Negative gearing changes 'could tip Australia into recession', warns John Symond
6 years, 3 months ago

Negative gearing changes 'could tip Australia into recession', warns John Symond

ABC  

A number of housing industry insiders have issued a warning about curbing negative gearing, with mortgage company boss "Aussie John" Symond saying "it could tip Australia into recession". Key points: Labor's rule change would not affect people who are currently negatively gearing properties The UBS's chief economist said he was worried about the effect the change would have on the economy But some argue negative gearing "is very important for someone who is just starting out" Labor promised if they won the next federal election they would reform negative gearing so it only applied to investors buying new properties. "Negative gearing provides an opportunity for all taxpayers to reduce their income and incentivises them to invest in property, but the benefits of those gains have been relatively concentrated," Mr Tharenou said. "I don't think the '85 period really gives us any context of what may happen with negative gearing removal now, simply because it was such a short period of time," Mr Lawless said.

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History of this topic

More than 430,000 Australians could have owned their own home today – if not for negative gearing inaction from seven PMs
5 months, 2 weeks ago

More than 430,000 Australians could have owned their own home today – if not for negative gearing inaction from seven PMs

ABC  

Thirteen years ago at the tax summit called to discuss the Henry Tax Review, David Koch stopped discussion of negative gearing dead in its tracks. 13 billion reasons for change Negative gearing has become so common – in Australia, one in six taxpayers are landlords and 40 per cent of them negatively gear – that we no longer think of …

Treasurer Jim Chalmers concedes he asked Treasury for negative gearing modelling
5 months, 3 weeks ago

Treasurer Jim Chalmers concedes he asked Treasury for negative gearing modelling

ABC  

Jim Chalmers has conceded he tasked Treasury officials to look at options to scale back negative gearing, saying it was not "unusual" and again leaving the door open to revisiting the reforms. It came a day after Mr Albanese raised doubts about the merits of reforms to the tax breaks, citing work by the Property Council showing less generous tax …

The PM took the podium and dangled possible negative gearing changes, sparking a whiplash-inducing debate
5 months, 3 weeks ago

The PM took the podium and dangled possible negative gearing changes, sparking a whiplash-inducing debate

ABC  

Welcome back to your weekly federal politics update, where political correspondent Jake Evans gets you up to speed on the happenings from Parliament House. Albanese "valued" Treasury looking at a range of proposals, though negative gearing was not the government's housing policy, and not their focus. And he dusted off an old Property Council report once used as a weapon …

Anthony Albanese is called out for his OWN $2.2million investment property act - even as he considers major change to negative gearing
5 months, 3 weeks ago

Anthony Albanese is called out for his OWN $2.2million investment property act - even as he considers major change to negative gearing

Daily Mail  

Anthony Albanese has been blasted by the Coalition for potentially considering axing negative gearing for property investors, even as his own $2.2million investment property goes on the market. Negative gearing policies allow property investors to claim tax deductions when the costs of owning and maintaining the property, such as loan interest and maintenance expenses, exceeds the rental income. Anthony Albanese …

What is negative gearing, how does it work and does it increase house prices?
11 months, 2 weeks ago

What is negative gearing, how does it work and does it increase house prices?

ABC  

There's been a lot of talk in recent years about how difficult it is for young people to buy a home in Australia, but with everything getting more expensive lately, the conversation has been intensifying. And the discussions usually include terms such as "negative gearing" and "capital gains tax concessions". Janda explains the major benefit comes from combining negative gearing …

Scott Morrison expressed interest in overhauling negative gearing, according to official documents
5 years, 10 months ago

Scott Morrison expressed interest in overhauling negative gearing, according to official documents

ABC  

Prime Minister Scott Morrison expressed interest in overhauling housing tax concessions, including negative gearing, just days into his time as treasurer, according to official documents. Key points: Documents obtained under FOI show the Commonwealth in 2015 was "willing to consider broader tax reform", including on negative gearing Since 2016, the Coalition has used negative gearing to attack the Labor Party …

What Vote Compass tells us about voters' views on negative gearing
5 years, 11 months ago

What Vote Compass tells us about voters' views on negative gearing

ABC  

Negative gearing has been one of the most hotly contested policy areas of the election campaign — and Vote Compass data suggests it's also dividing Australian voters. Key points: A clear majority of Labor and Greens voters want to cut back investment property concessions like negative gearing However, 47 per cent of Coalition voters oppose any move towards fewer property …

Labor to limit negative gearing concessions to new properties from January 1
5 years, 11 months ago

Labor to limit negative gearing concessions to new properties from January 1

ABC  

A federal Labor government would limit negative gearing concessions to new properties from January 1 next year, earlier than many analysts and commentators predicted. Key points: Federal Labor argues negative gearing concessions are too generous The change would stop new investors from deducting rental losses from their income tax It would raise an estimated $2.9 billion over four years Shadow …

Negative gearing, capital gains changes suited to the times, tax expert argues
6 years, 4 months ago

