Dr Michael Walker steps into the host’s chair to unpack why capital gains tax has surged back into national debate and why it matters for every Australian feeling the pressure of the cost-of-living crisis.

At the centre of the discussion is the 50% capital gains tax discount, introduced in 1999, and how it has fuelled property speculation, inflated house prices, and pushed home ownership further out of reach. As house prices have soared far beyond wage growth, average earners are increasingly locked into lifelong renting, while rising mortgages and rents drive widespread housing stress.

Drawing on recent polling and research from groups including the Everybody’s Home Coalition, Dr Walker highlights the stark trade-offs households are making just to stay housed—skipping meals, avoiding medical care, and cutting basic utilities. With housing now the single biggest driver of cost-of-living stress, the stakes could not be higher.

The episode also grounds the debate in Catholic Social Teaching, referencing the Australian Bishops’ affirmation that housing is a basic human right and a cornerstone of the common good. Winding back the capital gains tax discount, Dr Walker argues, would not solve the crisis overnight, but it would be a crucial step toward a fairer, more just housing system.