Negative Gearing: Future Directions
Material type:
TextPublication details: VIC Deakin Law Review 2002Edition: 349Description: 17 pagesSubject(s): Online resources: Summary: Many dwellings in Australia have risen in value substantially over the last few years. This is particularly true of houses in the major capital cities, particularly Melbourne and Sydney. This has led to home ownership becoming increasingly less affordable to ordinary Australians.
Real estate prices are undoubtedly affected by many factors. One of these factors is government tax policy. This paper will show that one of these tax policies, a concession known as `negative gearing' contributed to making real estate unaffordable. It will also examine what policy alternatives might be implemented to maintain the advantages but not the disadvantages of negative gearing.
The first part of this article will illustrate that real estate affordability has indeed become a problem in Australia, particularly in the major capital cities. The second part will describe what negative gearing is, its history, and what its advocates claim its benefits are. The third part will then examine the effects of negative gearing, including what it does to property values. It will also look at whether negative gearing attains the benefits that its advocates claim it does. Furthermore, it will also suggest some policy alternatives to negative gearing. Finally, the fourth part will discuss the best way to amend the current law.
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KEYWORDS: housing affordability, negative gearing, tax concessions,
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