Meriton’s Harry Triguboff warns government housing policy is ‘choking both buyers and builders’
Meriton’s CEO Harry Triguboff criticized Australia’s housing policy as stifling both buyers and builders, warning proposed changes like negative gearing restrictions and capital gains tax adjustments could reduce property investment and increase rents. Industry experts, including Century 21’s Charles Tarbey, argue government debt solutions focus on tax hikes rather than spending cuts, risking higher costs and delayed housing supply.
Australia’s largest apartment developer, Meriton’s Harry Triguboff, has condemned the government’s housing policy for ‘choking both buyers and builders,’ calling for urgent reforms. He argues current policy settings fail to address rising costs and deter investment, while proposed changes—such as curbing negative gearing and altering capital gains tax—will penalize small investors and force landlords to raise rents. Triguboff emphasized that federal and state governments, alongside the RBA and APRA, must collaborate to boost housing supply. He criticized the government’s reliance on tax hikes to manage debt, warning this approach will worsen the crisis by making property less attractive as an investment. ‘The government refuses to understand building costs,’ he said, adding that past policies have led to undelivered or overpriced housing. Century 21 owner Charles Tarbey echoed concerns, stating governments are discouraging real estate investment through proposed tax changes. He predicted higher rents and reduced property values, noting that decades of poor policy control have already strained the market. Tarbey, with five decades in property, warned that without incentives for private enterprise, housing supply will remain stagnant. The federal budget’s potential reforms include restricting negative gearing (with exemptions for new homes) and partially grandfathering the 50% capital gains tax discount. Prime Minister Anthony Albanese dismissed abolishing the CGT discount in May 2024, but speculation persists about reverting to pre-1999 tax rules. Triguboff urged the government to abandon unrealistic housing targets and instead support private sector solutions to improve affordability and supply. Industry experts agree that without policy adjustments, property investment will decline further, worsening Australia’s housing crisis. Triguboff’s warnings highlight the tension between government debt management and the need for sustainable housing solutions, leaving the future of the market uncertain.
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