CEO of the Urban Taskforce Australia, Tom Forrest, today urged the Albanese Government to be very cautious about changing the taxation on housing investment. Any changes to be considered in the upcoming budget must support the growth of new housing stock.
Lowering the Capital Gains Tax (CGT) concession on existing dwellings has some merit because having the concession available for these properties makes them attractive to investors, therefore driving up the price for all consumers. But the government should not be rushing into this.
However, Urban Taskforce calls for the Commonwealth to increase the CGT concession for new dwellings, thereby encouraging investment in new housing stock.
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