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Tax credits the missing link in affordable housing crisis, economist says
Industry Super chief economist, Dr Stephen Anthony, has proposed that affordable housing tax credits could be the missing link in resolving Australia’s housing affordability crisis.
Anthony said the tax credits would allow institutional investors to write down or write off every dollar invested without impacting vital rate-of-return benchmarks upon which project viability often rests.
The national shortage of sub-market rentals and emergency housing is now 350,000, and in NSW and Victoria, 40 to 60 per cent of urban households are locked out of rental markets, he said.
Housing distress leads to homelessness, wage stagnation and welfare dependency - and the productivity loss levies an economic burden on all levels of government, Dr Anthony said.
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The Federal Court has fined Active Super $10.5 million for greenwashing misconduct, reinforcing the need for transparency in sustainable investment claims.
The government must prioritise tightening superannuation tax breaks and lowering the Division 296 tax threshold to $2 million, the Grattan Institute has urged, warning that current settings are unsustainable.
Draft legislation that will require super to be paid at the same time as wages has been released for consultation.
The median growth super option has fallen around 3 per cent since late January amid market volatility resulting from Donald Trump’s unpredictable policy moves, but the industry remains confident in long-term performance.
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