There are serious hurdles facing hundreds of thousands of Australians when it comes to buying their first home.
Labor is worried that the Australian Dream of home-ownership is slipping out of the reach of too many middle class and working class families.
- First home buyers make up just 1 out of 7 of all home purchases in Australia
- Ownership rates for young people aged 25-34 have spiralled downwards in recent years from 60% to 48%.
If we keep going like we are now, there’s a very real risk future generations of young Australians will be locked out of the property market forever.
The problem is, first home buyers are on an uneven playing field with other buyers such as investors. Malcolm Turnbull doesn’t understand this, but investors in Australia have an unfair advantage because they can access the most generous tax concessions on housing in the developed world. In fact, for the first time in history last year more than 50% of all new home loan approvals were for investment purposes.
The good news? Labor has a plan to put the Australian dream of owning your own home back within the reach of first home buyers like you who are competing with investors. We don’t want the let your dream of owning your own home vanish for you or your kids.
Our plan will reform negative gearing and capital gains tax to make sure the housing market works for all Australians. These reforms are about putting some fairness back into the housing market, and making improvements to the Budget bottom line.
These reforms are also good for our economy and will deliver $32.1 billion in savings which will help us to fund important reforms like Labor’s Your Child. Our Future, a plan to boost our schools for every child in every school across Australia.
Malcolm Turnbull and the Liberal-Nationals don’t know what it’s like to struggle buying your first home. If we want a housing market that works for first home buyers as well as investors, we need your support.
Will you add your name to hear more about this policy as it progresses and help put pressure on the government to do something about housing affordability in Australia?