Tax Breaks for Property Investors Dwarf Social Housing Funding, Greens Reveal

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Recent Greens party data sparked a heated housing policy debate in Australia. It revealed property investor tax breaks surpass promised social housing spending by 78 times in the Albanese government’s main fund.

Max Chandler-Mather, Greens’ housing spokesperson, strongly condemned significant tax concessions as “morally reprehensible.”

“These tax breaks are turbocharging the housing crisis,” Chandler-Mather said. “[They are] making it easier for an investor to buy their 10th property, driving up property prices and depriving the government of revenue that could be put to work building housing for those who need it.” 

Prime Minister Anthony Albanese, however, remains steadfast in support of the policy, and the Labor Party has accused the Greens of obstructing progress in social housing by opposing the Haff. 

Labor’s Haff suggests a $10 billion fund using earned interest for home construction, aiming to build 30,000 affordable homes in five years with a minimum annual spend of $500 million.

Meanwhile, the contentious bill has been reintroduced to parliament after being previously stalled in the Senate due to opposition from the Greens and the Coalition. Greens seeking a guaranteed $2.5 billion yearly for social housing are open to negotiation.

Ahead of Labor-Greens talks, the stark contrast between $37.5 billion in property tax breaks and Haff’s $500 million yearly allocation has sparked fervent discourse. Chandler-Mather called for capital gains tax, negative gearing reforms, and state incentives to limit rent hikes.

The Housing Minister, Julie Collins, implored the Greens and the Coalition to unite to pass the bill and address the pressing housing shortage. 

“We want to build more homes,” Ms Collins said. “It’s as simple as that, and we want those opposite and the Greens to join us and the crossbench to pass this bill.”

With tensions escalating and negotiations underway, the fate of the Haff and its potential impact on Australia’s housing crisis hangs in the balance.

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