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Home owners and property renters on the Sunshine Coast will be hit hard by Labor’s ill-conceived property tax.

“In Fairfax alone there are more than 8,400 people who negative gear their property and stand to lose if Labor has its way,” Mr O’Brien said.

“Labor’s property tax will not only punish those who negative gear, but every Australian with equity in their home will be hurt by Labor’s policy.

“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 O’Brien 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 that Labor’s policies will have a significant negative impact on the economy and the property market.

“Bill Shorten has to listen to the warnings, admit he got this one wrong and ditch his big new property tax.”

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