Most Australians don't understand Labor's CGT and negative gearing policies: HIA report

Most Australians don't understand Labor's CGT and negative gearing policies: HIA report
Most Australians don't understand Labor's CGT and negative gearing policies: HIA report

The majority of Australian voters do not understand Labor’s proposed changes to capital gains tax and negative gearing, according to a report released by the Housing Industry Association (HIA) this week.

The report, based on polling by JWS Research, also showed that the majority of people 74% want a proper review before any changes take place.

"HIA has always said that changes to negative gearing and capital gains tax for housing are bad policy," HIA Managing Director, Graham Wolfe said.

"This research confirms how unpopular these changes are across all political persuasions.

"Twice as many voters oppose these changes than support them.

"This report shows that many Australians have little understanding of how Labor’s changes would affect them."

According to HIA's research, only 34% of Australians are aware of the proposed changes and understand it at some level, while others have no understanding.

52% of people believe rents will rise as a consequence of the changes. 

"With 92% of all renters aspiring to buy their own home, Labor’s proposed changes will weigh heavily on their savings’ plans," Wolfe said. 

"If these changes are made, rents will rise as supply dries up due to a lack of investment in new housing. This will make renting a home less affordable.

"If rents rise, renters saving for a deposit for their own home will take a backward step.

"These changes are anti-investment.

"They fail to recognise that private rental accommodation provides homes for almost three million families and reducing the supply of private rental homes will only lead to an increase in rents.

"We can’t solve the housing affordability challenge by taxing housing. This policy seeks to do just that.“

Tags: 
Negative gearing Cgt

Comments

Be the first one to comment on this article
What would you like to say about this project?