Labor's negative gearing policy will cripple the economy: Peter Dutton

Labor's negative gearing policy will cripple the economy: Peter Dutton
Labor's negative gearing policy will cripple the economy: Peter Dutton

Cabinet minister Peter Dutton has claimed Labor's negative gearing policy and its plan to cut the capital gains tax discount for investors from 50 percent to 25 percent policy would "cripple the economy".

"I think the economy will come to a shuddering halt and I think the stock market will crash and I think once people realise how dangerous Labor's economic proposal is, I think they'll be happy to see an election … and deal with it," he said.

Mr Dutton also borrowed former prime minister Tony Abbott's description last week to call Labor's negative gearing plans a "housing tax".

"It is becoming pretty clear that this election will be about Labor's taxes and their proposal to whack a tax on housing."

The Australian Financial Review noted Shadow treasurer Chris Bowen said Mr Dutton's statement was reckless and unfounded "unbecoming especially from a cabinet minister".

"After promising new 'economic leadership' and a new kind of politics, Malcolm Turnbull's team, when asked about the upcoming election, go straight to negativity and another party's policy."

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.

Tags: 
Taxation Housing Tax

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