To read the full submission, CLICK HERE
Housing in Australia is increasingly becoming unaffordable but a blanket reduction in the Capital Gains tax discount is not the answer.
The OECD recently found that house prices have risen strongly in real terms over the past 30 years “increasing more in relation to household incomes than in any other OECD country”, creating a high average ratio of mortgage debt to disposable income.
Rents have also increased sharply, with rental inflation currently eight times higher than before the pandemic.
The biggest contributor to this housing crisis is a lack of supply. While demand has been steadily growing, housing approvals and completed dwelling numbers are falling behind.
Despite the welcome announcement of the National Housing Accord, dwelling consents across the country are around 60-70% of the numbers being approved at the high point of
2016-17.
To read the full submission, CLICK HERE