Labor wasted billions on property tax breaks
Labor wasted billions on property tax breaks | Australian Greens Skip to main content Search Get Involved Join Donate Our plan Tax the 1% Tackle the cost of living Healthcare for all Fix the housing crisis Strong climate action Policy principles & aims Our team Federal MPs State/territory MPs Officeholders Media releases Take action Volunteer Donate Issues & campaigns Events Greens Shop Leave a bequest Our movement About the Greens Become a member Jobs Green Magazine All news Get Involved Join Donate Search Our plan Toggle Tax the 1% Tackle the cost of living Healthcare for all Fix the housing crisis Strong climate action Policy principles & aims Our team Toggle Federal MPs State/territory MPs Officeholders Media releases Take action Toggle Volunteer Donate Issues & campaigns Events Greens Shop Leave a bequest Our movement Toggle About the Greens Become a member Jobs Green Magazine All news Labor wasted billions on property tax breaks 2026-03-13 Labor has wasted $53 billion on tax concessions for wealthy property investors since it came to power in 2022, according to new data compiled by the Parliamentary Budget Office (PBO).
The PBO analysis shows that a further $190 billion will be wasted over the next decade, if Labor continues to delay action on winding back the capital gains tax (CGT) discount and negative gearing. The Greens say this foregone revenue should instead have built public and affordable housing, calling on Labor to end the waste at the May budget. Lines attributable to Greens leader Larissa Waters: “Labor cannot keep subsidising and boosting the profits of property investors while a generation is locked out of home ownership and renters struggle to keep a roof over their heads.
“Australia is suffering the worst housing crisis in living memory, and Labor’s pathetic tinkering has only entrenched housing inequality. “When it’s easier to buy your fifth home than your first, you know the system is truly cooked. “The upcoming budget gives the government a once-in-a-generation choice to back regular people over wealthy property barons, billionaires and big corporations.
The Greens would wholeheartedly support this. “Albanese should stop handing billions to support speculators through the CGT discount, end negative-gearing handouts, and redirect that money into public and affordable housing.” Lines attributable to Greens spokesperson for finance, housing and homelessness Senator Barbara Pocock: “In the midst of a housing crisis, Labor has wasted billions on property tax breaks which could have instead built more public housing.
“Handing out $53 billion in tax breaks for wealthy property investors that could have instead helped fix the housing crisis, shows just how little Labor cares about first-home buyers and renters. “First-home buyers don’t stand a chance because the government has allowed investor lending to run rampant backed by the CGT discount and negative gearing. “Labor must end the runaway housing price inflation driven by bad policy and tax breaks for property hoarders.
It must end unlimited rent increases. "Australia's housing system is rigged for the wealthy; it’s a system designed to drive up the cost of housing and rents, generating enormous wealth for the 1%. “Labor needs to deliver bold, ambitious tax reform that puts home buyers and renters first.
It must do away with tax incentives for those who need it least. Lines attributable to Greens spokesperson for Economic Justice Senator Nick McKim: “The Capital Gains Tax Discount is the most unfair tax break on the books.” “Nurses, carpenters, cleaners and bartenders are paying twice the tax of someone making the same amount of money buying and selling investment properties.” “Winding back the CGT discount would help renters, first-home buyers and the budget.
The evidence given to the Greens-led Senate inquiry has made the case for change overwhelming.” “Labor has a massive majority in the House of Representatives, the opposition is in disarray, and the Greens with balance of power in the Senate are ready to pass progressive and ambitious tax reform. “This is a once in a generation opportunity for genuinely progressive tax reform to pass the parliament.” MEDIA CONTACTS WATERS: Shaye Windsor - 0419 626 725 POCOCK: Charlotta Lomas – 0466 339 862 MCKIM: Pat Caruana - 0400 425 380 Facebook for the Australian Greens YouTube for the Australian Greens X for the Australian Greens Instagram for the Australian Greens Bluesky for the Australian Greens Privacy Members website Your safety Contact us Our plan Tax the 1% Tackle the cost of living Healthcare for all Fix the housing crisis Strong climate action In your language 2025 policy platform Policy principles & aims Our team Federal MPs State/territory MPs Officeholders Federal portfolios Federal media releases Take action Volunteer Donate Issues & campaigns Upcoming events Greens Shop Leave a bequest Green Magazine All news Our movement About the Greens Become a member Jobs Members website State/territory parties Contact us The Greens acknowledge the Traditional Owners of country throughout Australia and recognise their continuing connection to land, waters and culture.
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