Treasurer Josh Frydenberg has raised fears the property downturn in Sydney and Melbourne could flow into the broader economy auspol
Treasurer Josh Frydenberg has raised fears the property downturn in Sydney and Melbourne could flow into the broader economy, hitting small businesses that have taken out loans on the value of their family home.in Canberra, a fortnight out from his first budget mark a shift from the top levels of the Morrison government which has prided itself on using a "scalpel" to treat over-heating housing markets but now faces price falls largely beyond its control.
Speaking from his office in his western Sydney electorate of McMahon, where prices have fallen by 9 per cent, Mr Bowen said when the market was rising he was regularly confronted by constituents worried about "the crazy prices" but few offered the same level of concern now that they had begun falling.
"I’m worried that if the Labor Party get their chance to abolish negative gearing as we know it and increase capital gains tax by 50 per cent, then that will drive housing prices down with a spillover into the real economy and household consumption," he said.Jessica Hromas "Josh Frydenberg wants us to believe that house prices go down and rents go up? In what universe does that happen?
"It is not something that has to come into force immediately if a Labor government is elected," he said. "We will do it sensibly.""This is a bad policy and it should not be adopted any time. But it is particularly egregious of labor to pretend that it works in both a falling housing market and a rising housing market. It's illogical," he said.
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