The Australian Greens have today released Parliamentary Budget Office costings that show removing structural unfairness in the tax system through the discount on Capital Gains Tax (CGT) could generate as much as $74 billion over the next ten years, rising to $127 billion when negative gearing reforms that have warped the housing market are taken into account.

The Australian Greens have welcomed the Reserve Bank of Australia's call for a review of negative gearing and capital gains tax, with Senator Scott Ludlam today saying Joe Hockey should have a serious conversation about ending unnecessary and unfair tax breaks.

"The RBA's announcement sends a clear signal to Joe Hockey and Tony Abbott to get out of the way of a real discussion about structural unfairness in the tax system," Senator Ludlam, Australian Greens acting leader said.

The Australian Greens said today that Tony Abbott and Joe Hockey should learn a negative gearing lesson from their conservative counterparts in the UK.

"The UK's Tory government is winding back negative gearing, while Australia's Tories are too afraid to even have a conversation about the reforms," Senator Scott Ludlam, Australian Greens acting leader and housing spokesperson said today.

The Australian Greens will move for a full debate on housing affordability and negative gearing in the Senate next week, in response to Treasurer Hockey's wild-eyed predictions about the effects of negative gearing.

"To try and dissuade the Treasurer from just making stuff up in future, the Greens will move for an evidence-based debate in the Senate when Parliament resumes," said Greens Senator Scott Ludlam.

10 Jobs For Joe Hockey
[That Would Make It Tough To Buy A House]

When it comes to housing affordability, Treasurer Joe Hockey has advised people looking to buy a home to "get a good job that pays good money".

The Australian Greens have welcomed Treasurer Joe Hockey's attempts to contribute to the debate on tax reform and housing affordability, and encouraged him to continue offering free advice to people struggling to stay afloat in Australia's overheated housing market.

"In bringing forward our proposal to abolish Negative Gearing, the Greens have sought to highlight the unfairness of tax concessions flowing to property investors at the expense of renters and first home buyers," Australian Greens housing spokesperson Senator Scott Ludlam said.

The Australian Greens have today announced a policy package to reform negative gearing and use the proceeds to boost affordable housing, building more than 14,500 new homes for our most vulnerable.

The policy package, released today by Senator Scott Ludlam, proposes to remove negative gearing for new investment properties and invest the proceeds in social and public housing instead.

"Low and middle-income Australians should not be forced to subsidise property investors through their taxes - it is fundamentally unfair," Senator Ludlam said today.