We’re now just three days out from the federal election, and The Property Council of Australia have released statements outlining each major parties position on property policies.
Let’s take a look at some of the major points below.
Tax Reform
The Labor party has proposed limiting negative gearing to new housing, and grandfathering existing negative gearing arrangements. They have also proposed halving the capital gains discount to 25% for all properties purchased after 1st July 2017.
The Coalition does not support Labor’s plan, and has proposed keeping existing negative gearing arrangements in place.
The Australian Building and Construction Commission (ABCC)
The Liberal party supports the reintroduction of the ABCC, stating “unlawful conduct in building and construction sector can add up to 30% to the costs of the construction.”
The Property Council supports this notion; “Reinstating the ABCC will provide a critical boost to productivity across both commercial property and residential construction. This is important in boosting housing affordability.”
Labor opposed the reintroduction of the ABCC; “The ABCC will reduce productivity, increase injuries, and strip construction workers of common law rights.”
Read more here.
