In Canberra, a fight both major parties have tried to avoid is back.

The Senate is examining the capital gains tax discount – the Howard-era change that slashed tax on asset profits and helped turn housing into a national obsession.

It’s long been considered untouchable, especially after Labor’s bruising 2019 election defeat.

But with house prices entrenched, inequality rising and the budget under strain, pressure is building on the government to do something.

Today, economist and executive director of the Australia Institute Richard Denniss discusses why the concession exists, the vested interests that are resistant to change and whether the politics around it are finally shifting.

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