Senate Sees the Light on Build to Rent Plan

I welcome the Senate’s vote to split off the Build to Rent tax concessions in Schedule 1 of the Treasury Laws Amendment (Responsible Buy Now Pay Later and Other Measures) Bill 2024.

As mentioned during the Senate Estimates spillover hearing

on Tuesday night

, this tax concession is solely designed to bolster foreign investment in Australian houses.

The Labor Government wants to give foreign fund managers a tax cut so that 150,000 houses will be owned by these managers.

Australians must not become serfs to foreign fund managers. The Australian Dream is not about foreign fund managers renting out houses to Australians.

This tax cut proposal is more evidence that Labor is focused on institutions, not individuals.

I am pleased the Senate understands this warped priority.

[Ends]