US EditionHeadache for Labor as Unions Demand Tax Changes to Negative Gearing, Family Trusts
AUSTRALIA, AUG 03 – ACTU proposes limiting negative gearing and capital gains tax discounts to one property to raise $1.5 billion annually and improve housing affordability for younger Australians.
- On August 19, the Australian Council of Trade Unions will propose limiting tax breaks to one investment property at the productivity roundtable.
- Working Australians warn that skyrocketing housing costs, with Sydney’s median house value surpassing $1.5 million and Brisbane’s above $1 million, threaten home ownership.
- Implementing transition measures, the ACTU would allow investors five years to adjust, and the proposal would add about $1.5 billion in annual tax revenue, the union says.
- The Business Council of Australia called the reforms `ad hoc tax grabs`, and Bran Black, chief executive, said, `You don't fix Australia's lagging productivity and investment by taxing businesses more and making Australia less competitive.`
- Such reforms have been `political kryptonite` for Labor, as a previous proposal to limit negative gearing contributed to its narrow defeat at the 2019 election.
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Sydney Morning HeraldReposted by 
WA today
WA todayHeadache for Labor as unions demand tax changes to negative gearing, family trusts
Adding to Labor’s challenge is a fresh call from the Productivity Commission to relitigate a carbon price and ditch popular EV subsidies at its upcoming economic roundtable.
·Sydney, Australia
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Australia's major trade unions have warned that unless the government cuts tax cuts in the real estate sector, ordinary working-class people will have little hope of buying a house.
Coverage Details
Total News Sources9
Leaning Left3Leaning Right2Center1Last UpdatedBias Distribution50% Left
Bias Distribution
- 50% of the sources lean Left
50% Left
L 50%
C 17%
R 33%
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