The Turnbull Government has let down Inner West families on the key issue of housing affordability in last night’s Federal Budget.
Instead of addressing the big housing affordability issues of negative gearing reform and capital gains tax concessions, the Federal Treasurer Scott Morrison squibbed it.
The Budget was a missed opportunity by Mr Morrison to tackle negative gearing reform and capital gains concessions, both policies that favour investors over first home buyers.
Federal Labor backed by NSW Labor Leader Luke Foley has promised to limit negative gearing to new housing from 1 July, and halve the capital gains discount for houses bought after that date.
NSW Labor has already announced a number of housing affordability measures on its own, including a tax on properties left vacant for six months or more and lifting the foreign investor surcharges.
NSW Labor’s housing affordability plan prioritises first home buyers and renters, especially young families in the Inner West.
Quotes attributable to Shadow Treasurer Ryan Park
“Families across NSW will be waking up this morning and wondering what this Government has got against them.
“The measures announced are simply not going to be enough to address the housing crisis we have in NSW, despite many expert economists pleading with the Government to reform these generous concessions.
“If you are trying to buy a house then good luck you’re on your own. There is little in this budget that will level the playing field and help people get a toehold on the housing ladder.”
Quotes attributable to Jo Haylen, Member for Summer Hill
“The Inner West is fast becoming totally unaffordable for young families, renters and first home buyers. We have to act now to make sure our children can afford to buy and rent in our community.
“Building more million dollar apartments simply does not help. The Liberals 'supply only' approach is failing first home buyers.
“NSW Labor has a plan to deliver relief to local families and young people trying to enter the housing market. We will always put first home buyers first.”