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Ryan Bridge: Jim Chalmers' Budget is hardly a recipe for affordable housing · Early Edition with Ryan Bridge

• 0:00
  Speaker 1: Give them an inch and they'll take a mile. That
• 0:02
  Speaker 1: is basically the message to anyone worried about a capital
• 0:05
  Speaker 1: gains tax in New Zealand. In Canberra last night, Jim
• 0:08
  Speaker 1: Charmer's budget was pitched as a rebalancing of intergenerational inequality.
• 0:14
  Speaker 1: Fewer young people own homes in Australia, so they've picked
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  Speaker 1: grandkids against grandparents and made tax changes to negative gearing
• 0:20
  Speaker 1: and capital gains. Negative gearing is where landlords make a
• 0:23
  Speaker 1: loss on their property your income your renters are less
• 0:27
  Speaker 1: than your expenses, and you claim the difference is a
• 0:29
  Speaker 1: tax deduction on other income it's a benefit. This, by
• 0:32
  Speaker 1: the way, is something they said that they wouldn't touch,
• 0:35
  Speaker 1: and now they have. Albanezian charmers ran an election campaign
• 0:39
  Speaker 1: say they wouldn't do this in the same way their
• 0:42
  Speaker 1: Kiwi labour colleagues claim their capital gains tax will be
• 0:45
  Speaker 1: limited in scope and scale. But what does it achieve.
• 0:49
  Speaker 1: The median cost of a Sydney house one point seven million,
• 0:51
  Speaker 1: the country median almost one million. That's more than Kiwi prices.
• 0:55
  Speaker 1: By the way, try by a house in Melbourne. Good luck, God,
• 0:58
  Speaker 1: speak to you reason and these changes are not going
• 1:01
  Speaker 1: to change the game for any young Australian or young
• 1:03
  Speaker 1: Kiwi flying the coup is simple. Supply as anyone with
• 1:07
  Speaker 1: a townhouse in West Auckland right now well knows the
• 1:10
  Speaker 1: fastest way to lower prices to build more of the things.
• 1:14
  Speaker 1: Supply and demand. It is basic. And these changes in Australia,
• 1:19
  Speaker 1: fewer homes will be built, not more Master bills Australias.
• 1:24
  Speaker 1: Is the number of homes built in future as a
• 1:26
  Speaker 1: direct result, will go down in the budget treasury. Charmer's
• 1:31
  Speaker 1: own treasury reckons thirty five thousand fewer homes will be
• 1:35
  Speaker 1: built over the next decade. And that is not a
• 1:38
  Speaker 1: recipe for rebalancing intergenerational inequality. If you ask me for more.
• 1:45
  Speaker 1: From Early edition with Ryan Bridge. Listen live to News
• 1:48
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• 1:51
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