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‘Woefully wrong’: Holes in Labor’s negative gearing

Shadow Treasurer Chris Bowen has cited new figures after Labor’s negative gearing plan was accused of overstating savings from its negative gearing policy.

The Opposition is being accused of underestimating the number of people who purchase new homes as an investment.

Mr Bowen says 22 per cent of investors buy new properties, up from his claims of seven per cent.

Property Investors Council of Australia Chairman Ben Kingsley tells Ross Greenwood it’s “quite bizarre”.

“We’ve just got some data out today… suggesting it’s as much as 43 per cent currently buying new stock.

“So already the numbers are still half of what’s actually happening in the current environment.

“Their datas are woefully wrong, they’re incredibly wrong.”

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