The “teal” independents and other crossbench MPs have called for negative gearing to be on the agenda in a total rethink of tax and housing policy.
Independent MPs are pressing for tax changes to help young Australians who feel shut out of the housing market, naming negative gearing as a key issue even though voters in their electorates take advantage of the tax breaks.
“It is encouraging that the govt is considering tax in its reflections on housing – it is too big a lever to ignore. But this is more than just negative gearing,” said Allegra Spender, who holds the seat of Wentworth in the eastern suburbs of Sydney. The support for reform is not limited to the teal MPs, with Tasmanian independent Andrew Wilkie also saying he was in favour of scaling back negative gearing.
“I will say that any change to property tax settings also needs to be carefully considered to avoid making the rental supply situation worse.” “While I’m open to reviewing how negative gearing is applied, I recognise we can’t abruptly change policies that people have relied on for years,” she said.Warringah had about 7000 taxpayers claiming a net rental loss, or 6.9 per cent of the total.
Rebekha Sharkie, who holds the former Liberal seat of Mayo in South Australia, warned against changes to negative gearing given Labor had promised to keep the rules in place.
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