Real Estate Institute Launches Federal Election Campaign
Coinciding with the calling of the 2019 Election the Real Estate Institute of Australia (REIA) has launched a campaign to give its members and the property sector a voice.
“The campaign will ensure that the issues relating to the taxation of property are an integral part of the campaign and that all political parties, candidates and, importantly voters know the consequences of the Opposition’s policy on negative gearing and capital gains tax,” REIA President Adrian Kelly said.
“If elected, Labor’s policy will: abolish negative gearing from 1 January 2020 on further purchases of established investment property; halve the Capital Gains Tax exemption from 50 per cent to 25 per cent from the same date, and: grandfather negative gearing on existing property investments.
“REIA is concerned about the adverse economic impacts the policy would have, particularly during a property market downturn. The policy, if adopted, will have negative impacts on mum and dad investors, homeowners, renters, the construction industry, state governments and the economy.
“REIA is coordinating the industry’s response to the threat posed by the proposed changes and has launched a social media campaign during the election across all real estate networks providing enormous reach into the Australian electorate. Campaign content released this week has already reached more than half a million Australians.”
“Our industry makes a huge contribution to the economy and REIA does not want to see economic growth put at risk by the proposal,” concluded Mr Kelly.