Less than a week after new analysis cautioned against Labor’s Negative Gearing policy, another industry expert has warned of the negative impacts of Labor’s Big Housing Sledgehammer.
Aussie Home Loans founder John Symond said of Labor’s reckless policy, “the unintended consequences would be astronomical.”
He also cautioned this would cause home owners to go into negative equity, make it harder to get a home loan, and described the policy as a ‘nuclear bomb’ with the potential to impact superannuation returns.
We can now add Mr Symond to the growing list of experts who have warned of destructive consequences of Labor’s big housing sledgehammer, including MBA, the Property Council of Australia, the Real Estate Institute of NSW, SQM, UBS, RiskWise, Morgan Stanley, HIA and researchers from UNSW.
Modelling from the Centre for International Economics, (commissioned by the Housing Industry Association) confirms this policy will force rents up. A direct hit on young Australians saving for their first home.
SQM modelling and RiskWise analysis have shown house prices will fall. A direct hit on Australian home owners.
Modelling commissioned by MBA has shown Labor’s Housing Tax could slash up to 32,000 construction jobs.
While Labor continues to cling to a policy that threatens the push house prices down, force rent up, and hurt jobs, the Liberal-National Government is getting on with the job and on track to deliver a surplus in 2019-20.
Thanks to our strong economic policy, deficit is the smallest it has been in a decade at $10.1 billion and the economy has created more than 1 million jobs.
Labor’s unashamed attempts to hide the widespread impacts of their reckless Housing Tax are getting less credible by the day.
These policies hurt Australians who are trying to deliver for their families and get ahead.
Labor should abandon this irresponsible policy and put Australians first.