Labor set to dump negative gearing reforms?

Ah yes, the Australian Labor Party, via The Australian:

Labor’s new Treasury spokesman, Jim Chalmers, has signalled a ­decisive break with the past five years of economic policy under Bill Shorten, identifying the need to develop greater controls on spending and wind back high-­taxing measures ahead of the next election.

In an interview with The Australian, Dr Chalmers yesterday flagged a return to the centre ground on economic policy, which he suggested would see Labor leave behind the high-­taxing, high-spending agenda championed under Mr Shorten’s leadership.

Laying down key markers in his new role, Dr Chalmers said Labor would need to overhaul its approach to spending if the party abandoned its major tax policies — including its negative gearing and franking credits crackdowns — which were rejected by Australians at the May 18 election.

Sigh. 10 years of work down the drain.

Hopefully they will keep the capital gains concession removal. Even that would be a big win for housing affordability and economic restructuring.

They have no idea where they are going.

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