Plans to limit negative gearing to new properties from 2020 was one of the core tax changes on the Labor Party’s agenda in the lead up to the federal election.
The Labor Party’s aggressive plans for property, which also included halving the CGT discount from 2020, are widely tipped as a core reason leader Bill Shorten and his party fell well short of expectations.
In particular, there were strong swings in Queensland against Labor, with three out of four voters supporting the conservative economic agenda of the Coalition.
For these reasons and more, property experts like Paul Glossop, founder and director of Pure Property Investment, believe it’s unlikely we’ll see changes to negative gearing in this generation.
“It comes back to sentiment,” he said in a live webcast with sister title Smart Property Investment.
Cameron Micallef is a journalist at Nest Egg, writing primarily about personal wealth and economic markets.
Prior to this, Cameron worked for Australian Associated Press. He graduated from the University of Wollongong with a double degree in communications and commerce.