NATIONALS’ Riverina MP and Deputy Prime Minister Michael McCormack says home owners and property renters in the Riverina and Central West will be hit hard by Labor’s ill-conceived property tax.

“There are more than 5,500 people in the Riverina and Central West who negatively gear their property and stand to lose if Labor has its way,” Mr McCormack said.

“This property tax announced by Labor will mean if you own your own home it will drop in value and if you rent you will be paying more.”

According to Australian Taxation Office data, more than 1.3 million Australians negative gear a property. People who negatively gear are not rich and many are nurses, teachers and police and emergency services workers.

“Labor does not care about the mum-and-dad investors in rural and regional Australia who have put their savings into bricks and mortar as a nest egg for their retirement,” Mr McCormack said.

“A growing number of experts have also been warning that Labor’s policies will have a significant negative impact on the economy and the property market.

“Bill Shorten’s five-point plan for the economy is more tax – more tax on your income, more tax on your business, more tax on your property, more tax on your retirement savings and more taxes on your electricity.”

Shane Manning