Changes to property tax breaks will be put on the table by the Greens as a deal-breaker in a potential hung parliament.
In an address to the National Press Club on Wednesday, Greens leader Adam Bandt will reiterate calls to scrap negative gearing and discounts to capital gains taxes for investors.
While the Greens have put forward the policies before previous elections, Mr Bandt said the measures would be a bargaining chip for party support in a possible minority government.
“If we don’t stop the bastards, house prices will get further and further our of reach, rents will continue to keep rising,” Mr Bandt will say.
“Imagine being a renter, armed with your life savings, rocking up to an auction knowing that wealthy property investor next to you gets a big fat cheque from Anthony Albanese and Peter Dutton.”
Polls have predicted a tight contest between the major parties, with a strong chance neither the coalition nor Labor gain the necessary 76 seats to form a majority.
Negative gearing allows investors to claim deductions on losses and the capital gains tax discount halves the amount of tax paid by Australians who sell assets that have been owned for 12 months or more.
Both Labor and the coalition have previously ruled out making changes to the concessions.
Under the Greens plan, the handouts would be subject to a grandfather clause to one investment property to protect ‘mum and dad’ investors, but the capital gains tax discount for all other assets would be scrapped.
“If you want to buy more than two investment properties, that’s your prerogative, but you shouldn’t expect a giant government cheque to help you buy your third, fourth or fifteenth house, while millions have none,” Mr Bandt will say in the address.
The party will also push for a freeze on rent prices as well as adding dental into Medicare, should the party be needed to form government.
Mr Bandt has ruled out working with the Liberals but insists the Greens will use its position to force Labor to act.
The minor party is hoping to wrest the Adelaide seat of Sturt from the Liberals alongside some of Labor’s inner-city Melbourne seats, while sandbagging three urban Brisbane electorates.
Australian Associated Press is the beating heart of Australian news. AAP is Australia’s only independent national newswire and has been delivering accurate, reliable and fast news content to the media industry, government and corporate sector for 85 years. We keep Australia informed.
