A recent report has revealed that the majority of Australians don’t understand Labor’s proposed changes to capital gains tax and negative gearing, with a significant portion expressing wariness of the measures being adopted before their full impact is known.
The Housing Industry Association (HIA) commissioned JWS Research to survey voters across age groups, political leanings, and socioeconomic backgrounds.
“Australians are being asked to make a decision on a policy that will harm them directly, without fully understanding the consequences, or the policy objectives,” said HIA managing director Graham Wolfe.
“Because of this, most people (74%) believe there should be a review of the policy before any changes are made.”
The report showed that only 34% of Australians are aware of the changes suggested by Labor or have any idea at all how they would be personally impacted.
“HIA has always said that changes to negative gearing and capital gains tax for housing are bad policy,” said Wolfe.
“This research confirms how unpopular these changes are across all political persuasions,” with twice as many voters opposing the changes as supporting them.
According to HIA, 92% of current renters aspire to buy their own home.
Wolfe reiterated that if Labor’s changes are implemented, rents will rise, and renters saving towards a home of their own will be pushed further yet from their goal.
“These changes are anti-investment,” the managing director said.
“We can’t solve the housing affordability challenge by taxing housing. This policy seeks to do just that.”
