Rebalancing Capital Gains Tax finds that the capital gains tax discount has helped turn housing into an investment game — benefiting people who already own property while locking others out of secure, affordable homes. The paper calls for reform of the capital gains tax discount, alongside changes to other housing tax settings, with revenue redirected into public and community housing. Taken together, these steps would help address inequality at its source, rebalance Australia’s housing system, and ensure that public resources are directed toward shared community benefit.