Symond and Bouris united against negative gearing tampering

Symond and Bouris united against negative gearing tampering
Symond and Bouris united against negative gearing tampering

John Symond and Mark Bouris, the rival mortgage brokers, have both slammed plans to change negative gearing rules.

"It will kill the investment market. I think it's a terrible idea," Mr Bouris, the chairman of financial services group Yellow Brick Road told the Australian Financial Review.

Aussie Home Loans founder John Symond said making changes to negative gearing of property would most likely result in unintended, negative consequences for the housing sector which is "a key economic driver of the economy".

"Many property investors who are negatively geared are PAYG taxpayers and their nest eggs will be hit for six in any change," Mr Symond said.

Mark Boris said any change would "rip the guts out of the economy and growth."

"Politicians talk about the amount of money we lose from people claiming negative gearing tax breaks, but I would love to see the impact on the other side, when the investor market dies off.

"There will be less money spent on concrete, bricks, furniture, televisions, plumbing etc."

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of our authors. Jonathan has been writing about property since the early 1980s and is editor-at-large of Property Observer.

Tags: 
Negative gearing Housing Sector

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