Australian Property Tax Reform Passed, Tightening Tax Benefits for Investors

According to Golden Ten Data on June 25, citing foreign media reports, the Australian government has successfully pushed parliament to pass tax reforms in the real estate market, betting that these reforms will make housing more affordable for young Australians. The revised bill by the Labor government had previously passed the Senate and was approved by the House of Representatives on Thursday. The legislation limits tax incentives for investors in existing housing stock and raises the capital gains tax, aiming to reduce the influx of investors into the market—a surge that often crowds out first-time homebuyers. Treasurer Chalmers stated, “We are taking action because doing nothing would condemn another generation to the old patterns, locking them out of the housing market.”