Labor has committed to cutting tax concessions for negative gearing and will take the policy to the next election.

Shadow Treasurer Chris Bowen tells Michael McLaren negative gearing is a risk to the Australian economy.

“There’s nothing wrong with property investment but we have to ask is it the sort of the thing the tax system has to subsidise.

“We went to the last election promising to change negative gearing and we’re going to the next election promising to change negative gearing.

“Someone getting their third, fourth, fifth home gets a tax concession and as a country with a budget deficit and high household debt I don’t think that’s sustainable anymore.”

When asked whether Australia’s high immigration levels impacted housing affordability, Mr Bowen says it’s a contributing factor.

“Immigration leads into property but…a whole range of things lead to it.”

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