The RBA’s Luci Ellis appeared before the parliamentary inquiry into home ownership yesterday and demolished the myth perpetuated by the Property Council of Australia (PCA) and the Abbott Government that negative gearing was being utilised primarily by middle income earners. From The AFR:
The Property Council has cited Australian Taxation Office statistics to prove cutting negative gearing would hurt many people on low and middle incomes. It says 66.5 per cent of investors who made a loss on a rental property had taxable income of $80,000 or less.
