Union calls for super profits tax to end housing crisis
The call comes ahead of today’s campaign launch at the National Press Club in Canberra
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The Federal Government should introduce a super profits tax to solve Australia’s housing crisis, one of the country’s largest unions has said.
The CFMEU, the main union for construction workers in Australia, commissioned research from Oxford Economics Australia to investigate the viability of using a super profits tax to address the nation’s social and affordable housing shortfall. The report found Australia needed 750,700 new dwellings to close the housing gap by 2041, which could comfortably costed by taxing excess earnings of corporate giants in Australia.
National secretary of the CFMEU, Zac Smith, will launch a campaign at the National Press Club in Canberra today, called End the Housing Crisis, Tax Super Profits and has called on the Albanese Government to commit to the new tax.
“The enormous scale of Australia’s housing crisis demands bold solutions,” Mr Smith said. “A super profits tax is the fairest way to raise the billions of dollars needed to guarantee every Australian has the basic right of shelter. Oxford Economics Australia has found we can close the yawning housing gap without discouraging investment or creating distortions in the market.”
He said such a tax would not affect 99.7 percent of businesses “because the tax only kicks in when corporations make astronomical profits”.
“The Federal Government has the opportunity to define its legacy as ending homelessness, boosting productivity and lifting millions out of poverty,” he said.
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For as little as $48,000, buyers can hold a three-bedroom luxury Eveleigh residence in Broadbeach, with completion not due until late 2028.
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Buyers eyeing Eveleigh Broadbeach no longer need to find a full deposit to lock in an apartment.
Using a deposit bond, purchasers can secure one of the development’s 94 premium residences for as little as $48,000, holding their apartment until completion in late 2028 without tying up hundreds of thousands of dollars in cash.
It’s a structure that’s already proving popular. Rather than a full cash deposit of 5 or 10 per cent, buyers pay a one-off fee for a deposit bond, a financial guarantee issued by an approved provider that provides sellers with the same security as cash.
If the purchase completes as agreed, the bond simply expires.
For buyers with sufficient assets but who would rather keep their money working for them, whether that’s an investment portfolio, proceeds from another sale, or savings earning interest, the deposit bond removes the pressure to find a lump sum upfront.
The apartment is secured, the cash stays liquid, and settlement isn’t due for more than two years.
Designed by Rothelowman and developed by Hirsch & Faigen, with construction by Maxcon, Eveleigh is a 30-level tower delivering just four residences per floor across two- and three-bedroom layouts.
Rather than traditional wraparound balconies, living spaces are brought directly to the glass, so the ocean horizon becomes part of the everyday experience rather than something viewed from behind a rail.
Residents will have access to a north-facing pool, hot and cold plunge pools, wellness facilities and indoor and outdoor entertaining spaces, along with a rooftop residents’ lounge offering panoramic coastal views.
The timing suits a market that isn’t slowing down. Broadbeach has recorded capital growth of 20 to 25 per cent year-on-year in some segments over the past 12 months, with vacancy rates sitting around one per cent.
Two-bedroom luxury apartments are achieving $1,500 a week in rent, three-bedroom more than $2,000, on a permanent, long-term basis.
“Secure now with just $48,000 and look forward to your new home in late 2028,” says LJ Hooker Broadbeach principal Matt Conduit.
To find out more about securing an apartment at Eveleigh Broadbeach with a deposit bond, contact Matt Conduit on 0418 741 949
*$49,500 payment is a deposit bond premium, based on a purchase price of $2,870,000. Subject to approved purchasers, Terms and conditions apply.
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