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AAP
AAP
Jacob Shteyman

'Doing what we want': Labor stands by housing tax moves

Gerard Burg Australia Cotality Housing Market
Clare O'Neil says the budget tax changes will eventually help boost the housing supply. (Susie Dodds/AAP PHOTOS)

Changes to property tax breaks in the federal budget are working, the housing minister says, as data shows most home vendors are still making massive profits despite a downturn.

Clare O'Neil brushed off figures from the Housing Industry Association showing a 10 per cent fall in new homes sales in August, arguing Australia's housing market was broken before the budget.

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