Labor's threat to cut negative gearing won't work: Bernardi

September 18, 2018

Falling property prices aren't being helped by Labor promises to abolish negative gearing and raise capital gains tax if it wins the next federal election - something which Conservative Party leader Cory Bernardi says won't work.

The Daily Telegraph reports, with the Sydney market having already slumped 6 per cent since last year, Bill Shorten’s vow to raise capital gains tax by 50 per cent and abolish negative gearing for all but new builds, is causing “headwinds” that are deterring investors.

Real estate data company CoreLogic, said the proposed policy had a negative impact on investor sentiment.

Labor leader Bill Shorten made the end of negative gearing — which allows investors to deduct losses from wage income and reduce tax liability on all but new properties — central to Labor’s policy platform more than two years ago.

Senator Bernardi has told Paul Murray Live on Sky News, Labor's policy is simplistic and doesn't take into account the sophistication of the investment market.

To read Fiona Wingett's full article, click here.

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