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On the 10th of May, the Property Council of Australia posted an article highlighting their support for the Labor party’s pledge to deliver budget surpluses over the next decade, as well as their Build-to-Rent scheme and the affordable rental home scheme, but warned against the planned changes to negative gearing and capital gains tax.
The Chief Executive of the council, Ken Morrison, said that they consider this to be “the wrong policy change at the wrong time” given the changes in the property market since Labor first announced their plans.
He went on to say that “[their] own research of investor attitudes showed that investors will be less likely to invest in newly-constructed housing under the ALP’s tax changes, not more likely. 33% of investors surveyed said they would probably or definitely buy a newly-built investment property in the next five years under the existing tax arrangements. This number dropped to 24% under the proposed changes.”