The Australian Treasurer reiterates that capital gains tax reform aims to fix the housing market.

According to Golden Ten Data on May 17, Australian Treasurer Jim Chalmers reiterated on Sunday that the purpose of reforming Australia’s capital gains tax system is to fix the failing housing market. Chalmers stated that the current tax system favors housing over other assets, which drives up housing prices and pushes young people out of the real estate market. He added that this has also made the Australian stock market relatively unattractive for a long time. This statement comes as the government faces criticism from the opposition, who claim Chalmers has broken his campaign promise of "not changing the housing tax system." Others have warned that this move could hurt Australia’s nascent startup investment sector and disrupt the investment strategies of high-net-worth individuals.