Negative gearing revisit is not a genuine attempt at budget repair

The call by the Opposition for the Government to embrace its plan for $32 billion in new property taxes is a refusal to accept the election result says the Property Council.

“It’s well known that we disagreed with the Opposition’s negative gearing policy going into the election. However, the Opposition did the honourable thing by taking their policy to the people and we have always respected that” said Ken Morrison, Chief Executive of the Property Council.

“The Government also took a clear policy position to the people to continue with a policy that has worked for 100 years and that delivers more housing and jobs and takes pressure off rents.

“No one can be in any doubt this was a clear point of difference between both sides at the election.

“On 2 July, the Australian people rejected the Opposition plan to add $32 billion in new taxes on Australian property. Australians understood that the policy would drive up rents and cost jobs during a time when increasing housing supply is more important than ever.

“The Government has a mandate for the continuation of the existing policy, just like the Opposition would have had a mandate had they won. The Opposition should respect the decision of the Australian people.

“Given the election result, negative gearing should be a settled question for this Parliament.

Mr Morrison said the issue of Budget repair is vital for the Australian economy but doubling down on failed election promises is not the answer.

Media contact: Paul Ritchie | E pritchie@propertycouncil.com.au