Treasury Laws Amendment (Responsible Buy Now Pay Later and Other Measures) Bill 2024, Capital Works (Build to Rent Misuse Tax) Bill 2024

Sue Lines

I will now deal with the second reading amendment circulated by the Australian Greens.

Nick McKim

I can confirm that the Greens will be proceeding with the amendment on sheet 3223, which is the Greens second reading amendment.

Sue Lines

The question is that the second reading amendment in the name of Senator McKim, circulated by the Australian Greens, be agreed to.

Australian Greens ' circulated amendment—

At the end of the motion, add ", but the Senate:

(a) notes that:

(i) rents have skyrocketed by 53% since 2020,

(ii) housing prices have increased by 46% since 2020,

(iii) the shortage of social and affordable housing is projected to increase under this Government from an already unacceptable high of 750,000 homes,

(iv) over the next 10 years the Federal Government will give $176 billion in tax handouts to property investors through negative gearing and the capital gains tax discount, and

(v) by comparison, this Labor Government has committed to zero dollars of new ongoing direct spending on public housing, and just $500 million a year for social housing through the Housing Australia Future Fund; and

(b) calls on the Government to

(i) implement a phase-out of negative gearing and the capital gains tax discount,

(ii) coordinate through National Cabinet the introduction of a 2-year freeze on rent increases, followed by an ongoing cap on rent increases,

(iii) establish a government developer to directly build hundreds of thousands of good quality homes over the next 5 years to be rented and sold for low cost,

(iv) invest in a mass build of public housing to clear the waitlists, and

(v) ensure that no new tax concessions go to property developers unless 100% of the homes they build are genuinely affordable, based on tenant income".