Negative gearing, capital gains changes suited to the times, tax expert argues

ABC  

With the banks cracking down on lending and Labor proposing changes to negative gearing and capital gains tax, investors feel under siege. Labor's plan to abolish negative gearing for established properties and halve the capital gains tax discount is a major concern for Ms Bugeja. Opponents of Labor's tax changes play down the impact of investors and their tax concessions …

Minister Alan Tudge warns Labor's negative gearing plan would be 'catastrophic' for house prices
6 years, 5 months ago

Minister Alan Tudge warns Labor's negative gearing plan would be 'catastrophic' for house prices

Daily Mail  

Australian house prices could collapse dramatically if Labor wins next year's election, a minister has warned. Population Minister Alan Tudge is so worried about the scrapping of negative gearing he has sounded a warning about what could happen were Labor to win the 2019 federal election He warned came a day after Core Logic revealed Sydney's median house price fell …

Labor pounces on Scott Morrison's negative gearing 'lie' after release of secret briefing documents
7 years, 2 months ago

Labor pounces on Scott Morrison's negative gearing 'lie' after release of secret briefing documents

ABC  

Federal Labor's negative gearing overhaul would likely have a "small" impact on home values, official documents reveal, contradicting Government claims the policy would "smash" Australia's housing market. The previously confidential advice to Treasurer Scott Morrison from his own department said the Opposition's plan might cause "some downward pressure" and could have "a relatively modest downward impact" on prices. Treasurer Scott …

Scott Morrison reaffirms Coalition's opposition to changing negative gearing tax concessions
7 years, 11 months ago

Scott Morrison reaffirms Coalition's opposition to changing negative gearing tax concessions

ABC  

No changes to negative gearing and a drive to increase private investment in the supply of housing are the key to making the market more affordable, Treasurer Scott Morrison says. Key points: Australians experiencing rental stress, more homeless Australians "We don't need to spend more provided we spend it better," Treasurer says Negative gearing was a key battle in the …

Negative gearing reform 'essential' to improve housing affordability: Saul Eslake
7 years, 11 months ago

Negative gearing reform 'essential' to improve housing affordability: Saul Eslake

ABC  

Scaling back negative gearing or capital gains tax concessions for property investment is "essential" to improve housing affordability for first home buyers, independent economist Saul Eslake has argued. While applauding some of the housing affordability measures outlined by Treasurer Scott Morrison in his speech to the Australian Housing and Urban Research Institute this morning, Mr Eslake said cutting back negative …

Labor demands Malcolm Turnbull explain negative gearing comments
7 years, 11 months ago

Labor demands Malcolm Turnbull explain negative gearing comments

ABC  

Federal Labor is demanding Prime Minister Malcolm Turnbull explain comments he made to Parliament last year about negative gearing. Unreleased documents could paint the full picture Using the Freedom of Information Act, the ABC sought Treasury material produced between February 11 and 19 last year about the impact of negative gearing or capital gains tax concessions on housing. Key dates: …

Tax measures too broad to tackle debt and housing crisis, Scott Morrison says
7 years, 11 months ago

Tax measures too broad to tackle debt and housing crisis, Scott Morrison says

ABC  

Key points: Treasurer Scott Morrison says the economy is not at risk of housing shock On potential changes to the capital gains tax Mr Morrison criticizes Labor's 'sledgehammer' tactics RBA Governor Philip Lowe said there was an unhealthy investor appetite for interest-only home loans Treasurer Scott Morrison says the head of the Reserve Bank was not criticising negative gearing when …

Sydney housing: Negative gearing looms as major headache for Gladys Berejiklian
8 years, 1 month ago

Sydney housing: Negative gearing looms as major headache for Gladys Berejiklian

ABC  

It took just three hours on Wednesday morning for freshly minted New South Wales Premier Gladys Berejiklian's housing headache to become a full-blown migraine. Negative gearing is a tax break incentive for property investors It is a Federal Government issue, but State Governments often join the debate Some argue it hurts first-home buyers, who plan to be owner-occupiers The policy …

NSW Planning Minister argues against negative gearing, wants focus on housing affordability crisis
8 years, 3 months ago

NSW Planning Minister argues against negative gearing, wants focus on housing affordability crisis

ABC  

New South Wales Planning Minister Rob Stokes has broken ranks with his federal Liberal Party colleagues on the issue of negative gearing, arguing the rules should change to help ease Sydney's housing affordability crisis. Key points: Governments need housing policies which "focus on equality of opportunity", Rob Stokes says Scott Morrison says he needs to consider how negative gearing impacts …

Election 2016: Government maintains negative gearing stance despite Treasury documents
8 years, 9 months ago

Election 2016: Government maintains negative gearing stance despite Treasury documents

ABC  

The Federal Government has argued negative gearing largely benefits average Australians despite being advised otherwise months ago, a document obtained by the ABC reveals. Key points: FOI report shows more than half of negative gearing tax benefits go to top 20 per cent of incomes Bottom 20 per cent of earners getting 5 per cent of benefits Modelling predicts negative …

Regional voters have their say on negative gearing
8 years, 10 months ago

Regional voters have their say on negative gearing

ABC  

Labor's proposed changes to negative gearing have received a mixed response from voters in regional Australia. "Negative gearing for someone who is a worker like myself, is just a play thing for rich people," he said. "We are also going to see radical changes not just for first home buyers but also renters because investors don't have that subsidy they …

