During a recent address at the National Press Club, Greens leader Adam Bandt expressed his commitment to addressing Australia’s housing crisis, attributing the issue to “political bastardy” from past leaders, particularly former Prime Minister John Howard. Bandt condemned Howard’s 1999 decision to halve capital gains tax, which he believes has exacerbated the affordability crisis by allowing investors to acquire multiple properties, resulting in house prices soaring to eight times the average income.
In a passionate appeal, Bandt urged that a minority Labor government should prioritise reforms such as changing how negative gearing works and limiting capital gains tax discounts to only one property per person. He asserted that if no action is taken, rents will continue to rise, making housing increasingly out of reach for young Australians. Bandt echoed concerns previously raised by former Treasury Secretary Ken Henry, highlighting that the policies of successive governments have hindered the prospects of the younger generation.
Additionally, he warned that external factors, including the ongoing trade war led by former US President Donald Trump, could further destabilise the housing market. Bandt stressed the urgency of reform, framing it not just as a political issue but as a matter of fundamental survival for future homeowners and renters. He proposed that significant tax benefits should be removed from wealthy property investors while protecting less affluent individuals who own a single investment property.
As he concluded his address, Bandt took a moment to critique Trump’s leadership, labelling him as one of the “powerful losers” whose actions are detrimental to the global landscape. His speech, while laced with moments of humour, reflected serious concerns about the future, urging Australians to stay resilient amid uncertainty.
In summary, Bandt’s address called for urgent reforms in housing policy, criticising the legacy of past administrations, particularly regarding capital gains tax, while also stressing the impending challenges posed by international economic dynamics. His message resonated with many, affirming that the public’s anxieties over housing affordability are shared and acknowledged.