More embarrassing incompetence from a Labor pretend polly.
The GetUp! stupidity is on show as Labor electorates will be mostly hit when the Labor goons wreck the housing market with their Socialist stupidity.Labor MP’s trainwreck interviewROSIE LEWIS 14 DAYS AGO | 5.25PM
Labor frontbencher Joel Fitzgibbon has declared Labor’s curbs on negative gearing will neither drive housing prices down nor increase them and was unable to explain how the policy would make the market more affordable.In a trainwreck interview on Sky News, the opposition agriculture spokesman also said he expected Labor would implement the policy “at the first opportunity” if it won government at the next election despite opposition treasury spokesman Chris Bowen insisting Australians would be given time to get their investment strategy in order.Labor’s plan to limit negative gearing to new houses has come under scrutiny after a report commissioned by Master Builders Australia found there would be up to 42,000 fewer dwellings over five years under the policy and 32,000 fewer jobs.
“I’m not sure what Chris Bowen has said about the timing but it’s the policy of the opposition to implement it I expect at the first opportunity,” Mr Fitzgibbon said.
Asked if the restriction on negative gearing would not drive prices down, Mr Fitzgibbon responded: “The majority of economists say no, not at all.”
Mr Fitzgibbon later said: “I see no evidence from any of the economists, including the Grattan Institute survey of economists, that suggests prices are going to rise as a result.”
Labor’s agriculture spokesman Joel Fitzgibbon struggled to explain the effects of his party’s negative gearing policy. Picture: AAP
The senior Labor MP could not say how the policy would make housing more affordable and help young people or first home buyers get into the market.
“By maintaining negative gearing for new housing stock and expanding new housing stock,” Mr Fitzgibbon said.
“If you have in place policies that continue to allow the housing stock to grow, and you can knock down an old house and build a new home, you’d like to think you’re going to extend the housing and by maintaining negative gearing in new housing you’re going to increase the stock of housing.”
Labor says its negative gearing reform is aimed at shifting the incentive to the construction of new housing, arguing the tax subsidies are largely used by high income earners to reduce the income tax they pay and benefits investors over first home buyers.
It would also change the composition of demand, according to Labor sources, bringing in more first home buyers and less investors.
Former Nationals leader Barnaby Joyce, who was Mr Fitzgibbon’s portfolio counterpart when he sat on the frontbench, told the Labor MP: “You make no sense whatsoever.
“The best thing I could’ve done is let you talk then, I think it worked perfectly.”
https://www.theaustralian.com.au/national-affairs/politicsnow-senate-estimates-t...