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Housing boom driving Australian inequality

Media Release
Lee Rhiannon 3 Mar 2017
The Australian Greens have commented on an OECD report warning of a ‘rout’ in Australian house prices.
 
Greens Treasury spokesperson, Senator Peter Whish-Wilson, said that the OECD report confirms that “the big-four banks are creaming it.”
 
“CBA, NAB, ANZ and Westpac are all profiting off a housing boom that threatens to undermine the entire economy. And they’re doing it all with the benefit of government guarantees that they don’t have to pay for. This is a scandal.
 
“The government should take the OECD’s advice and reduce public liability for too-big-too fail.
 
“The government should also borrow to build for infrastructure. Doing this will help direct investment away from housing and help stop the creation of an ever more dangerous house of cards. As RBA Governor Phillip Lowe said just last week, infrastructure spending is good housing policy.”
 
Greens housing spokesperson Senator Lee Rhiannon said, “The housing boom in Australia has made the rich richer, while everyone else has lost out.
 
“The Turnbull government’s tax system is feeding the housing price surge, and yet they seem determined to do nothing. The time to act on negative gearing and capital gains tax reform is now. 
 
“But when we need reform they give us scare campaigns, and when we need leadership they give us empty rhetoric.”
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