Negative gearing reforms Labor was modelling last year would be back on the table in the event of a hung parliament as the Greens plan to push for the controversial tax change in exchange for their support.

In a significant political development, Greens leader Adam Bandt is set to announce the party's push for reforms to negative gearing and capital gains tax as part of potential negotiations with Labor in the event of a hung parliament. This comes at a time when housing affordability has become a critical issue in Australia, with Bandt indicating that reforms could help over 850,000 individuals transition from renting to owning homes. The Greens' strategy highlights the intensifying competition among political parties to address housing scarcity, particularly for the younger voter base represented by Gen Z and Millennials. Bandt's assertion that $176 billion in potential taxpayer contributions will be lost to tax breaks for property investors illustrates the party’s urgent call for action, aimed at redirecting support towards first-time buyers. The conversation around these reforms fits within a broader narrative of housing accessibility and equity within Australian society, especially in light of economic pressures stemming from global events. Bandt ominously cautions that upcoming financial trends, potentially exacerbated by international market fluctuations, could further disenfranchise renters and first home buyers. The political discourse will likely gain traction as various polls indicate the likelihood of a hung parliament, thereby positioning the Greens as pivotal in shaping legislative outcomes regarding housing. As we navigate the complexities of these discussions, it becomes clear that the intersection of economic policy and social justice is at the forefront of current Australian politics, necessitating intelligent debate and consideration of diverse perspectives.