Folks, if you haven’t noticed the level of activities that had been happening on our show recently, there were heaps of things going on regarding Labor’s Proposed Negative Gearing policies.
Long story short.. Two weeks ago, Ben as the Chair of Property Investors Council of Australia (PICA), discovered that Labor and the Parliamentary Budgeting Office (PBO) had been using incorrect data in their costing for the proposed Negative Gearing Policy.
Since then, Ben had been speaking to researchers, aggregators, politicians, lenders and real estate agents to find out what’s the actual rate of investors that are buying brand new properties vs existing ones. So far, it’s been found that the proposed Negative gearing savings could be overstated by up to $8 billion. This again highlights the importance of having the right data.
So last week, Ben was on the Money News Show with Ross Greenwood to discuss further about this discovery and he was also invited to the Housing Industry Forum to share his point of view as Chair of PICA.
And it looks like, he’s finally made an impact because now, you couldn’t find much information on the policy on ALP’s website!
We’re very excited that Labor and the PBO are updating their costing with good data now but the work’s not done. It’s important to include subject matter experts like the Master Builders Australia, Housing Industry Association, Real Estate Institute of Australia (REIA), Property Council, Property Investment Professionals of Australia (PIPA), PICA and others to craft this policy together.
Again, as we mentioned before, we’re NOT against Labor.
We are NOT saying that we should leave Negative Gearing unchanged.
We are against the ill-prepared policy here. And if you agree with us, please share this with your network and hopefully, common sense would prevail.