Like many people of his generation Chris Harpur has reaped the benefits of booming property prices. And he is well aware that many young people would kill to own a place like his.
Last year, with property prices falling, the Labor Party went to the federal election pledging to wind back two of the most contentious tax perks for property owners: negative gearing and discounts on capital gains tax.
Former economic adviser to the Gillard government, Stephen Koukoulas, said the rejection of Labor's planned changes at the last election would make it harder for all political parties to propose tax reform in the future. "It's very easy to create a scare campaign when people are looking to either withdraw very, very favourable tax treatment on particular investments, or they propose ideas that are going to make housing more affordable," he told 7.30.
"For owner-occupiers, any gains they have in their property are tax free. So this incredible lift in house prices, the 'OK Boomer' set who bought their houses 30, 40, 50 years ago, had multiple increases in the value of their property. It's all tax free."
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