Capital gains tax review has support from two major banks


Two of the country’s big four banks say changes to capital gains tax should at least be considered to help reduce property demand and assist with affordability.

The Turnbull Government is divided over whether to reform capital gains tax, with some comments from them seemingly ruling them out, and others appearing to suggest changes are being investigated and are still on the table.

The Commonwealth Bank and ANZ chiefs, Ian Narev and Shayne Elliott respectively, say all options should be looked at.

“It’s important we look at all supply-side and demand-side characteristics,” Mr Narev told the ABC.

“We shouldn’t be picking up policy A or policy B and saying ‘let’s change it’.”

“We should be taking an integrated look at housing supply and housing demand and working out what is the set of policies that is going to help everyday Australians reach their dream and their right, which is to own a home.”

Among the options being looked at are a simple reduction in the 50 per cent CGT discount, or a phasing in of the discount, where owners would have to own the property for a number of years before qualifying for the full concession, instead of the 12 months it currently stands at.


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