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Federal Labor has scrapped its disastrous negative gearing policy and decided to back tax cuts for well-off Australians.
Leader Anthony Albanese wants the next election, which is due before May, to be all about Scott Morrison's 'failure to manage the pandemic' instead of tax policy.
Former Labor leader Bill Shorten wanted to scrap the negative gearing policy which allowed property investors to deduct rental losses from their income tax.
Former leader Bill Shorten wanted to stop property investors deducting rental losses from their income tax in a bid to ease house prices. Pictured: North Bondi, Sydney
But the plan went down like a lead balloon with landlords and aspiring investors - and contributed to his shock election defeat to Mr Morrison in 2019.
Labor has also declared it will not seek to overthrow the Coalition's stage-three tax cuts which come into play on July 1, 2024.
The cuts
