Labor’s Build to Rent Gives up on the Australian Dream

The Senate Economics Committee has inquired into Labor’s Build To Rent (BTR) bill.

This scheme would promote a “rent forever” approach where corporations take over the Australian Dream. In this nirvana for vested interests, BlackRock, Vanguard and Cbus will own Australia’s houses instead of the people.

It is a truly warped priority amidst a housing crisis. Rather than promoting broad based supply and helping first home buyers, Labor is worried about the interests of the super funds and fund managers.

In our dissenting report, we found the following about this BTR scheme:

1. It gives up on the Australian Dream;
2. It panders to special vested interests like big super funds and foreign fund managers;
3. It is not recognised as a priority for the frontline home building sector;
4. The tax cut is unnecessary to promote this type of activity; and
5. The Property Council itself says the bill won’t work.

US cities like Atlanta and Jacksonville see up to 25% of their rental stock owned by fund managers. We don’t want to see that in Adelaide or Hobart. The Australian Dream is about people, not institutions.

Our dissenting report recommends the Parliament vote against this bill. I urge the crossbench to consider our report.

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