Working and middle class families are increasingly being priced out of the housing market. Ownership rates for young people aged 25-34 have spiralled downwards in recent years from 60% to 48%. Young people are being forced to take on levels of debt unimaginable just a few decades ago.

With first home buyers making up just 1 out of 7 of all home purchases, we have to do better. It’s well and truly time someone did something about making housing more affordable in Australia. That’s why Labor has announced a policy that will help level the playing field for first home buyers competing with investors.

Labor will reform the capital tax discount effective from 1 July 2017, a policy which will help put the Australian dream of home ownership back within the reach of middle and working class families.

Australia aspires to be a fair society and we expect our tax system to align with this aspiration.

Ultimately, a dollar of tax avoided by high income Australians is an extra dollar of tax paid by all other Australians.

Labor is committed to ensuring that the tax system is fair for all Australians.