2 / 6 People's Commission into the Housing Crisis (Organisational Submission) Q11 Describe the flow-on impacts of the housing crisis in the context of your organisation’s work. [...] The lack of social housing available for low-income households: A key driver of this crisis is the federal Government’s declining investment in the direct provision of housing over the past three decades. [...] At the same time, expenditure on subsidies for renters in the private sector has expanded, with the Federal Government now spending more on Commonwealth Rent Assistance (CRA) payments than payments to the states and territories through the National Housing and Homelessness Agreement, the primary public housing funding arrangement. [...] Housing financialisation and the decline of home ownership: A suite of policy decisions has encouraged the positioning of housing as a tradeable asset and investment vehicle, rather than as a home. [...] This has included financial deregulation in the 1980s and 1990s, allowing prospective investors to borrow larger amounts in pursuit of a growing property portfolio, the operation of negative gearing and the introduction of a discount on Capital Gains Tax (CGT) paid upon the sale of assets, including investment properties, in 1999.
- Pages
- 6
- Published in
- Australia
