While Scott Morrison is busy telling lies about Labors housing affordability policies and drawing erroneous conclusions on new Tax Office tax data, hes missing what is irrefutable the data shows property investors are accumulating multiple housing properties at a rapid rate.
The 2015-16 tax data released today shows that over the four years from 2012-13 to 2015-16 the group of property investors who own at least 5 properties grew at triple the rate (13 per cent) of the group of investors that own just one investment property (4 per cent).
Once upon a time Scott Morrison had real concerns he went public over regarding the so-called excesses in negative gearing. Here he was referring to a group of property investors who were using Australias generous property tax system to negatively gear multiple properties.
At the same time we now know Scott Morrison was sitting on Treasury analysis of Labors reforms to negative gearing and the capital gains tax discount that confirmed distributional modelling of Labors policies showing over 50 per cent of the benefits of negative gearing go to the top 20 per cent of incomes.
Now apparently revenue leakage from generous tax concessions that are skewed to Australias wealthiest isnt worth reforming for Scott Morrison. Mr Morrison prefers tax cuts for millionaires and a $65 billion hand out to big business.
Australias extremely generous property tax concession regime sees over 38,000 investors who own at least five properties (over 200,000 properties).
The new data from the Tax Office 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 remains the only major political party with housing affordability policies that: put first home buyers on a level playing field with investors, return revenue to the Budget bottom-line, and promote financial stability.
