politics
Labor-Greens Deal Passes Capital-Gains and Negative-Gearing Changes but Bars Super Funds from Housing Loans
The agreement permits Labor's housing tax measures to advance in exchange for an extended NDIS inquiry. Self-managed super funds will lose the ability to borrow for property purchases. A Senate vote is scheduled for 25 June.
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Labor and the Greens reached a deal on 23 June allowing the government's capital gains tax and negative gearing measures to pass parliament, Abc reported. Self-managed super funds are now prohibited from borrowing to purchase housing under the agreement. Labor consented to extend an NDIS inquiry to secure the Greens' support.
The legislation faces a Senate vote on Thursday afternoon, 25 June, after which it must return to the House of Representatives for final approval. Housing Minister Clare O'Neil stated that the central point of the NDIS reform will not change. She added that the overhaul remains important because the scheme is not serving its original purpose.
Social Services Minister Tanya Plibersek said people need to take a deep breath about falling auction clearance rates. The weighted average auction clearance rate across Australia over the past week was 47 per cent, levels not seen since the start of the COVID-19 pandemic. Treasury modelling indicates house prices will continue to grow, albeit more slowly, Plibersek noted.
