Australia's Property Tax Breaks Cost $200B, Benefit Wealthiest

0:00Sydney's story is making news on March 12. New research reveals that Australia's property tax breaks, including the 50% capital gains tax discount and negative gearing, will cost the federal, budget over 200 billion this decade. These concessions mostly benefit investors in the wealthiest areas, with costs rising from 15 billion annually now to 24 billion by the mid to 820s. A study by the Australian Council of Social Services found that 1-5th of the 23.5 billion in yearly capital gains tax benefits goes to just 5. Sydney electorates Meanwhile, analysis from the parliamentary budget office prepared for the Greens shows high-income earners grab most of the gains, like those, earning over 102,000 taking nearly 6 billion this year alone. Experts argue these breaks deepen inequality and inflate house prices, locking out first home buyers. ACOSS CEO Cassandra Goldie called it a waste that could fund social housing and essential

1:02services instead. Greens housing spokesperson Barbara Polcock backed this, urging the government to redirect billions into public housing and reduce investor-driven inflation. The top 10 wealthy electorates in Sydney, Melbourne, Brisbane, and New South Wales of Southern Highlands claim a third of the benefits, including seats, hailed by teal independence. In contrast, the bottom 10 mostly labor areas in places like Adelaide, Perth, and the Northern Territory get less than 2%. Treasurer Jim Chalmers is considering tax changes in the May budget to boost productivity while teal MPLAB spenders white paper advocates, reforms to fund a 30 billion yearly income tax cut. A green Senate inquiry into the capital gains concession reports next week, and former Treasury Secretary Ken Henry says scaling back wouldn't harm. Rentals, it could help owner occupiers break in. Thanks to our sponsor for helping bring you this episode. If sleep podcasts are your thing, this is your pillow, bill for comfort and calm,

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