Greens call on Labor to axe $33b in property baron tax handouts to deliver relief for households

Greens call on Labor to axe $33b in property baron tax handouts to deliver relief for households | 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 Greens call on Labor to axe $33b in property baron tax handouts to deliver relief for households 2026-06-13 Ahead of the inquiry into Labor’s tax changes beginning in parliament next Monday, the Greens call on Labor to scrap tens of billions in tax handouts for professional property investors and redirect the money into what could be a $2200 cost of living relief payment for every renter and mortgage holder in the country.

PBO analysis, based on ATO data for 2023-24, reveals people with two or more investment properties claimed an eye-watering $33 billion in tax handouts that year. This included 11,000 landlords with 7+ houses who claimed $1.9 billion from 98,100 investment properties. The data shows Labor’s grandfathering of property investor handouts locks in tax benefits to people at the top end of town, while renters and mortgage holders bear the brunt of an unfair housing market.

Not only does Labor’s excessive grandfathering represent a massive budget expenditure on the ultra wealthy, it also disincentivises existing property investors from selling these homes to first home buyers. Labor has, by accident or design, created a class of "unicorn" assets with favourable tax settings for people who already own multiple properties, and those property investors will now be incentivised to retain and reborrow against these assets in perpetuity.

Lines attributable to Leader of the Australian Greens, Larissa Waters: “Australians are suffering through the worst cost of living crisis in memory and Labor has chosen to lock in $33 billion worth of tax handouts to protect property barons. “For the same amount of money the government spends on tax handouts to multiple property landlords, they could give a $2200 cost of living payment to every Australian renter and mortgage holder.

“For a budget sold on generational inequity, this is the sort of top-end tax handout that should have been scrapped to encourage mega landlords to sell properties to first home buyers. “Instead Labor is rewarding property hoarding.” Lines attributable to Greens spokesperson on Economic Justice & Treasury, Nick McKim: “The data shows Labor is working for the wealthy investors, locking in tax handouts stacked in favour of professional property speculators.

“The biggest beneficiaries of Labor’s grandparenting sit at the top end of town, exactly where Labor should start scrapping publicly funded handouts in the name of fairness. “If you take away the tax perks, it becomes less attractive to hold onto multiple properties as a tax shelter, and that shifts the incentive to sell to first home buyers. “Labor’s own housing plan is so heavily grandparented that it is only expected to free up 75,000 homes over a decade.

But there are 1.7 million houses still being treated as tax-preferred unicorn assets. “That keeps the pressure on the market and makes it harder for first home buyers to compete.” The costings can be found here. 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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