Northern Territory Home owners and property renters will be hit hard by Labor’s ill-conceived property tax.
“In the Territory there are more than 16,000 people who negative gear their property and stand to lose if Labor has its way,” Country Liberals Senator for the Northern Territory, Nigel Scullion, 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,” Senator Scullion 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.
“Bill Shorten’s property tax is the last thing Territorians need given the economic downturn under the disastrous Gunner Government that has seen businesses close, job losses mount and people fleeing the Territory as crime goes up, on top of a record deficit and record debt that our children and grandchildren will be paying off.
“Only the Country Liberals can be trusted to manage the economy, guarantee essential services such as infrastructure while getting the budget back into surplus, giving hard working Australians tax relief and all while paying down Labor’s debt.
“The Coalition Government’s economic plan is delivering – the national economy is growing at 3.4 per cent through the year, our AAA credit rating has been reaffirmed and more than a million jobs have been created, as promised.”