9 November 2018
Gold Coast home owners and property renters will be hit hard by Labor’s ill-conceived property tax.
Local MP Steven Ciobo said Labor’s property tax will not only punish those who negative gear, but everyone with equity in their home.
“More than 25,000 Gold Coasters who negatively gear their property stand to lose if Labor has its way,” Mr Ciobo said.
“The Gold Coast construction industry is a major local employer, employing thousands, and Labor’s policy puts these jobs at risk. Many of the high rises that are built and maintained on the Coast are purchased by investors. Labor is taking a sledgehammer to these people.
“Labor’s property tax is a lose-lose policy – if you own your own home it will be worth less, and if you rent your home it will cost you more.”
According to Australian Taxation Office data, more than 1.3 million Australians negative gear a property. People who negative gear are not rich and many are nurses, teachers and police and emergency services workers.
“Now is the worst possible time for Labor to push its property tax,” Mr Ciobo said.
“Australia’s housing market has been cooling for 12 consecutive months in our capital cities.
“A growing number of experts have also been warning Labor’s policies will have a significant negative impact on the economy and the property market.
“It’s another example of Labor not getting the Coast, and their extra $200 billion in taxes will affect your income, your business, your property, your retirement savings and, your electricity bill.”