Housing
Background
The Leader of the Opposition cited an ANZ report predicting a significant fall in Sydney house prices, attributing the downturn to government tax policies.
Question
The member asked whether the Prime Minister would admit that changes to capital gains tax and negative gearing had negatively impacted homeowners, causing a severe housing market crash.
Answer from Anthony Albanese
The Prime Minister stated that budget measures aimed to assist young Australians entering the property market. He cited commentary from financial commentator Scott Pape, noting that house prices had risen significantly faster than wages due to previous tax settings. The Prime Minister explained that the reforms removed competition from investors using negative gearing, allowing first-home buyers to compete more fairly. He emphasized that the changes were designed to restore access to home ownership for those without family financial support, describing the previous system as broken and requiring repair.
Summary in reported speech - not a transcript. AI-generated, so check the source.