Powered by MOMENTUM MEDIA
Powered by MOMENTUM MEDIA
subscribe to our newsletter

Negative gearing cuts 'dangerous', says property council

The Property Council of Australia  says scrapping negative gearing is a an ill-conceived policy that would hurt poorer Australians.

The lobbyist's chief executive Ken Morrison has criticised a proposal by The Greens, who want to remove negative gearing for new investment properties and divert the savings to social and public housing.

“The Greens’ plan to scrap negative gearing is dangerous and will only make housing affordability worse,” Mr Morrison said, adding that the removal of negative gearing would halt the supply of new housing and drive up prices for renters and home owners.

Advertisement
Advertisement

“It’s not credible to blame a century-old, fundamental plank of our taxation system for current housing affordability problems.”

Mr Morrison said the solution to housing affordability is to focus on planning blockages and housing taxes that are hindering the supply of new housing.

“We would encourage the Greens to take a look at the actual ATO data, which clearly shows at least two-thirds of Australians who declare a net rental loss earn around $80,000 per annum or less,” he said.

“These are not property barons – they are ordinary Australians saving for their future.”

Mr Morrison said the property industry wants housing to be affordable, which is why it has advocated strongly for “real policy solutions” to address this problem, such as tax and planning reform.

Negative gearing cuts 'dangerous', says property council
mortgagebusiness

Latest News

The Morrison government has commissioned a new inquiry into the Consumer Data Right, which aims to further empower consumers and “overcome...

The central bank is set to hold off on a rate cut in February following a stronger than expected bounce in the labour market, ANZ Research h...

Almost nine in 10 residential properties are being resold for a profit, according to the latest research from CoreLogic. ...

FROM THE WEB
podcast

LATEST PODCAST: New government loans and grants for SMEs

Do you think Australia will move to quantitative easing this year?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.