Property

'Boost affordable housing measures'

TAX breaks for housing investors - worth $5 billion over five years - should be abolished to help fund an $8.5 billion national program to improve housing affordability around Australia, according to Australians for Affordable Housing.

A campaign to create more affordable housing, led by AAH manager Sarah Toohey, has called for all state, territory and federal housing ministers to consider boosting measures to build more affordable housing.

The proposal, to create a new $1.4 billion fund to build at least 20,000 new low-cost rental properties each year, was released today.

The plan also includes a doubling of the existing national rental affordability scheme, to the tune of $1.1 billion over five years.

To fund the majority of the changes, Ms Toohey said, the two levels of government would need to change negative gearing and capital gains tax breaks as well as abolish stamp duty.

"Housing is the single biggest household cost in Australia and, over the last 25 years, housing costs have been taking a bigger bite of our household budgets - up as a proportion of spending by 41% in that time," she said.

"By contrast, we actually spend slightly less on energy bills than we did in 1984.

"Yet, while we hear increasing outrage about the burdens of power bills, political parties are not calling for similar action on our housing affordability crisis."

Ms Toohey also called for a Productivity Commission review of the Commonwealth Rent Assistance program and increasing the allowance to about $27 a week, costing the government $6 billion over five years.

Housing ministers from all states and territories will join Federal Minister Brendan O'Connor to discuss housing programs in a Council of Australian Governments meeting in Perth on Friday.

But while such proposals may be discussed during the meeting, they do not form part of the official agenda.

Housing Affordability Proposals:

  • Establish a fund for at least 20,000 new low-income rental properties each year. Cost: $1.4 billion over five years.
  • Double the number of property incentives under the National Rental Affordability Scheme. Cost: $1.1 billion over five years.
  • Change the tax breaks for housing investors, like negative gearing and capital gains tax discounts. Saving: $5 billion over five years.
  • Increase the current maximum rate of Commonwealth Rent Assistance to between $22 and $27 per week. Cost: $6 billion over five years.
  • Help state governments to abolish stamp duty and introduce a broad-based land tax.

Topics:  housing



Magic fun for all these holidays

BALLOON MAGIC: Magician and balloon twister Magic Jake Meurs at Grafton Shoppingworld entertaining kids on their school holidays.

Magic Jake to perform free shows at Shoppingworld this week.

Local league flier swoops on NRL opportunity

BURSTING THROUGH BARRIERS: Lower Clarence Magpies fullback Daine Laurie has opened up a pathway to the top echelon of Australian rugby league earning a contract with the Penrith Panthers Under 20s side.

Magpies' rising star Daine Laurie to link up with Panthers U20s.

Local Partners

Emily Blunt's (almost) singing career

Emily Blunt nearly became the British Britney Spears.

Angelina is blocking calls from Brad Pritt

Angelina Jolie has reportedly blocked Brad Pitt's number.

Apocalyptica 'seek and destroy' sceptics with 'master' set

Apocalyptica play Max Watts in Brisbane on their Shadowmaker Tour.

Review of final show of Apocalyptica's tour

Rebecca Hall doesn't own a TV

Newspapers, yes. Television, not so much

Jaime King 'terrified' by son's heart surgery

Jamie King was "terrified" when her son went in for heart surgery.

John Mayer's advice for Shawn Mendes

Shawn Mendes has revealed John Mayer gave him advice

Clarence Valley property prices go through the roof

Buyers are hungry to sink their teeth into the Clarence Valley

UPDATE: Former rodeo champ's sale rained out, now back on

Larkhill local Ken Consiglio is having an auction of most of the things on his property.

'People kept showing up and we had to turn them away'

Couple build their own 'tiny house' for $45k

Holly Bowen and Oli Bucher built their "tiny house" themselves, only hiring a plumber and an electrician. Photo/supplied

The house, which is built on a trailer and can be towed.

Sunshine Beach property breaks real estate record

The property overlooks Sunshine Beach, as the backyard lawn meets the sand.

Sunshine Beach mansion sale smashes real estate record

NEW HOME: Agents to the rescue for family of nine

RELIEF: Tanya Cone (middle) with her kids and McKimm's Real Estate property managers Regan Firth and Nadine Greenhalgh who helped find her family a home.

DEX article prompts property managers to help family find new home

SOLD: Historic hotel finds new owner

Post Office Hotel Grafton

Photo Adam Hourigan / The Daily Examiner

Pub in new hands and heading in a brand new direction