faster than wages since the overly generous 50 per cent CGT discount began in 1999, deepening the divide between people who own housing assets and those trying to enter the market.
Mr Gaetani said these figures show why the current system is not delivering the homes Australia needs.
“When tax breaks mainly encourage investors to buy existing homes instead of building new ones, the result is higher prices and fewer pathways into home ownership for everyday Australians,” he said.
“Investors are buying twice as many properties as first home buyers. That is not a level playing field, and it is one reason more people are being pushed into long-term renting and housing stress.”
The St Vincent de Paul Society of Australia has consistently advocated for housing affordability measures, including reducing the 50 per cent CGT discount, recognising housing as a human right, and increasing support for affordable and social housing.
FULL STORY
Society backs calls to pass Budget tax reforms (St Vincent de Paul Society)
