Greens ramp up pressure on ‘property investor prime minister’ over negative gearing

The Greens have again taken aim at Anthony Albanese over his government’s stand on a key tax benefit for property owners.

Anthony Albanese has been blasted as the “property investor prime minister” who doesn’t “seem to understand the pain people are feeling right now” over his refusal to budge on negative gearing.

The Greens and the government have been at loggerheads on housing for months, with both accusing the other of refusing to negotiate on key government bills aimed at targeting the housing crisis.

Greens housing spokesman Max Chandler-Mather said on Thursday “millions of Australians” had “given up hope” of ever buying a home.

But he said that could change if negative gearing and the capital gains tax discount were phased out.

“If we phase out those discounts, they’ll finally have a chance to go and buy a home and build a good life,” Mr Chandler-Mather told reporters.

Greens housing spokesman Max Chandler-Mather says ‘millions of Australians’ have given up on ever buying a home. Picture: NewsWire / Martin Ollman

Mr Chandler-Mather said there had been a 35 per cent increase in property investors buying up real estate over the past year.

“They’re doing it with billions of dollars in tax handouts from a property investor prime minister who still doesn’t seem to understand that the pain of people feeling right now,” the Greens MP said.

“He should talk to his own Labor MPs, talk to the Liberal MPs who are now wanting to see the government shift on negative gearing and the capital gains tax discount.

“Talk to the majority of Australians who want to see changes to negative gearing.”

The Prime Minister has said his government is not considering changes to negative gearing, which allows property owners to offset losses on rental properties, despite reports Treasury was producing modelling on potential changes.

“The issue with negative gearing is one of supply,” he told reporters on Thursday morning.

“Will it add to supply or will it decrease supply? The figures and research that has been produced by organisations like the Property Council indicate that it would reduce supply and therefore not contribute to solving the issue.

“And that’s the issue. We just want to get on with our plan of building more homes.”

Prime Minister Anthony Albanese appears to have slightly softened his position on changes to negative gearing. Picture: NewsWire / Martin Ollman

Both the government’s Help to Buy and Build to Rent bills failed to get through the Senate last week, with the Coalition firmly against the legislation and the Greens saying the bills do not go far enough.

The hold up has frustrated Mr Albanese and his cabinet.

However, the Greens’ refusal to back the legislation could also come back to bite them, with more than half of their voters wanting parliament to pass both bills, according to a recent poll.

In apparent rhetoric thaw, Mr Chandler-Mather said his party did not “expect to get everything” in negotiations with the government.

“It remains the case that the Greens are ready to negotiate with Labor on a plan that will tackle the scale of the housing crisis,” Mr Chandler-Mather said.

“We don’t expect to get everything that we want, but we won’t just allow Labor to ram through a housing bill that will drive up house prices and make the crisis worse.”

Originally published as Greens ramp up pressure on ‘property investor prime minister’ over negative gearing