Australia Says Tax Changes Aim to Fix Broken Housing Market

Australia’s Treasurer Jim Chalmers on Sunday reiterated that overhauling the nation’s capital gains tax laws is aimed at fixing a broken housing market.

The current tax system favors housing over other assets, which has driven up prices and pushed young people out of the market, Chalmers told the Australian Broadcasting Corp.’s Insiders program. He added that this has also made Australian shares relatively less attractive over time.