Labor could impose its plan to curb negative gearing as early as July and is refusing to bow to rising pressure from industry leaders who warn that the housing policy could slash construction by up to 42,000 homes over 5 years!
The Property Council of Australia and the Housing Industry Association said the effect of the policy, which on current estimates would raise $20 billion in revenue over 10 years, could worsen a softening housing market.
The nation’s biggest residential developer, Stockland, cautioned yesterday that the plan had the potential to distort Australia’s $7 trillion housing sector and hurt the first-home buyers it was trying to help.
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