Government tax reform faces uncertainty before official rollout begins ?

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The Albanese government may need Greens support to pass its major housing tax reforms, but the minor party says the changes do not go far enough.

Greens Senator Barbara Pocock said a parliamentary inquiry into housing inequality heard strong evidence that younger Australians are still being locked out of the property market, while older generations continue to benefit from existing tax settings.

Last week’s federal budget proposed changes to negative gearing and capital gains tax concessions in an effort to improve housing affordability and reduce generational inequality.

Treasurer Jim Chalmers defended the reforms, saying the government made “difficult decisions” aimed at helping younger Australians enter the housing market over time.

While Labor is expected to pass the legislation in the House of Representatives, it will need support from either the Greens or the Coalition in the Senate.

Opposition Leader Angus Taylor has already pledged to oppose and repeal the reforms if elected.

The Greens have not confirmed whether they will back the legislation, saying they want to closely examine the details first. Pocock described the reforms as “a small step in the right direction” but argued they still protect wealthy property investors more than younger buyers.

The housing inquiry is expected to continue hearing evidence from Australians around the country in the coming months.

Source : 9 News

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