As the Greens and Labor prepare for another housing battle over tax breaks for property investors, pressure is mounting on the minority party to lead by example as its own members’ housing portfolios come to the fore of attention.
The Coalition has scrapped its support for the government’s Help to Buy plan, meaning Greens support is needed for Labour’s shared equity plan to pass the Senate.
But the Greens are threatening to demand a bailout for the plan unless Labor commits to reviewing negative gearing and capital gains tax, something the government has ruled out.
Housing spokesman Max Chandler-Mather this week criticized the Prime Minister for owning $4 million worth of property, despite several of MP Griffith’s colleagues owning their own investment properties.
Labor sources say it is hypocritical for the Greens to demand the government take action on tax cuts and concessions enjoyed by many members of the minor party.
According to parliament’s register of interests, four of the Greens’ 15 members and senators own multiple properties.
Housing spokesman Max Chandler-Mather (pictured) this week criticized the Prime Minister for owning investment properties, despite several of MP Griffith’s colleagues being in the same boat.
Senators Mehreen Faruqi and Nick McKim own four properties each, while Senator Penny Allman-Payne owns two.
Brisbane-based Ryan MP Elizabeth Watson-Brown owns three, including an investment property in Brisbane and a holiday home in Hastings Point used only by herself, her family and friends despite the town’s soaring vacancy rate. city is less than one percent.
Under the Help to Buy scheme, which would last four years, 10,000 first-home buyers a year would be able to co-buy a home with the government.
Housing Australia would contribute up to 40 per cent of the value of a new home, or 30 per cent of the value of an existing home.
The Greens have openly criticized the bill, declaring it a “lottery” for the thousands of Australians trying to enter the housing market.
They said the government should instead focus its attention on reducing rewards for investors and use the savings to build more social and affordable housing.
As Help to Buy moved through the lower house on Thursday, Ms Watson-Brown said the Greens would remain firm in their demand for the government to take action, saying the tax breaks for investors were “unfair” when so many aspirational Australians struggled to break into the market.
“The Labor Party and the LNP have made it easier to buy a second home, a fifth home than a first,” he said.
‘The Labor Party and the LNP have given huge tax breaks and concessions to buyers of investment properties, ensuring that more people want to buy homes, massively raising prices for everyone and moving home ownership and affordable rentals further away from everyone, except for the very rich.
“Instead of a certain property becoming someone’s family home, it becomes a speculative asset for a wealthy investor.”
Assistant Social Services Minister Justine Elliot, whose electorate covers Hastings Point, said the Greens needed to “stop playing politics” and support the government’s plan (file image)
It is understood she rents out her Brisbane investment property to a family, while she has owned the Hastings Point holiday home for more than 14 years.
Assistant Social Services Minister Justine Elliot, whose electorate covers Hastings Point, said the Greens needed to “stop playing politics” and support the government’s plan.
“We need urgent action on the housing crisis, but the Greens’ decision to delay real progress is hurting real people,” he said.
‘The Greens delayed our affordable housing plan by six months. Now they are blocking our plan to help renters have the security of homeownership.
“It’s time for the Greens to stop playing politics and vote with Labor to get this done.”