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'A complete load of rubbish': Economists hit out at negative gearing myths

Agent Select / Property News / 'A complete load of rubbish': Economists hit out at negative gearing myths

It's a uniquely Aussie slang term up there with thongs and budgie smugglers, but it's also the behind one of the most pervasive myths in public debate.

Economists have hit out at fresh calls to wind back negative gearing concessions in a bid to raise more tax revenue and increase housing affordability.

In a report released yesterday, peak welfare body the Australian Council of Social Services urged the government to restrict tax deductions for negatively-geared property investments.

ACOSS claimed the move could save more than $1 billion a year, arguing the current system primarily benefited the rich.

According to its report, 'Fuel on the fire: Negative gearing, Capital Gains Tax and housing affordability', more than half of geared housing investors were in the top 10 per cent of personal taxpayers.

It argued negative gearing encouraged over-investment in existing properties and expensive inner-city apartments, lifting housing prices and doing little to promote construction of affordable housing.

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