Foreign investor reform a good step but the govt must take on all investors

Everybody’s Home

Everybody’s Home says foreign investment changes are a good step, but the government must now end handouts for domestic investors.

In a bid to boost housing supply, the government has announced it would increase fees for foreign investors who leave properties they own in Australia vacant.

Everybody’s Home spokesperson Maiy Azize said the measure won’t be enough to fx the rental crisis.

“This is a step in the right direction, but it won’t solve the housing crisis,” Ms Azize said.

“Right now, domestic investors are the ones pushing up the cost of housing and profting from tax handouts - and an empty home is an empty home, regardless of who owns it.

“If the government is serious about making homes more affordable, it would end the tax handouts that are used by a signifcant number of investors.

“This means abolishing negative gearing and capital gains tax. The billions we raise can go into desperately needed social housing.

“Investors can’t keep pushing up the cost of housing for everyone else. The government must get serious about tax reform for all investors, not just those who live overseas.”