Responding to, and empathising with, T Bialkowski’s lament (CW 26 May 2022, p16) regarding obscene and unconscionable house prices young generations are confronted with, the following policy reforms could and should be adopted: Negative gearing tax concessions on residential investment properties be limited to one property per tax payer; Tax deductibility on mortgage interest payments for first home buyers.
Not a silver bullet or panacea response to this national housing emergency, but could significantly improve housing affordability for first home buyers; with latter reform being fairly (and largely?) paid for by limiting negative gearing tax concessions, and reducing 2024 Stage 3 Tax Cuts for high income earners.
PS. Perhaps newly elected Independent Senator Pocock* might give this a push along.
*Editor’s note: At time of going to press, the second ACT Senate seat had not been declared.
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