Changes to Australia’s property tax concessions could net $60bn over decade, crossbench senators say

David Pocock and Jacqui Lambie point to PBO modelling showing budget savings even while continuing existing owners’ capital gains tax discount

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Crossbench senators David Pocock and Jacqui Lambie have thrown down the gauntlet to Labor to reform property tax concessions by revealing changes that could net up to $60bn over a decade.

Changes to negative gearing and capital gains tax (CGT) concessions could make major savings for the federal budget even while allowing existing owners to continue to access a CGT discount, according to Parliamentary Budget Office modelling to be released on Tuesday.

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