Australian housing market struggles as capital gains tax concession costs $19 billion

The Australian housing market has faced significant challenges since the introduction of a capital gains tax concession in 1999. Median house prices in Sydney and Melbourne have surged by 575 and 450 percent respectively, outpacing wage growth and resulting in an average mortgage of $736,000. The tax concession is projected to cost the federal budget $19 billion.

Summary by Glance · SMH