<div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>A new report claims 24,000 millionaires accounted for almost half the beneficiaries of a controversial tax break, as a </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="_blank" title="growing group of people call on the government to reform the multi-billion-dollar discount"><span>growing group of people call on the government to reform the multi-billion-dollar discount</span></a><span> ahead of the federal budget.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Oxfam Australia has found the thousands of people who made over $1 million in 2022-23 gained an average of $271,000 from the 50 per cent capital gains tax discount on profits from the sale of assets, likely property.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>It was almost 1500 times the benefit the average worker received, Oxfam research claimed.</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/national/ai-at-work-policy-termination-exclusive-poll/428a1505-b2e9-45e8-918d-14cdbe630b8a" rel="" target="_blank" title=""><strong><span>Aussie workers could risk losing their jobs with this AI blunder</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Oxfam Australia chief executive Jennifer Tierney said the CGT discount widens the inequality crisis by providing benefits to the country's wealthiest, as she called on the government to scrap the policy.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"Handing out billions through the capital gains tax discount is simply indefensible at a time when so many Australians are struggling," she said.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"This tax break overwhelmingly benefits a tiny group of already wealthy individuals, while ordinary workers pay tax on every dollar they earn.</span></div></div><div><div class="OUTBRAIN" data-reactroot="" data-src="//www.9news.com.au/national/capital-gains-tax-discount-24000-millionaires-pocketed-half-the-gains-oxfam-australia-finds/d08e4b7a-1814-460c-b697-654ecd3cd517" data-widget-id="AR_5"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"Ending the discount is one of the simplest and fairest ways to restore integrity and balance to our tax system."</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The Parliamentary Budget Office has estimated the </span><a href="https://www.9news.com.au/national/capital-gains-tax-discount-parliamentary-budget-office-analysis/4fc12d1b-e962-401e-b1ba-0b15d68ba03b" rel="" target="_blank" title="CGT discount will cost the country $247 billion in forgone revenue"><span>CGT discount will cost the country $247 billion in forgone revenue</span></a><span> over the next 10 years.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Their 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"><strong><span>READ MORE: </span></strong><a href="https://www.9news.com.au/national/sovereign-citizen-movement-serious-threat-for-australia-lowy-institute-warns/5c4c6d74-7015-4994-bd6b-2a6e90945c9a" rel="" target="_blank" title=""><strong><span>'Sovereign citizen' movement now a major security threat, warn experts</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The CGT discount has been blamed for driving up house prices and making home ownership even more difficult for renters and younger Australians.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Greens Senator Nick McKim, who is leading a Senate inquiry into the discount, has described the policy as the "most unfair tax rort in the country".</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 as part of the May 12 federal budget, after reports emerged the government is considering significant tax reform.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>A growing number of groups, including the NSW Treasury, have called on the government to follow through.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The Housing Industry Association joined that list today, warning that Australia's housing shortage is now a structural economic challenge.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"The 2026–27 Budget will be a test of whether housing supply is taken seriously," association managing director Jocelyn Martin said.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"The focus must be on stability, coordination and reforms that increase supply, not measures suppressing it."</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Polling commissioned by Oxfam Australia and conducted by YouGov has found 73 per cent of Australians are concerned about the widening inequality gap, with 68 per cent supporting investing additional tax revenue in poverty-reducing measures like housing and income support.</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" 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