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.
To find out more about our policies, click here.
To donate to the Conservative Party, click here.
To subscribe to Conservative Party leader Cory Bernardi's free, weekly podcast, click here.
To join the Conservatives, click here.
Share this important information with your family, friends and mates - Like Australian Conservatives on Facebook to stay updated.