The Australian Property Council said that the Labor Party's fall in this year's election had been caused by its negative gear and capital gains policy.
In a statement, the Property Council said labor policies would have hurt the economy and cost jobs for construction. This happened after the publication of the Labor Party's federal campaign magazine.
"The examination of workers is focused on campaign tactics rather than the negative economic repercussions of their negative gear policy," said Ken Morrison, General Manager of the Property Council.
Morrison said the Labor Party's policy would have cut the economy by $ 1.5 billion and would have cost the construction sector $ 766 million.
Read also: Everything You Need to Know About Negative Gear
"In a time of shrinking housing construction and slowing economy, these changes could have been catastrophic for the housing sector," said Morrison.
A study by Deloitte Access Economics commissioned by the Property Council stated that the Labor Party's policy of negative conversion would have pushed investors to abandon the housing market.
"Our polls also revealed that the Labor Party's tax policy on negative gearing and capital gains was an important reason why people did not vote for the Labor Party in Key marginal seats in the country.A Australians have now twice rejected the Labor Party's risky changes, "Morrison said.
Given this, Morrison urged the Labor Party to rethink its position on negative gain and capital gain.
"The question remains: does the opposition continue to support a policy that would reduce the economy by $ 1.5 billion, cost nearly 8,000 jobs and lead to fewer new homes? As the policy review process continues, it should abandon the negative gear changes once and for all, "he said.
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