The Finance Brokers Association of Australia
(FBAA) has been invited to represent brokers in a newly formed national lobby group fighting against the Labor Party’s proposed changes to negative gearing.
The Negative Gearing Action Group (NGAG) has been established by the directors of the Property Investment Professionals of Australia (PIPA) and wants to hear the views of many industry stakeholders, like the Real Estate Institute of Australia (REIA) and the Australian Bankers’ Association (ABA), as well as the FBAA.
FBAA CEO Peter White
will attend the initial agenda meeting in Sydney today and will outline the association’s views of Labor’s proposed reforms negative gearing, which will see the tax provision limited to new housing from 1 July 2017.
“We must stand as one and voice our major concerns about changes to the policy which just don’t stack up economically and will in fact worsen home affordability,” White said.
The FBAA believes Labor’s push simply distracts from the bigger issue affecting home ownership in Australia, which is “ridiculously high stamp duty costs and ongoing land restrictions”.