Election 2016: Real estate industry unleashes campaign against Labor's negative gearing policy
8 years, 10 months ago

Election 2016: Real estate industry unleashes campaign against Labor's negative gearing policy

ABC  

The Federal Opposition insists it is not concerned about the real estate industry's threat to unleash a campaign against Labor's negative gearing policy. Key points: Labor says negative gearing policy will help first home buyers Real estate industry says it will send rent prices up Labor questions motives of industry, says they have no evidence Property Council say negative gearing …

Malcolm Turnbull pens blog post take-down of report on negative gearing savings
8 years, 10 months ago

Malcolm Turnbull pens blog post take-down of report on negative gearing savings

ABC  

Prime Minister Malcolm Turnbull has written a take-down of an independent report recommending changes to negative gearing, arguing the document is littered with inaccuracies, unsupported claims and direct contradictions. The Government has ruled out changes, while Labor's election policy is to restrict negative gearing to new homes from July next year, with a projected saving of $32.1 billion over a …

Negative gearing: Tax deduction's removal 'would boost Commonwealth revenue by $5b annually'
8 years, 10 months ago

Negative gearing: Tax deduction's removal 'would boost Commonwealth revenue by $5b annually'

ABC  

The Federal Government could save more than $5 billion per year through changes to negative gearing, according to research released by the Grattan Institute. Key points: Current negative gearing arrangements push up house prices, Grattan Institute says Says new housing investment losses should not be deducted from wage income Says restricting negative gearing to new properties "makes it harder for …

Negative gearing: Labor will 'punish mum and dad investors' with changes, Government says
8 years, 10 months ago

Negative gearing: Labor will 'punish mum and dad investors' with changes, Government says

ABC  

The Federal Government is using its decision to leave negative gearing untouched to launch a campaign accusing Labor of "wanting to punish mum and dad investors". Key points: Coalition to leave existing negative gearing rules in place Labor proposal to negatively gear only new properties criticised by Government Think-tank says negative gearing tax benefits overwhelmingly favour the rich The Opposition's …

Negative gearing causing house prices in Sydney and Melbourne to skyrocket, report says
9 years ago

Negative gearing causing house prices in Sydney and Melbourne to skyrocket, report says

ABC  

A new report on the housing affordability crisis in Sydney and Melbourne calls for the Federal Government to urgently rethink its support of negative gearing. Key points: Report reveals the record-high housing prices in Sydney and Melbourne would lead to social problems Report's author says governments have created the conditions for major concessions for investors REIQ says changing negative gearing …

Negative gearing changes good for economy if home prices fall: David Murray
9 years ago

Negative gearing changes good for economy if home prices fall: David Murray

ABC  

Former banker and chair of the Financial Systems Inquiry David Murray says Labor's plan to restrict negative gearing to new housing investment will "distort" the market and possibly lead to a fall in prices for established property. Prime Minister Turnbull and his Treasurer Scott Morrison had reportedly been looking at a plan that would impose a $20,000 cap on annual …

Scott Morrison to focus on tax cuts in Press Club address, MPs warn against negative gearing
9 years, 1 month ago

Scott Morrison to focus on tax cuts in Press Club address, MPs warn against negative gearing

ABC  

Federal Treasurer Scott Morrison has declared he is focused on cutting spending, as the Coalition backbench continues to agitate against any changes to negative gearing in the Government's tax plan. He will also make the case for income tax cuts Barnaby Joyce said Cabinet is yet to make a final decision on negative gearing Mr Morrison will today make his …

Shorten uses NSW ALP conference to unveil negative gearing changes to to 'level housing playing field'
9 years, 1 month ago

Shorten uses NSW ALP conference to unveil negative gearing changes to to 'level housing playing field'

ABC  

Federal Opposition Leader Bill Shorten has unveiled plans to change negative gearing rules for property purchases, in a move touted to "put the great Australian dream back within reach for the middle and working class". Key points: Labor government would restrict negative gearing to "newly constructed homes" Capital gains tax discount reduced from 50 per cent to 25 per cent …

Labor leader Bill Shorten to announce capital gains tax, negative gearing election strategy
9 years, 1 month ago

Labor leader Bill Shorten to announce capital gains tax, negative gearing election strategy

ABC  

Federal Opposition Leader Bill Shorten will announce plans on Saturday to change negative gearing and the capital gains tax discount if Labor wins the next federal election. Key points: Capital gains tax discount, negative gearing changes planned if Labor wins federal election, Shorten will say Measures 'could save budget $32.1b' over 10 years Existing investors who access negative gearing would …

Fact check: Did abolishing negative gearing push up rents?
9 years, 10 months ago

Fact check: Did abolishing negative gearing push up rents?

ABC  

As property prices continue to rise across Australian capital cities, in particular Sydney, the debate around how to address housing affordability problems has intensified. "If you abolish negative gearing on investment properties, there's a strong argument that rents would increase," Mr Hockey said on the ABC's Q&A. Mr Hockey said that in the 1980s, when negative gearing was briefly removed, …

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