Michael Sukkar MP

LABOR WANTS FOREIGN CORPORATE LANDLORDS, NOT MUM AND DAD INVESTORS

THE HON MICHAEL SUKKAR MP
Shadow Minister for Social Services
Shadow Minister for NDIS
Shadow Minister for Housing
Shadow Minister for Homelessness

SENATOR ANDREW BRAGG
Shadow Assistant Minister for Home Ownership

JOINT MEDIA RELEASE

25 September 2024

LABOR WANTS FOREIGN CORPORATE LANDLORDS, NOT MUM AND DAD INVESTORS

News today that Anthony Albanese has confirmed negative gearing and capital gains tax options are under review is a slap in the face to Australia’s hardworking mum and dad investors.

The Albanese Government is modelling changes to capital gains tax and negative gearing concessions, which is all part of Labor’s long-term plan to replace Australian mum and dad investors with major foreign corporate landlords, who will reap the most generous tax concessions available.

Labor wants to reduce taxes for their foreign corporate investor mates through the half-baked Build to Rent Scheme currently before the Parliament, yet simultaneously are pushing to increase taxes for Australian mum and dad landlords.

This Government has chosen to ignore the fact that many of Australia’s most valued, but lower paid workers – including nurses, teachers and police – are the primary beneficiaries of negative gearing.

By giving a tax cut to foreign fund managers for Build to Rent, Labor is taking Australia down the path of corporate housing, where corporate landlords own the Australian Dream. This warped model relies on Australians renting forever, rather than getting into home ownership.

Labor’s housing crisis is worsening by the day and plans to raise the costs of owning or renting a home is clear evidence that this Government is continuing its assault on both homeowners and renters.

This announcement is also seemingly a distraction from the fact that Labor is using every conceivable excuse to avoid building homes, as we’ve seen record low building productivity and approvals over the past two and a half years.

The only way to solve Labor’s housing crisis is to build more houses and tilt the scales in favour of first home buyers, because we already know that the only policies supporting first home buyers are the ones Labor inherited from the former Coalition government.

Ends