Government Should ‘Firmly’ Focus on Boosting Housing Supplies: Treasury Secretary

Australian Treasury Secretary Steven Kennedy has said the government should focus on boosting supplies instead of implementing new taxation measures to address the current housing crisis in the country.
This comes amid the Greens’ push for the abolition of negative gearing and capital gain tax discounts, which they argue would help renters and first-home buyers.
Negative gearing occurs when the costs of owning an asset, including interest payments, are greater than the income it generates from rent, resulting in a loss.
Investors hope to offset these losses by making a profit when selling the property. These losses can be used to claim tax deductions against other sources of income, such as salary and wages….