Labor Party plans to restrict negative gearing have yet to win over voters
Bill Shorten’s proposal to restrict negative gearing is not delivering the support he may have hoped for, with new research showing the policy has split opinion among voters.
Proposed restrictions on negative gearing have yet to deliver Bill Shorten’s Labor Party the support it may have wanted, with opinion about the policy still heavily divided.
A new poll revealed 44 per cent of Australians were against the policy changes, while 43 per cent supported them.
The remaining 13 per cent were undecided, according to the Ipsos poll conducted for Nine Entertainment.
The ALP’s proposal to halve the current discount on capital gains tax for investors has also split opinion, with 48 per cent against the change and 43 per cent in favour.
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Labor leader Bill Shorten has remained committed to the policy proposals in the face of strong criticism.
He was recently on record calling the property investors and lenders who opposed the changes as “the multi-millionaire brigade”.
Recent critics of the proposals included Aussie Home Loans founder John Symond, who claimed the negative gearing restrictions would be a “nuclear bomb” for the economy.
Treasurer Josh Frydenberg, who is campaigning against Labor’s policy, said it would drive down home values even further.
Labor’s proposals include restricting negative gearing benefits to new homes only. It also includes a grandfathering clause, leaving current landlords who claim the benefits unaffected.
The ALP has claimed the policy would raise $32 billion over 10 years.
The policy is backed by 60 per cent of Labor voters, with 30 per cent against it. The policy is also opposed by 26 per cent of Greens voters, 70 per cent of One Nation voters and 61 per cent of Coalition voters.
Mr Shorten told a Labor national conference on Sunday that the tax reforms were not “universally loved”.
“I would rather see more young couples buy their first home, than spend billions subsidising investors acquiring multiple properties,” he said.
The ALP currently leads the Coalition in two-party terms by 54 to 46 per cent.
Originally published as Labor Party plans to restrict negative gearing have yet to win over voters