<div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Australia's peak union body has used a federal Senate inquiry to argue giving landlords tax discounts is hurting everyday workers.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The Australian Council of Trade Unions (ACTU) is calling for an overhaul of capital gains tax concessions on </span><a href="https://www.9news.com.au/property" rel="" target="" title="property "><span>property</span></a><span> to "help drive a fairer housing system".</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>ACTU President Michele O'Neil told a Senate inquiry into the tax break the current tax discount "privileges professional landlords and hurts working Australians who are being priced out of home ownership".</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><span> </span><a href="https://www.9news.com.au/national/donald-trump-tariffs-aussie-meat/a95f76b5-8c2e-4610-b57a-4c6fb6a9ada7"><strong><span>Trump tariff hikes to hit some Aussie meat products</span></strong></a><span></span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"Australian workers need a tax system that doesn't reward wealth more than it does work," O'Neil said.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"Too many workers can no longer afford to live near where they work, leaving them stuck with long and costly commutes and less time to spend with their families.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"Under our proposal to scale back the CGT discount, a first-time home buyer would be more likely to win out against professional landlords and be able to get into home ownership.</span></div></div><div><div class="OUTBRAIN" data-reactroot="" data-src="//www.9news.com.au/national/capital-gains-tax-changes-union-landlord-rentals/33dd7d40-5054-41cf-8739-ae386c37e034" data-widget-id="AR_5"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE:</span></strong><span> </span><a href="https://www.9news.com.au/national/chris-baghsarian-police-search-turns-to-glenorie-bushland/d43cafd9-53ed-44e2-b9e7-275eb3d90441"><strong><span>Torched car forensically linked to crime scene in search for kidnapped grandfather</span></strong></a><span></span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"We need these changes now because a growing number of workers may never be able to save enough for a deposit while accelerating rents and house prices outpace the money they can save each week."</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The ACTU wants the CGT discount scaled back from 50 per cent to 25 per cent, saying the discount "has become a tax minimisation scheme allowing the very rich to pay lower rates of tax by investing in the property market".</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Its submission to the inquiry also calls for restrictions on negative gearing tax breaks.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE:</span></strong><span> </span><a href="https://www.9news.com.au/national/crime-border-force-officials-foil-attempts-to-smuggle-75-million-worth-of-ketamine-into-australia/81de7728-e15d-4492-91fc-cd49a33f3d34" rel="" target="" title="Christmas ornaments part of alarming $75 million trend at Australia's borders"><strong><span>Christmas ornaments part of alarming $75 million trend at Australia's borders</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>It wants both concessions limited to only one investment property.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Speculation is growing about </span><a href="https://www.9news.com.au/national/capital-gains-tax-discount-parliamentary-budget-office-analysis/4fc12d1b-e962-401e-b1ba-0b15d68ba03b" rel="" target="" title="whether the government will overhaul the CGT discount"><span>whether the government will overhaul the CGT discount</span></a><span> for investment properties as the centrepiece of the May 12 federal budget.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The 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" target="_blank" title="NSW Treasury calling for reform"><span>NSW Treasury calling for reform</span></a><span> due to the damaging effect it says it has on housing affordability and home ownership.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>A report claims 24,000 millionaires accounted for almost half the beneficiaries of the controversial tax break.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Oxfam Australia 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"><strong><span>READ MORE:</span></strong><span> </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="Government not ruling out capital gains discount reform amid reports $23 billion tax break could be overhauled"><strong><span>Government not ruling out capital gains discount reform amid reports $23 billion tax break could be overhauled</span></strong></a><span></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" 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>Greens Senator Nick McKim, who is leading the 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"><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>