RETIRED RENTERS FACING FINANCIAL STRESS – HOUSING TAX REFORM NEEDED

11 Oct 2016

Data released yesterday by Swinburne University shows that many retired renters are in housing stress and the Turnbull Government’s inaction on overly generous capital gains tax and negative gearing concessions is making matters worse.

RETIRED RENTERS FACING FINANCIAL STRESS – HOUSING TAX REFORM NEEDED

Data released yesterday by Swinburne University shows that many retired renters are in housing stress and the Turnbull Government’s inaction on overly generous capital gains tax and negative gearing concessions is making matters worse.

Swinburne University’s research supports Labor’s policy to cut tax concessions for the wealthiest property owners.

The Coalition shut down the National Rental Affordability Scheme that provided over 20,000 new affordable housing units and was on track to achieve its target of 50,000.

No Federal Minister for Housing and Homelessness has been appointed, and there is no national housing affordability plan being implemented.

The Turnbull Government has also failed to renew and fund the National Partnership Agreement on Homelessness (NPAH) which will expire in June 2017, creating huge uncertainty among service providers and advocates for people experiencing homelessness.

The Coalition has abolished the National Housing Supply Council and the Prime Minister’s Council on Homelessness, as well as cutting funding to Homelessness Australia, National Shelter and the Community Housing Federation of Australia.

“The Turnbull Government’s inaction in the form of over-generous capital gains and negative gearing concessions, are causing housing stress for all age groups, but older Australians are particularly vulnerable if they have to rent,” Senator Doug Cameron said.

“The housing affordability crisis is affecting people from all walks of life and isn’t just confined to the big cities. It is a national problem that demands action, particularly on the tax treatment of investment property.

“The Turnbull Government’s reckless indifference to the lack of affordable housing, the growing number of households in financial stress and the growing rate of homelessness is nowhere more apparent than in its’ cowardice in relation to negative gearing and capital gains tax reform.”

TUESDAY, 11 OCTOBER 2016