The Housing Industry Association's Tim Reardon says it's 'absolutely the wrong time' for Labor to introduce its controversial negative gearing policy. Labor plans to restrict negative gearing to new homes and reduce capital gains tax concessions if it wins the next federal election, claiming the policy will raise $32 billion over the next decade.
The Opposition has had to fend off claims on Wednesday that it inflated its negative gearing savings by up to $8 billion, which Shadow Treasurer Chris Bowen denies. Mr Reardon told Sky News that regardless of how much revenue the policy will raise, if Labor wants to address housing affordability, it should increase supply, rather than drive down prices.
With HIA, would there ever be a good time?
Well there's a surprise. The HIA doesn't want any changes to negative gearing rules. Lol.