Labor and Greens Support
The latest Resolve Political Monitor poll shows Labor and Greens support rising slightly, but young Australians — who are driving that support — may be hardest hit by the parties’ own housing policies.
Labor’s primary vote rose one point to 31 per cent and the Greens gained two points, hitting a record 16 per cent. While the Coalition stayed steady at 36 per cent, dissatisfaction with Prime Minister Anthony Albanese reached 57 per cent, and preferred PM ratings fell again.
Albanese v. Dutton
“There has been no big divide between the parties,” Sky News commentator Danica De Giorgio said. “Voters are frustrated with Albanese, but they don’t know who Dutton is or what he stands for.”
The poll points to a possible minority Labor government, with the Greens potentially holding the balance of power. That possibility is raising alarm about key Greens housing proposals already being echoed by Labor — proposals likely to hurt the very voters supporting them.
Labor/Greens Raise Spectre of Harmful Policies
Negative Gearing
The first is the push to scrap negative gearing, something Labor already campaigned on in 2019 under Bill Shorten. That proposal was widely blamed for Labor’s election loss. Critics say removing the tax incentive would drive investors out of the rental market, shrink housing supply and put upward pressure on rents — all of which would hit younger renters hardest.
Governments can’t build or own enough homes to meet demand. They rely on private investors, who take on significant risk. Take away the incentive, and you take away the supply.
The construction sector would also take a hit. Meanwhile, many in government — including the Prime Minister — own multiple investment properties, raising concerns about hypocrisy and self-interest.
And who would be hurt most by removing negative gearing other than small investors? The young Greens and Labor voters, including single women, and single mothers.
Tax on Unrealised Gains
The second policy raising concern is a proposed tax on unrealised gains in superannuation funds, including those holding property. The tax would not be indexed and could affect funds on paper value alone, even if no income is realised.
Critics say that would add volatility to superannuation and damage long-term returns — affecting Australians young and old. Once confidence is lost, they warn, super could shift from a secure investment to a high-risk gamble.
Damaging Labor’s Legacy
Labor originally designed the superannuation system, but is now modelling ways to extract more money from it. Observers say the party risks undermining its own legacy.
With inflation and high interest rates already pricing out young home buyers, analysts say further interference in housing and super could trigger a backlash — especially if renters face rising costs and fewer options.
Young voters are propping up Labor and Greens — but may end up punished for doing so. They may have heard The Prime Minister talk about buying homes with a 5% deposit. What they don’t understand is the high risk they face if the economy falters. They also don’t understand that pulling the rug out from under the feet of investors could easily further destroy the housing market and hurt them more.
