Govt Outlays on Investor Tax Breaks Surpass Housing Aid
New data shows Australia's housing and homelessness crisis is worsening, prompting calls to curb property investor tax breaks and build more social homes.
The Productivity Commission's Report on Government Services released today shows that 41% of people waiting to get into public housing are homeless or at risk of homelessness - up from 26% in 2015.
Meanwhile, analysis by ACOSS finds the Federal Government is spending more on tax breaks for property investors than on social housing, homelessness services and rent assistance combined.
ACOSS calls on the Federal Government to gradually halve the 50% Capital Gains Tax discount and phase out negative gearing over five years. It also should set national social housing targets and substantially boost social housing supply to meet these targets.
"This report today shows housing stress and homelessness are getting worse while absurdly generous tax breaks drive up home prices and supercharge inequality in our society," said ACOSS Acting CEO, Jacqueline Phillips.
"More people are struggling to afford the private rental market, pushing them into homelessness and onto growing social housing waitlists. With new social housing accounting for less than two per cent of homes built each year, the situation is set to worsen, not improve.
"Property investor tax breaks come at a staggering cost of more than $12 billion each year, which could be spent on social housing, social services and supports that benefit everyone."
Read the ACOSS briefing note: Boost social housing & curb property investor tax breaks
New ROGS data shows:
Separate ACOSS analysis shows:
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