The Coalition’s staunch defence of negative gearing is looking sillier by the day, with a new survey of 13,000 people by the think tank The Australian Institute for Progress revealing that most people believe that negative gearing reform holds the key to housing affordability. From The AFR:
Of all respondents 24 per cent said setting the limit on negative gearing to investment in new housing only would be the best measure to improve affordability.
“The industry has lost the argument on negative gearing with it ranking ahead of measures to increase supply,” Mr Young said.
While all the key property industry advocate groups such as The Property Council of Australia have been pushing back against the negative gearing policy of a federal Labor government, the survey shows it is clearly a popular measure to improving affordability.
Even the head of Australia’s largest listed property developer Stockland’s Mark Steinert has said before that, “some type of sensible and fair cap on negative gearing isn’t unreasonable”.
However only 16 per cent of those surveyed said they would change their vote if the policy on negative gearing was changed. And of those that described themselves as Labor and Green voters 46 per cent and 45 per cent respectively said negative gearing changes were their top priority.
We take great satisfaction in this, given MB has argued since inception to unwind negative gearing and has tirelessly debunked the property lobby’s propaganda along the way.
It seems reform is now all but universally backed by the public and is inevitable.
The Coalition has backed the wrong horse.
