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Greens welcome overdue debate on property taxes



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Greens welcome overdue debate on property taxes

MEDIA RELEASE Greens Housing Spokesperson Senator Scott Ludlam. Monday 21 October 2013

The Australian Greens have welcomed a new Grattan Institute report that outlines

the extraordinary transfer of wealth from taxpayers to property investors through

negative gearing and capital gains tax exemptions.

“The report reveals subsidies of $36 billion a year to home owners and an additional

$6.8 billion a year subsidising property investors; policies which have artificially

inflated the property market and priced an entire generation out of affordable

housing,” Greens Housing Spokesperson Senator Scott Ludlam said.

“In Opposition, Treasurer Joe Hockey acknowledged in May this year that the tax

treatment of property would be considered in the development of the new

Government’s tax white paper; the Grattan study should be exhibit ‘A’ in this

review.”

The report found that government outlays on home ownership and property

investment amount to more than annual government spending on schools, with

most of these benefits flowing to Australia’s wealthiest households. It calls for a

‘major renovation’ of housing policy.

“The Government should investigate the many options for reforming the tax

treatment of property investments in the interests of basic fairness, and the health of

the Commonwealth budget,” Senator Ludlam said.

Media contact: Eloise Dortch 0428 768 803