The Australian Manufacturing Workers’ Union (AMWU) demands major changes to housing tax breaks that it says have made property into a wealth hoarding tool and worsened inequality. The union wants the 50% capital gains discount phased out over two years for investment properties and negative gearing essentially stopped. It suggests replacing the current 5% home deposit scheme with one letting renters use part of their rent to buy a home. The AMWU’s calls come in a submission to a Greens-led Senate inquiry reviewing the capital gains tax discount introduced during John Howard’s era. The Australian Nursing and Midwifery Federation also backs ending the discount, warning it worsens housing affordability and inequality. Past Labor governments tried to cut these breaks but the current Albanese government prefers increasing housing supply instead. Treasury estimated the capital gains discount will cost $21.8 billion in lost revenue in 2025-26. The AMWU said, “The commodification of houses into a vehicle for accumulating and hoarding wealth has exacerbated inequality and allowed property developers, real estate agents and investors to profit from denying working people the dignity of home ownership.” It also wants the money from ending these breaks to support Australia’s modular housing industry. Compared to the broader call by the Australian Council of Trade Unions to limit the breaks to one property, the AMWU’s approach is stricter. The Greens also support limiting the breaks to one property. The Grattan Institute suggests cutting the discount to 25% phased in over five years, raising $6.5 billion annually to help the budget or rent assistance. In contrast, the Centre for Independent Studies opposes changing the 50% discount, calling it simple and fair. The Senate inquiry is expected to release its report by March 17.