In abandoning reforms to negative gearing, capital gains tax and tax cuts for the wealthy, Labor has sold out to the wealthiest and most privileged in Australia at the expense of those it is supposed to represent.
At the same time the nation’s biggest banks are tipping Sydney and Melbourne house prices will have risen 20% in 2021 putting home ownership out of reach of first home buyers.
The Labor Party’s appeasement of the wealthy stands in sharp contrast to the Democrats Affordable Housing plan:
- Fund construction of thousands of affordable new homes
- Change negative gearing to only apply to new housing
- Halve the Capital Gains Tax exemption
To add insult to injury, Labor is now supporting the $184 billion tax cut for the rich and scrapping proposed enhancements to dental and cancer care. These reckless tax cuts leave the budget in deficit for decades and threaten vital spending on housing, health, education, welfare, defence and the environment.
The Labor party might be shoring up its defences in preparation for the next Federal election, but it is increasingly difficult to tell the difference between the major parties.
We now have two Liberal Parties!
A sore point in the ranks: Inside Labor’s tax cut decision (The Age, 27th July 2021)
Tax cuts and housing tax breaks are a Budget Booby Trap (ACOSS, 27th July)
Federal Labor set to dump multibillion-dollar cancer and dental pledges (The Age, 28th July 2021)
Stage 3 tax cuts to cost $184 billion as decade of deficits looms (SMH, 28th July 2021)