Housing for the Aged Action Group (HAAG) congratulates the Albanese Government for taking the initiative to deliver much needed reform to negative gearing and the Capital Gains Tax Discount. It is a strong first step towards a fairer and more affordable housing market.

“This is a really good start towards shifting emphasis from housing as an investment, towards housing as a home. The revenue raised from winding back these incentives should be directly invested in increasing public and community housing stock” says Fiona York, HAAG Executive Officer.

“The Government must do more to address the housing crisis. We were disappointed to see there was no further funding committed to ensuring older people have secure, affordable housing, particularly older women struggling to survive in the private rental market.”

There are thousands of older people facing escalating rents – forcing them to make tough choices between paying the rent or putting dinner on the table, or between re-filling their prescriptions and turning the heater on when it gets cold.

“The anticipated gradual increase in owner-occupied housing alone is not enough to address the housing crisis. Increasing housing without addressing affordability will not assist many older people on low and fixed incomes.”

HAAG welcomes the $1.4 billion to improve affordability and access to home care supports, particularly fully funded personal care.  Too many older people, particularly those with high housing costs, have been unable to afford the home care supports they need.

Given the rising demand and the unreasonably long wait times, HAAG is disappointed to see no additional Support at Home packages were announced in this budget.  HAAG is also concerned by the cuts to the NDIS, particularly for older people with a disability who are not eligible for age care supports. For this cohort, NDIS supports can be a lifeline, without which many older people will be left stranded.

The continuing failure to increase income support payments such as Jobseeker Payment and the Aged Pension is deeply disappointing, particularly in light of the rapidly rising cost of living.

The majority of older people will not benefit from the personal tax measures announced – the $250 for Working Australian Tax Offset and the $1,000 instant write off – as they are either not in paid employment, or earn under the tax free threshold.

“The tax reform announced yesterday shows that the Government can take bold action. If the Government intends to meaningfully address inequality, then they should invest in public and community housing to ensure older people age in place.”