Labor has announced its next tranche of housing affordability reforms that will improve housing affordability, create jobs, increase financial stability and reduce homelessness.
Building on Labor’s existing policies, the new proposals will see the construction of over 55,000 new homes in Australia over three years and boost employment by 25,000 new jobs per year.
Labor’s plan will include:
- reforming negative gearing and capital gains tax concessions;
- limiting direct borrowing by self-managed superannuation funds;
- working with the States and Territories to introduce a uniform vacant property tax across all major cities;
- increasing foreign investor fees and penalties;
- increasing investment in affordable housing; and
- boosting homelessness support for vulnerable Australians.
With home ownership at 60 year lows and rental stress on the rise, the great Australian dream has turned into a nightmare on Malcolm Turnbull’s watch. His government is too divided and chaotic to do anything about it.
Labor’s plan is good for housing affordability, good for the budget and good for economic productivity and jobs.