Just 1% of investors own 25% of investment properties – and some have amassed up to 20 properties – because the current tax system rewards it.

Meanwhile, house prices have gone up by more than twice the rate of wages over the last 25 years – fuelled, in part, by tax incentives like negative gearing and capital gains tax.

This is not the fault of working people who have managed to purchase an investment property to try and get ahead. It is the tax system that has incentivised the richest taxpayers to invest in housing, over and over again.

Our current system is working directly against the interests of working people and younger Australians, undermining living standards and creating a cycle of intergenerational wealth inequality.

Young people should be able to have the same aspirations as the generations that have come before them – but the reality is that working people can no longer afford to live near their work and young people are being locked out of the housing market and into high rents.

We cannot continue down the same path of giving investors tax supports while ‘owning your own home’ gets further out of reach for workers and becomes nearly unimaginable for young workers.

It’s time to change the tax rules by limiting negative gearing and capital gains discounts to one investment property.