Lobby group Urban Taskforce Australia has called on the Federal Government’s impending budget to support new infrastructure without bringing in punitive new property taxes.
According to Taskforce chief exec Aaron Gadiel, $30.6bn worth of city projects have been prioritised by Infrastructure Australia, but federal funding has so far been elusive.
"The Federal Government had previously made it clear that it was going to move beyond funding 'one-off' transport projects, to a more enduring commitment," said Gadiel.
"Just as the Commonwealth allocates a pool of money for health and education, it should be annually allocating a pool of money to fund the transport infrastructure our cities desperately need."
He went on to express concern that any new property taxes would only serve to add to Australia’s housing undersupply woes – as investors are an important source of funding for new home construction.
"We're concerned at reports that the Federal Government is considering a new vendor tax for property investors and restricting negative gearing for investors in multiple properties,” he said.
"Given that our national undersupply of housing now exceeds 200,000 homes, the government should be encouraging more investor participation in the residential property market, not less.”
Would a vendor tax and restrictions on negative gearing help to stabilise the property market, or would they punish hard working property investors unnecessarily? Join the debate at www.yourinvestmentpropertymag.com.au/forum
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