The Labor Party’s Opposition Leader Bill Shorten and Shadow Treasurer Chris Bowen had promised to limit negative gearing to new properties only from 2017 in order to save the federal budget a questionable $32 billion over a decade.
This always sounded fishy just based upon every day experience in the market, given that most property investors are only making at worst moderate losses these days.
On the back of these figures, there is no chance of the Coalition proposing such a move.
All of this has been well known about for some time – scrapping negative gearing was never going to be a budget boon.
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