Labor has finally revealed when their economy wrecking housing taxes will start – confirming that Labor simply doesn’t care about the impact their housing taxes will have on Australians or countless experts warning about the disastrous impact they will have on the economy.
This comes just over a week after SQM Research confirmed that Labor’s housing taxes could increase rents up to 22 per cent and house prices could fall up to 16 per cent.
Labor’s arrogant and ignorant housing tax shows that Shadow Treasurer Chris Bowen cares more about propping up his budget bottom line than he does about Australians.
Now is the worst possible time for Labor’s housing tax, with the housing market cooling.
Labor’s housing tax is a lose-lose policy. If you own your own home it will be worth less, and if you rent it will cost you more.
As the independent economic modelling commissioned by the Master Builders Association found, Labor’s housing taxes will be the catalyst for new builds to slow, jobs to be lost and billions drained from the economy.
And, a survey by the Property Council of Australia found that not only will Labor’s housing taxes not work as they claim, but they will have the opposite effect – pushing down new housing supply and construction.
Even today the Property Council of Australia has again urged Labor against their housing taxes, saying they “remain strongly opposed to this policy and deeply concerned with its potential impacts on housing markets and the broader economy at this uncertain time in the cycle”.
Labor should listen to its own Wayne Swan who warned when he was Treasurer against changing negative gearing, saying it would be ‘economically disastrous to do anything on negative gearing’.
Bill Shorten must stop ignoring the warning signs, admit he got this one wrong and ditch his big new housing taxes. Labor’s housing taxes are part of their plan for $200 billion worth of taxes: taxes on your home, your savings, your income, your electricity and your business.
In contrast, the Coalition has a plan to keep the economy strong and for lower taxes for 95 per cent of taxpayers and around three million small and medium businesses.