Great divide on housing in negative gearing debate

Our MPs weigh in on the divisive issue of housing and negative gearing in our monthly National Agenda column.

0ur Federal MPs give us their views on the divisive issue of housing in our monthly column National Agenda.

Prime Minister Scott Morrison has warned of a potential Labor government’s tax on housing and negative gearing.

He said Labor’s policy to put up taxes on housing would cost jobs in the residential construction sector and mean fewer homes will be getting built.

He also said Labor’s abolishing of negative gearing and an increase in the capital gains tax, would put at risk Australia’s triple A credit rating.

Member for Bonner Ross Vasta

Labor’s plan to abolish negative gearing and increase capital gains tax by 50 per cent will hurt Australians everywhere.

It’s a lose-lose policy. If you own your own home it will be worth less, and if you rent your home it will cost you more.

Over 9000 households use negative gearing in Bonner. This is higher than the national average.

The people who negative gear their properties aren’t millionaires like Labor wants you to believe. They’re teachers, nurses and firefighters. They’re people just trying to get ahead, and they stand to lose if Labor has its way.

The last time a Labor Government tried to abolish negative gearing, Paul Keating had to reinstate it because of how devastating it was to the economy.

Now Opposition Leader Bill Shorten wants to implement these policies that a growing list of experts warn will have a negative impact on the economy and property market.

The Master Builders Association have said Labor’s policies will cost 32,000 construction jobs and see 42,000 fewer homes being built.

Bill Shorten has to listen to the warnings, admit he got this one wrong and ditch his big new property tax.

Member for Griffith Terri Butler

Home ownership is at its lowest point across Australia in 60 years. The Labor Party recognises this.

That’s why we’re proposing to reform negative gearing.

Labor’s policy to restrict negative gearing to new homes will level the playing field so first home buyers and young Australians can realise the great Australian dream of owning their own home.

Our reforms are fully grandfathered, which means that everyone that has a negatively geared investment property today will be completely unaffected by our changes.

The Government wants you to believe they’re standing up for battlers and working-class Australians.

But the fastest growing cohorts of people with negatively geared investment properties are those with three, four, five and six properties.

The most generous tax concessions in the developed world mean wealthier investors get a subsidy from the Government while first home buyers get locked out.

How is that fair? We prefer to invest in better hospitals, schools and TAFE than spend taxpayers’ money helping a property speculator with their sixth or seventh investment property.