Capping tax breaks for housing could help reduce house prices and ensure that property is not concentrated in the hands of older and wealthier Australians, the OECD says.
Who benefits from housing tax breaks? Richer, older men
It said among OECD nations, including Australia, housing was the main asset for most households and "plays an even more important role for the middle class, with owner-occupied housing representing on average 60 per cent of middle-class wealth". His research found that more than 70 per cent of the CGT discount benefit goes to the top 10 per cent of households by income and almost 80 per cent of it goes to the top 10 per cent of households by wealth.Almost 80 per cent of the benefit went to those aged 50 and older. Only 12 per cent went to those under 40 and just 1 per cent for those under 30.
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