The Greens Treasury spokesperson, Senator Peter Whish-Wilson, provides the following comments on the release of HILDAs The Household, Income and Labour Dynamics in Australia Survey.
Senator Whish-Wilson said, “These survey findings won’t be a surprise for young people but they should be a wake-up call for the Government.
“These figures are catastrophic. No matter how hard young people are working or how much time they are putting into study, the ability of a young person to own their own home is slipping away.
“We hear a lot about class warfare in Australia but what we are now seeing is the beginnings of inter-generational warfare. Income and wealth inequality are now dividing Australia not just on class but also on generational lines.
“We need to urgently act to prevent this divide from getting worse. The Government’s inaction on negative gearing and capital gains discounts is directly subsidising wealthy older Australians to buy their second and third property at the expense of younger people.
“Cashed-up landlords keep outbidding younger housing hopefuls at auctions because the tax system is rigged towards them.
“The Greens are the only party who want to outright abolish negative gearing for purchases of any new or existing home, and to limit claims of people who are currently negative gearing to one property,” he concluded.