Jacqui Lambie's radical overhaul to rewrite the rules on real estate - and end ... trends now
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Independent senators Jacqui Lambie and David Pocock have demanded a crackdown on foreign ownership in a bid to ease Australia's housing crisis.
The crossbench senators are pushing the Labor government to implement changes to negative gearing and to reduce investment property tax concessions.
They said their proposed changes could net up to $60billion over a decade that could instead be spent on social and affordable housing.
The senators said they requested the Parliamentary Budget Office to examine five possible changes to capital tax concessions and negative gearing.
Jacqui Lambie (pictured) and David Pocock (pictured) are pushing the Labor government to implement changes to negative gearing and to reduce investment property tax concessions
The senators say their planned reforms would protect home owner's existing investments, while incentivising new housing supply
'We need to start making sensible changes,' senator Pocock told the ABC.
'The major parties don't want to talk about tax reform in a housing crisis - but we have to.'
The senators say their planned reforms include limiting capital gains tax discounts to investments and permitting property owners to maintain any existing arrangements.
They say this would protect current landlords, while aiming
