The Property Council of Australia was pleased to participate in an industry roundtable on the impact of changes to negative gearing and capital gains tax.
Property Council chief executive Ken Morrison said the roundtable convened by the Assistant Minister for Treasury and Finance, Senator Zed Seselja, and also attended by the Prime Minister and Treasurer was a valuable opportunity for Government to hear industry views on the importance of maintaining confidence in the property sector.
“It’s not the time to be making changes to negative gearing or capital gains tax that undermine investor confidence in new or established housing which helps meet the housing needs of the one-third of Australian households who rent,” Mr Morrison said.
“Nine of out ten property investors own just one or two investment properties, with the overwhelming majority owning a single investment property.
“Supported by the current taxation arrangements, they play a vital role in meeting demand for rental housing.
“The current arrangements for negative gearing and capital gains tax must be left in place to ensure these Australians continue to be encouraged to invest in property to support their own retirement as well as meet the housing needs of other Australians,” Mr Morrison said.
Source: Property Council of Australia