Original article by Matthew Elmas
The New Daily – Page: Online : 2-Jul-24

Parliamentary Budget Office data has revealed that property investors received $85 billion in tax breaks over the decade between 2014-15 and 2023-24. The PBO also found that the cost of negative gearing and capital gains discounts will jump to $165 billion over the next decade, with tax breaks to property investors to be worth $22 billion a year by 20235. Australia Institute senior research fellow David Richardson claims that property tax breaks will continue to push up property prices, with Richardson noting things are "bad enough now; he notes the cost of a median house in Sydney is around 13.5 times annual average weekly earnings.

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AUSTRALIA. PARLIAMENTARY BUDGET OFFICE, THE AUSTRALIA INSTITUTE LIMITED