Housing industry leaders urge Coalition not to block 80,000 new homes
Shadow Minister for Housing Andrew Bragg announced on July 29 that the Coalition will table a motion to disallow changes to the Labor Government's build-to-rent scheme.
The proposed changes would see tax cuts provided for foreign investors.
Mr Bragg said the Labor Government's proposed tax reforms did not align with 'The Australian Dream' and argued that it went against the national interest.
'Labor's foreign investor tax cut promotes the Australian nightmare of lifelong renting over the Australian dream of home ownership,' he said.
'Labor's obsession with foreign landlords and big super taking over Australian housing once again prioritises vested interests over Australia's national interest.
'The Australian Dream is about people – not corporations.'
Mr Bragg said the Coalition's priority is for Australians of all ages to own their own home.
'While the Coalition strongly supports foreign investment, it needs to fit with Australian culture and expectations,' he said.
'Labor should … be working with the home building sector to turn around the slump in housing construction which has coincided with the largest population surge since the 1950s.'
Property Council of Australia chief executive Mike Zorbas opposed the Shadow Minister's motion, saying members of parliament had an obligation to prioritise the supply of new homes to rent and buy.
'This is wrecking ball policy,' he said. 'The main game, the only game in Australia right now, should be the rapid supply of new housing … we need to make owning a home as easy as we can.
'Equally, people need different housing choices throughout the stages of their lives.'
Mr Zorbas said the supply gap for housing was 'huge', with the nation building homes half as quickly as it was in 1995.
'Australians expect the Parliament to pull every supply lever we can to make homes less expensive for people who need to buy or rent,' he said.
'Threatening to knock out 80,000 new rental homes will directly raise the cost of new homes for everyone in the market.'
Urban Taskforce Australia CEO Tom Forrest said the Opposition's disallowance motion was 'a throwback to the failed housing policies of the Dutton leadership' and 'should be ignored'.
'The Liberal Party is taking an ill-conceived, ideological stance, made worse by a none-too-subtle xenophobic attack on foreign investment,' he said.
'Australia needs all the investment it can get when it comes to housing supply.'
Mr Forrest said when it came to housing, people benefitted from the construction of both build-to-sell and build-to-rent dwellings.
The Coalition's announcement comes three days after developers apt.Residential confirmed that it had secured three prime development build-to-rent sites in Bondi Junction, set to provide a proposed 900 apartments.
The developer also purchased a lot for a build-to-rent site in Ultimo back in May.
Mr Bragg said the Coalition 'invites a serious debate about the government's housing record in the Senate and we seek the chamber's support for our disallowance motion.'
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