The Property Council of Australia has welcomed the election of Anthony Albanese as the new leader of the Labor Party.
“We have worked closely with Mr Albanese over many years in both government and opposition across a variety of portfolios, and we welcome his election as leader” said Ken Morrison, Chief Executive of the Property Council of Australia.
“We note that the new Opposition Leader has said that wealth creation must be central to Labor’s future agenda and that he would lead a review the policies they took to the last election.
“We look forward to engaging with him and his team on this policy review.
“While there were many elements of Labor’s agenda we welcomed, its approach to negative gearing and capital gains tax was the wrong policy at the wrong time.
“The election result showed that Australians have rejected the risky changes to negative gearing and capital gains tax that Labor was proposing, and they should be put to rest once and for all as part of this policy review.
“Australia’s 2.1 million property investors have been demonised as rich property barons. In fact, 71 per cent of them own just one investment property and a further 19 per cent own just two.
“Over 62 per cent of people who negatively gear their investment property have taxable incomes of $80,000 or less, with only 13 per cent have incomes greater than $200,000.
“These are not rich property barons, but aspirational Australians of all walks of life who are saving for their future,” Mr Morrison said.