Labor takes on Aussie John over negative gearing claims

Adam Smith 16 May 2016

negative gearingThe Labor Party has taken aim at “Aussie John” Symond over negative gearing, labelling the mortgage broking founder’s comments “outrageous”.

Aussie Home Loans founder and executive chairman Symond appeared on Seven’s Sunrise program and blasted the Labor Party’s proposal to restrict negative gearing to newly-built properties. Symons warned that the plan could send Australia into recession, the Sydney Morning Herald has reported.

“It creates this stampede. And that’s my concern that there could be a glut of properties come on the market, force the prices down and then all of a sudden it could be Armageddon with the housing industry that’s propped up the last four years,” Symons said.

Symond predicted property prices could drop by 10-20% under Labor's policy. But Labor shadow parliamentary treasury secretary Ed Husic called Symond’s claims “outrageous”, and has accused Symond of serving as a mouthpiece for the Coalition, the Herald reported. According to the Herald, Symond hosted a $2,500 a head Liberal Party fundraiser at his Point Piper home shortly after the leadership change.

“It’s a shame that Malcolm Turnbull and John Symond have teamed up to look after their interests, having done very well for themselves, when there are so many people in my part of Sydney for example who are trying to buy a first home, but cannot,” Husic said.

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