Greens Senator Barbara Pocock voiced concerns on the inaugural day of the inquiry into intergenerational housing inequality, highlighting that the current budget is set to perpetuate tax advantages for baby boomers, potentially sidelining younger generations from the housing market.
“The evidence is compelling. The housing gap between generations is significant and isn’t closing,” Pocock stated during a press briefing at Parliament House today.
“The budget changes introduced last week will only slightly address this vast intergenerational divide,” she added.
Treasurer Jim Chalmers acknowledged earlier today, saying, “I would be more surprised if we saw an uptick in the polls following the tough decisions made in the budget.”
He further explained, “Our goal isn’t to immediately sway opinion polls with our budget announcements. Instead, we’re focused on making a long-term positive impact on the housing market, especially for young Australians who have been excluded for far too long.”
Labor’s proposed changes are expected to pass easily through the House of Representatives, where they maintain a majority. However, success in the Senate will require support from either the Greens or the Coalition.
Opposition Leader Angus Taylor has already vowed to fight the changes and, if elected, repeal them.
The Greens have not yet stated whether they will support the federal government.
Pocock said the Greens will be “taking a very careful look” at the legislation when asked about the minor party’s stance.
“We’re yet to see the legislation on the capital gains tax discount and negative gearing,” she said.
“They are a baby step in the right direction.
“Unfortunately, they preserve benefits for very wealthy property investors and there are a range of things that could’ve been done which would’ve limited the locking in of that benefit that’s going mostly to baby boomers and really disadvantaging younger people.”
The Greens may also use their position to leverage Labor’s need for support to push through their own amendments.
The inquiry will hear from Australians across the country over the coming months. 
9news.com.au has contacted the Treasury Department for further comment.
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