The final tax statistics data is out on the Liberals record on negative gearing shows the numbers of investors with 4 and 5 properties is on the rise a damning indictment on the Liberals failure to level the playing field for first home buyers.
2016-17 Tax Statistics data shows that since 2014:
- the cohort of investors with five investment properties has grown at nearly six times the rate of those with one property; and
- the cohort of investors with four investment properties has grown at more than four times the rate of those with one property.
This new data again draws out the problems with the current tax concessions on housing an investor buying their 5th, 6th or 7th property gets more assistance than a first home buyer trying to get into the market.
Labor wants to create the conditions that promote home ownership, not a system which promotes a nation of property oligarchs and renters.
The stronger growth for investors accumulating multiple investment properties is just another indication of the excesses in negative gearing, something the current Prime Minister is well aware of.
Since Scott Morrison got rolled in 2016 trying to push the case for reforming negative gearing, hes been trying to run a pathetic scare campaign which continues to this day.
With home ownership at 60 year lows, tax concessions on housing which favour wealthy investors over first home buyers will only make a bad situation worse.
Labor has made the big calls and stuck to them, and we will continue to stand up for Australias aspiring first home owners by reforming negative gearing from next year.
Labor will deliver a fair go for all Australians, not just the top end of town which is why well reform these tax concessions and better fund schools and hospitals.
FRIDAY, 29 MARCH 2019
