Treasurer Scott Morrison has hit back at claims negative gearing is only for well-off people who own multiple houses, saying it is also for poor people who own multiple houses.
In a fiery speech to property industry professionals today, Mr Morrison said negative gearing was used by all sorts of people with a property portfolio.
“I know some people won’t agree with me, but they simply refuse to analyse the data. Take a look at any typical Aussie with a second, third, or fourth property – rich or poor – and chances are they’ll use negative gearing,” he said.
The Treasurer said most of the people he knew used negative gearing. “Even some of the backbenchers I know use negative gearing to offset the losses on their investment properties. It’s very widespread,” he said.