Labor's Tax Changes Lead to Minimal Increase in New Homeowners Amidst Low Clearance Rates
In Australia, Labor's recent tax changes aimed at addressing intergenerational inequity have resulted in a minimal increase in new homeowners, according to Sky News Australia. The national clearance rate for home auctions remains below 50% for the tenth consecutive week, indicating a sluggish property market. The tax changes, which include restrictions on negative gearing and the removal of the 50% capital gains tax discount, were intended to help 75,000 new homeowners enter the market over the next decade. However, the impact has been described as 'miniscule' compared to the overall downturn in the property market.