The data, released by Oxford Economics Australia and commissioned by the Construction Forestry Maritime Mining and Energy Union, showed an investment above $500bn would be needed to close the gap by 2041
The CFMEU is demanding a Greens-style super profits tax designed to raise more than $500 million within the next two decades to fund the construction of almost 1 million homes.
Tom Elliott has questioned the practicality of a new tax proposal from the CFMEU that would fund the rapid construction of social and affordable housing.
One of Australia’s most powerful unions wants the government to impose a ‘super profits’ tax on big businesses to pay for social and affordable housing.
The report forecast an economy-wide super profits tax would raise an average $29bn a year, enough to build the estimated 750,000 shortfall in social and affordable housing stock by 2041.
Mr Smith said more than 750,000 dwellings were desperately needed in Australia and it would cost more than $500 billion to close the gap, which would be comfortably covered by a super profits tax.
Research commissioned by the union showed the government’s proposed Housing Australia Future Fund would not meet the number of homes needed.
Australia’s national housing crisis could be fixed should Labor agree to adopt a wild new pitch to overhaul taxes.
Homelessness Australia CEO Kate Colvin says more housing is needed for women and children’s safety as the private rental market vacancy rates hit a record low.
An increasing number of Australians are having to carry out a desperate act in order to have a safe place to live as housing costs surge.