<div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>New figures have revealed Australian taxpayers will spend a quarter of a trillion dollars on a controversial tax break for the top one per cent, amid </span><a href="https://www.9news.com.au/national/capital-gains-tax-discount-australia-speculation-overhaul-federal-budget-2026/1fcd9f5b-370a-4045-a4c3-c00c4dbec466" rel="" target="" title="speculation the government will overhaul the policy"><span>speculation the government will overhaul the policy</span></a><span>.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Parliamentary Budget Office analysis commissioned by a Senate inquiry into the 50 per cent capital gains tax (CGT) discount found the concession will cost the federal budget $247 billion over the next 10 years - up from $21 billion this financial year.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The figure is more than the $205 billion the discount has cost since it was introduced in 1999 by the Howard government under then-treasurer Peter Costello. </span></div></div><div><div id="adspot-mobile-medium"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE: </span></strong><a href="https://www.9news.com.au/finance/bitcoin-crash-why-is-it-happening-cryptocurrency-explainer/6bbe33c6-d1b5-4d56-a38a-7eae95b12ae9" rel="" target="_blank" title=""><strong><span>Bitcoin loses half its value in crypto bloodbath</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The analysis also found the CGT discount is "highly skewed" towards higher-income earners, with Australia's top 10 per cent of earners accounting for about 82 per cent of the total benefit from the policy.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Within that bracket, the top one per cent benefited from almost 60 per cent of the savings.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Greens senator Nick McKim, who is leading the inquiry, claimed the CGT discount is driving up house prices and making ownership even more difficult for renters.</span></div></div><div><div class="OUTBRAIN" data-reactroot="" data-src="//www.9news.com.au/national/capital-gains-tax-discount-parliamentary-budget-office-analysis/4fc12d1b-e962-401e-b1ba-0b15d68ba03b" data-widget-id="AR_5"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"The evidence keeps piling up against the most unfair tax rort in the country. Every time you crunch the numbers, it just gets worse," he said.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE: </span></strong><a href="https://www.9news.com.au/national/capital-gains-tax-discount-australia-speculation-overhaul-federal-budget-2026/1fcd9f5b-370a-4045-a4c3-c00c4dbec466" rel="" target="_blank" title=""><strong><span>$23 billion tax break could be overhauled in matter of months</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"The capital gains tax discount has blown out into a quarter-trillion-dollar joke that overwhelmingly favours the super-wealthy, who have had it far too good for far too long.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"Labor cannot keep talking about a fair go for workers and fixing intergenerational inequality while defending the most unfair tax break on the books."</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Speculation is growing about whether the government will overhaul the CGT discount for investment properties as the centrepiece of the May 12 federal budget, as more Australians are priced out of the housing market and some groups back scaling back the reductions.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The Senate inquiry has received dozens of submissions, including one from </span><a href="https://www.9news.com.au/national/nsw-tells-federal-government-to-remove-capital-gains-tax/786d08ca-d34e-4178-a9e9-ee9e392a7000" rel="" target="_blank" title="NSW Treasury calling for reform"><span>NSW Treasury calling for reform</span></a><span> due to the damaging effect it has had on housing affordability and home ownership.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE: </span></strong><a href="https://www.9news.com.au/national/pub-tests-show-thousands-of-drinkers-ripped-off-over-drink-sizes/85131921-b40d-495c-803a-01ab9084cea0" rel="" target="_blank" title=""><strong><span>Thousands of pub goers risk being ripped off with drink sizes, report says</span></strong></a><span></span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><em><span>The Australian Financial Review</span></em><span> has reported the federal government is considering significant tax reform ahead of the federal budget in May, a claim that senior Labor figures have not categorically ruled out this week.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Treasurer Jim Chalmers has said the government is focused on tackling intergenerational inequality.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The Albanese government had previously steered clear of making changes to tax concessions for investment property owners, with Labor having lost the 2019 election after campaigning for a reduction to the CGT discount and negative gearing.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><em><span>NEVER MISS A STORY:</span></em></strong><span> </span><em><span>Get your breaking news and exclusive stories first by following us across all platforms.</span></em></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><ul><li><strong><em><span>Download the 9NEWS App here via</span></em></strong><span> </span><a href="https://apps.apple.com/au/app/9news/id1010533727" target="_blank"><strong><em><span>Apple</span></em></strong></a><span> </span><strong><em><span>and</span></em></strong><span> </span><a href="https://play.google.com/store/apps/details?id=nineNewsAlerts.nine.com&amp;hl=en_AU&amp;pli=1" target="_blank"><strong><em><span>Google Play</span></em></strong></a></li><li><strong><em><span>Make 9News your preferred source on Google by</span></em></strong><span> </span><a href="https://9.nine.com.au/8x987w" target="_blank"><strong><em><span>ticking this box here</span></em></strong></a></li><li><strong><em><span>Sign up to</span></em></strong><span> </span><a href="https://login.nine.com.au/edm?client_id=nineatnine" target="_blank"><strong><em><span>our breaking newsletter here</span></em></strong></a></li></ul></div></div>