Real Estate Institute Property Taxation Campaign A Resounding Success
The public awareness campaign against property taxation has succeeded in its objective, according to the Real Estate Institute of Australia (REIA).
“The aim of the campaign, which commenced when the election was called in April, was to ensure 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.
“Negative gearing has been one of the most publicly debated issues of the campaign. Rarely an interview with a politician or a current affairs program passes without the matter being discussed. It is well and truly an election issue.
“REIA has had daily posts on social media – Facebook, Twitter, and Instagram - outlining the impacts of Labor’s policy to: 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.
“These include adverse economic impacts, impacts on mum and dad investors retirement nest eggs, homeowners, renters, the construction industry, state and federal governments.
“Aided by a network of real estate groups the campaign content has already reached nearly 8 million Australians. The commentary and debate beneath REIA’s daily posts confirm the importance of a healthy property sector in the lives and aspirations of ordinary Australians.
“Whilst we still have a week and a half to run of the campaign, I am quite sure that public awareness has improved significantly and I am encouraged by the likelihood that Senate crossbenchers will reject any legislation around the proposed changes should a Labor government be elected,” Mr. Kelly said.