Kate Chaney (Curtin, Independent) Share this | Link to this | Hansard source

In the past, reforms to how we tax property have been constrained by fears of political backlash, particularly following the 2019 federal election, but the political landscape has changed and the appetite for reform in my electorate of Curtin demonstrates this. Curtin has high rates of investment, property ownership, benefiting from the capital gains tax discount and negative gearing. Yet, in late 2024, when my office surveyed 370 constituents, three-quarters supported reform to both the capital gains tax and negative gearing systems. In November 20205, I undertook a community consultation with 240 participants, and two-thirds of those owned at least one investment property. The results were striking. More than 80 per cent supported reform to the capital gains tax discount, and more than 90 per cent supported reform to negative gearing.

Of course, in both instances, those who chose to participate may have been more open to reform, but the overwhelming support shows that community views have evolved as the housing crisis has worsened. This is driven by a fundamental belief that came through strongly in the consultations. Housing should be treated as a necessity, not as an investment for building wealth. People want the next generation to be able to afford to buy a house to live in. The government must consider options for reform and must make these decisions based on the impact on housing affordability, intergenerational equity, budget sustainability and productivity, not politics.