Labor wants to increase capital gains tax by 50%. This would give Australia one of the highest capital gains tax rates in the world. This would not only affect housing, but other investments such as shares and other assets.
Under Labor, Australia’s capital gains tax would be much higher than comparable countries, like the US, Britain, Canada, New Zealand, Japan or Germany.
Each year, around 900,000 Australians make a capital gain on an investment.
The independent Centre for International Economics estimates this would: