Former PM hits out at past negative gearing failure

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Source: Smart Property Investor

With the negative gearing debate refusing to go away, John Howard has reminded voters of where it all went wrong.

Speaking at the First National Real Estate convention yesterday, Mr Howard lamented that the ongoing debate about negative gearing policy – fuelled by the upcoming federal election – was not giving enough airtime to its removal in 1985.

“When negative gearing was removed by then Treasurer Paul Keating in 1985, it was quietly brought back in the 1987 budget,” he said.

“The debate needs to focus on that piece of field evidence because the experiment with negative gearing was widely regarded as a failure. That’s more important than glossy economists’ reports.”

Mr Howard stressed that the affordability of rental property is a critical element of the debate.

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