Australian Property Market: Government Asserts Negative Gearing ‘Here To Stay’

Prime Minister Anthony Albanese is standing frm against calls to curtail Australia’s generous property tax benefts, rebuffng pressure from the Greens and housing advocacy groups urging the abolition of negative gearing.

With the Greens holding the balance of power in the Senate, the party is leveraging its infuence to push for changes to negative gearing in exchange for supporting the Government’s help-tobuy scheme in the Upper House.

Max Chandler-Mather, the Greens’ housing spokesperson and one of the few MPs who rent, has been vocal about renters’ rights, highlighting the disparity in property ownership among federal MPs, where over 65% own at least one investment property.

“The system is stacked against renters and frst home buyers,” ChandlerMather asserted. “Pressure works. Labor changed their position on stage-three tax cuts, and now they need to change their position on negative gearing and capital gains tax.”

The Everybody’s Home campaign, representing welfare and housing organizations, echoed the call to abolish negative gearing and the capital gains discount. However, the Prime Minister has categorically ruled out any adjustments, stating he has “no intention” of altering property taxes. Labor’s stance on negative gearing has evolved, having previously taken it to the 2016 and 2019 federal elections, promising to scale back tax breaks on new investment properties, but subsequently abandoning the policy after electoral defeats.

Meanwhile, CoreLogic data revealed that the value of residential real estate reached an estimated $10.3 trillion by the end of January, with regional dwelling values rising at 1.2% for the month, outpacing the 1% increase in the capitals.

Although the rate of rent increases shows signs of slowing, it remains a signifcant burden on tenants.

Australian rent values climbed by a further 0.8% in January, up from the 0.6% increase recorded in December, contributing to an annual growth rate of 8.3% in January, according to CoreLogic’s Housing Chart report.

Precincts Master Plan collaboration between Port Stephens Council and Homes NSW, aimed at expediting affordable housing supply. Another project by Port Stephens Council focused on addressing development barriers such as drainage and fooding resilience in the Shoal Bay Precinct.

Armidale Regional Council, another recipient of Round 1 funding, successfully developed and implemented its Local Housing Strategy.

For further details on the councils receiving funding and their respective projects, interested parties can visit the NSW Planning website.

Minister for Planning and Public Spaces Paul Scully (pictured) emphasized the importance of supporting regional councils in expediting housing delivery for their communities. He highlighted the crucial role of regional NSW in the state’s housing supply landscape and underscored the government’s commitment to ensuring housing targets are met while also addressing