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Master Builders has criticized the Senate's move yesterday to pass the carbon tax legislation, claiming it will increase the cost of housing.

The association claimed the government and Greens "have voted to increase the cost of housing" in passing the legislation. Master Builders said independent modelling showed the cost of a new house will increase at least $5,000 under the tax.

"The new tax could not come at a worse time - there is an serious undersupply of new housing and households and new home buyers are struggling with worsening housing affordability and increased cost of living pressures - the now legislated carbon tax will only put them under more housing and cost of living stress," Master Builders CEO Wilhelm Harnisch said.

Harnisch argued that the tax would cause the building and construction industry to lose up to $3.6bn in 2020.

Source: Investment Property Magazine