Barnaby Joyce has revealed One Nation would limit negative gearing tax deductions to two properties, with the proposed restrictions also applying to existing investments.<\/p>\n
The One Nation MP outlined the policy during an interview with News24 host Andrew Clennell on Tuesday afternoon.<\/p>\n
\u201cWe would have a limit on the number of houses\u201d people could negatively gear, he said.<\/p>\n
Mr Joyce said the limit would be two, including existing purchases.<\/p>\n
\u201cBelow two purchases, you’re still able to negatively gear it,\u201d he said.<\/p>\n
\u201cWe think it’s reasonable that you do something prudent and get yourself a house as an investment.<\/p>\n
\u201cIf you’re lucky, you get two. But if you’ve got 20, no, no. That’s not part of the game.\u201d<\/p>\n
Negative gearing looms as a key issue for next year’s election, as Labor’s broken promise on changes to it caused massive upheaval in the real estate industry.<\/p>\n
In August<\/a>, the Commonwealth Bank of Australia noted that home loan applications were down 15 per cent since budget night<\/a>.<\/p>\n Westpac earlier that month told investors that new mortgage applications were down 20 per cent<\/a>.<\/p>\n NAB was the first major bank to reveal a fall in mortgage applications, down 15 per cent in the three months to the end of June.<\/p>\n In July, Master Builders Australia CEO Denita Wawn warned Labor’s changes could lead to Australia falling behind its new build target<\/a>.<\/p>\n \u201cThere’s real concerns about the compounding impact of those announcements during the federal budget on creating a softer market for building and construction at a time when we can least afford it,\u201d Ms Wawn told News 24 Business Now.<\/p>\n \u201cWe’ve got grave concerns that we’re going to fall well short and certainly we’ve got early indications \u2026 that we will be even further behind in achieving that 1.2 million (target).\u201d<\/p>\n Read related topics:Rise of One Nation<\/a>New England MP Barnaby Joyce<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Barnaby Joyce has revealed One Nation would limit negative gearing tax deductions to two properties, with the 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