Federal LNP Member for Wright, Scott Buchholz has warned local home owners and property renters will be hit with a sledge hammer by Labor’s ill-conceived property tax.
“In our electorate of Wright there are well over 7,000 people who negative gear their property and stand to lose if Labor has its way,” Mr Buchholz said.
“Labor’s property tax will not only punish those who negative gear, but every Australian with equity in their home will be hurt by Labor’s policy.
“Labor’s property tax is a lose-lose policy – if you own your own home it will be worth less, and if you rent your home it will cost you more, this is classic cradle to the grave taxes from Labor”
Scott Buchholz said according to Australian Taxation Office data, more than 1.3 million Australians negative gear a property.
“People who negative gear are not rich and many are nurses, teachers and police and emergency services workers,” Mr Buchholz said.
“With Australia’s housing market cooling over the last 12 months, now is the worst possible time for Labor to push its property tax.
“A growing number of experts have also been warning that Labor’s policies will have a significant negative impact on the economy and the property market.
“Bill Shorten has to listen to the warnings, admit he got this one wrong and ditch his big new property tax.”