Ha, I thought I was the only one pushing this line of thinking. It's good to see a reasoned argument from someone who isn't an extremist in one direction or another. I'm generally a supporter of Labor's policies and I also agree that something should be done about non-serious investors and tax minimisers who use property as a tax haven because they are already wealthy.
But I do think Labor's policy - dead in the water now - was too crude and too harsh, penalising serious and parasitic investors alike.
I, also agree with the CGT changes. But negative gearing is a legitimate financial rule that makes sense. A better way to achieve Labor's goals would have been through structural changes such as abolishing the "no fault eviction" rule which sees landlords evicting tenants just to have an empty property to sell.
A better way to deal with over-used negative gearing would have been to simply set limits on it, such as a limit on the value of the property after which negative gearing isn't allowed, or a limit on the number of properties that can be negatively geared.
Anyway, all moot points now. The LNP are unlikely to make any changes to this system at all.
Great election result. Aspiring governments should realise that quite a few (many?) voters will not tolerate the confiscation of their retirement savings, often gained by self denial of daily accepted activities and at high risk, over a lifetime, just to please their relatively less well off voter community. The alternative will inevitably be the flight of accumulated capital to other jurisdictions (as per Greece) and or disposal via accelerated spending. Virtue signalling by Labor should be called out as their heroes the Industry Super Funds use the Cayman Islands tax haven to avoid any double tax on their earnings (yes really!).