The chairman of Australasia’s largest property group, Ray White’s Brian White, has hit out at Treasury’s analysis of Labor’s proposed negative gearing and capital gains tax (CGT) reforms, which claimed that Labor’s policy would have a “relatively modest downward impact on property prices”, would shift the “composition of ownership… away from domestic investors”, would save the Budget some $3.4 to $3.9 billion per year, and that “negative gearing benefits high income families”. From The AFR:
Mr White said the real estate industry needed to rally to prevent a Labor government from scrapping negative gearing otherwise there could be a dire outcome for the industry.
