Housings shortage Australia
There is no doubt that there is a housing affordability crisis in Australia. Rents are high, people are living on the street and some people have lots of housing property for investment. As the situation is current, housings are for investment but it should be houses are for living for security and safety. We need to implement the above principle of housing for the living. We need to look at supply versus demand. Because of the negative gearing and capital gain tax, the property has become more appealing to investors. Migration plays a role too there are 200 000 people entering the country in a year and there is 2 million working visa issued in Australia. In terms of population growth, Australia is one of the fastest-growing countries in the western world.
To bring back houses for living we need to:
To have an acceptable level of migration. That is why I am aloud for a chapter on this website to ask people what they want for the future in terms of population. A referendum on population growth. You can not be an island with 24 000 people in an overpopulated world.
Tax the property which are not rented. Already in Victoria but not applied yet.
Tax 7% the properties of overseas owners.Again it is applied in Victoria.
Instead of stamp duty include a land tax
Increase the allocation of social housings already mentioned in Victoria and the federal opposition members.
Remove the capital gain tax for investors to move away from investing in houses to investing in business.( when you sell a house and make a profit you only pay 50% of the tax)
Negative gearing . When an interest from a loan exceeds what investors pay in rent, a tax is offset by the loss of investment. Negative gearing reform so investment interest of a property can only be deducted from taxable income from other investment in that year. Making property less attractive to investment. Return to the first page https://thepeoplewhocaremovement.org