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    Albanese leaves the door open to Labor revisiting negative gearing, declining to rule out changes


    Albanese leaves the door open to Labor revisiting negative gearing, declining to rule out changes

    https://www.abc.net.au/news/2024-09-25/albanese-leaves-door-open-to-negative-gearing/104393070?utm_source=abc_news_app&utm_medium=content_shared&utm_campaign=abc_news_app&utm_content=other

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    12 Comments

    1. Vanilla_Princess on

      >Coalition finance spokesperson Jane Hume said the Coalition would oppose any negative gearing change that would “reduce supply [and] push up rents,” something she argued would result from a significant winding back of the tax concession.

      That’s some interesting mental gymnastics by the Coalition.

      Take the tax savings from NG and put it into social and affordable housing. That should reduce rents as it removes people competing for rentals in the private system.

    3. Mysteriousfunk90 on

      Ah yes making it harder for property investors, this will fix the problem.

      Seems to be working really well in Victoria…..

      /s

    4. RedOx103 on

      Re: other threads suggesting this is untouchable because of rabid conservative media.

      Now that they’re at the levers of power, things are very different. They revised Stage 3 without any blowback. Scare campaigns fall flat when the policy is actually enacted and the sky doesn’t fall in. Bonus points if they can use the proceeds towards funding something else that people can benefit from.

      Still don’t expect them to follow through, but it would be politically doable imo.

    5. dlwogh on

      Potentially unpopular opinion is that this should be done cz it’s a stupid tax policy that somehow convinces ppl to “invest” in real estate by going into more debt for some tax concessions but I don’t actually think it will make houses more affordable, and instead assume it will increase rents here and there.

      Any kind of policy which heavily incentivises demand should be reformed and the govt should invest more into upping supply. Maybe even as bold as thr Feds setting housing targets and withholding infra funds if they aren’t met. Build more social housing and incentivise private homes.

    6. Jealous-Hedgehog-734 on

      “…declining to rule out changes.” 

      I’m declining to rule out voting for Labour but it will depend on policies introduced this term not notional policies hinted at by government.

      I’m not ruling it out though…

    7. DexJones on

      While we’re at it, lets pull a norway and sort mining/gas/natural resource taxing and have a strong sovereign wealth fund, able to sort housing, and healthcare, and education… etc.

    8. dbnewman89 on

      I’m all for adjustments rather the abolishment. Could be as simple as:

      a. grandfather in all existing investments

      b. limit of 1 negative geared investment property per person purchased from july 1 2025 (standard taxation applies to anything over this limit)

    9. instasquid on

      I think Labor is still scared of the last election that they took NG to and lost, but I think the public sentiment has shifted hard towards less handouts for the rich and more public services.

      They could easily bang this one through if they left NG in place for new builds. It certainly doesn’t solve the housing problem overnight but it keeps the right wing talking points at bay while notionally encouraging investment in housing.

    10. iball1984 on

      I think reform is needed, but this is absolute insanity to look at right now.

      I can guarantee Landlords will raise rents by 30% as a result – out of spite, sure, but it’ll happen and Albo will wear the consequences.

      Labor took NG reform to the election in 2019 and it was rejected,. It was a major reason they lost the unlosable election.

      Labor is already on track to be a minority government next term. To change NG right now would put that at risk and get Peter Dutton one step closer to being Prime Minister.

    11. cricketmad14 on

      This is absolutely insanity in Australia right now. Housing prices are creeping to above 1 million in every state.

      Anecdotally having worked at a bank, most loans are for housing when it used to be more 50/50 with business loans.

      *Houses and land are being treated like gold, something to trade and hold onto.*

      **This is something we need to deal with now and not kick down the road.** Do we want all homes to be worth north of 1.5 million dollars?

    12. Regular-Bat6438 on

      for those of us renting the damage is done. this is just an election policy, and it will be watered down in some form. though its a good thing.
      we need rent caps, and rent caps attached to the property/landlord not the tenant.