Make housing affordable for young Aussies. Abolish Negative Gearing.
Make housing affordable for young Aussies. Abolish Negative Gearing.
The issue
The Great Australian Dream of homeownership has become a nightmare for young people. I want my daughters to have the same opportunities to buy a home as I did a few decades ago. But right now, my daughters are facing a lifetime of renting as they struggle to save for a house deposit, like most other young Aussies.
Negative gearing is locking out average Australians, and youngsters in particular, from entering the housing market. I’m calling on the Australian Government to abolish negative gearing to make housing more affordable.
A property is negatively geared when the expenses, such as interest and mortgage, are more than the income it generates yearly. Property owners can claim this cost as a deduction against their taxes.
While this policy of negative gearing may have been useful when it was initially introduced in 1985 as a temporary measure to kick-start the housing market from a slump, experts are now arguing that it’s being used by investors to snap up more than their fair share of properties, driving prices up for the rest of us.
For a growing number of young Australians now, getting into homeownership has become dependent on the bank of mum and dad. That is creating a divide in a society where you have generations of families in homeownership and generations of families that are not. Negative gearing is making the rich richer, and increasing wealth inequality in Australia.
The Grattan Institute modelling shows that abolishing negative gearing could not only bring property prices down, but also improve the situation for first-time buyers so that they can begin to outbid investors at auctions.
The challenge is that politicians on both sides of the house are scared to deal with the problem. Please sign this petition to demonstrate widespread support for a more equitable housing market.
I’m calling on the Treasurer, Jim Chalmers, to abolish negative gearing to make housing more affordable and help young Australians like my daughters to buy their own homes.
Please sign this petition to help fix the housing crisis.
12,095
The issue
The Great Australian Dream of homeownership has become a nightmare for young people. I want my daughters to have the same opportunities to buy a home as I did a few decades ago. But right now, my daughters are facing a lifetime of renting as they struggle to save for a house deposit, like most other young Aussies.
Negative gearing is locking out average Australians, and youngsters in particular, from entering the housing market. I’m calling on the Australian Government to abolish negative gearing to make housing more affordable.
A property is negatively geared when the expenses, such as interest and mortgage, are more than the income it generates yearly. Property owners can claim this cost as a deduction against their taxes.
While this policy of negative gearing may have been useful when it was initially introduced in 1985 as a temporary measure to kick-start the housing market from a slump, experts are now arguing that it’s being used by investors to snap up more than their fair share of properties, driving prices up for the rest of us.
For a growing number of young Australians now, getting into homeownership has become dependent on the bank of mum and dad. That is creating a divide in a society where you have generations of families in homeownership and generations of families that are not. Negative gearing is making the rich richer, and increasing wealth inequality in Australia.
The Grattan Institute modelling shows that abolishing negative gearing could not only bring property prices down, but also improve the situation for first-time buyers so that they can begin to outbid investors at auctions.
The challenge is that politicians on both sides of the house are scared to deal with the problem. Please sign this petition to demonstrate widespread support for a more equitable housing market.
I’m calling on the Treasurer, Jim Chalmers, to abolish negative gearing to make housing more affordable and help young Australians like my daughters to buy their own homes.
Please sign this petition to help fix the housing crisis.
12,095
The Decision Makers
Supporter voices
Petition created on 10 January 2023