Over-50's are Open-Minded when it comes to Negative Gearing: Survey

Older Australians are open-minded about changes to negative gearing suggested by the RBA, despite the Treasurer ruling it out.

A survey this year of close to 13,000 FiftyUp Club members found 1 in 4 agreed with Mr Hockey and believed it should be left alone.

But an overwhelming majority of 66% said some change was necessary when asked; “Should negative gearing be scaled back or abandoned?”

·      Almost half (45%) believed it should be scaled back to more moderate levels,

·      13% believed it should be abandoned altogether (13%)

·      8% believed it should be abandoned but deductions should remain for current landlords (8%)

Negative gearing is in the political spotlight after the Reserve Bank of Australia submitted a report to an inquiry in Canberra on home ownership.

The RBA believes that there is a case for reviewing negative gearing, as part of a broader review of the tax.

The Treasurer Joe Hockey has been standing firm and refused to make any changes to negative gearing.

“Fifty Up Club members have spoken on this issue, even if our politicians are still deliberating,” Christopher Zinn of the FiftyUp Club said.

“While the RBA has told us that the share of property investors 60 years and over has increased, our members have told us that they are open-minded about changes to negative gearing tax laws.

“We suspect many older Australians want to see changes to benefit their own children and help them become home owners.”

The FiftyUp Club has over 125,000 members and represents their interests on a range of issues to government. It is free to join by visiting www.FiftyUpClub.Com.