Negative gearing here to stay, say pollies

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Both political parties have ruled out the abolition of negative gearing following the federal election.

Both Treasurer Wayne Swan and Shadow Treasurer Joe Hockey assured attendees at a debate at the Canberra Press Club that neither would clamp down on negative gearing on property investment.

The statements were welcomed by REIA president David Airey, who called it "fantastic news".

"The Hawke Government abolished negative gearing for property in 1985 only to have it reinstated in 1987. During that period rents increased by 57.5% in Sydney, by 38.2% in Perth and by 32.0% in Brisbane. At the same time building approvals fell by 13.8%," he commented.

"To amend the current negative gearing provisions for housing as some critics have suggested would be treating real estate differently to other asset classes and create a resource misallocation."

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