Aussie Labor Party calls for cuts in property tax perks

Canberra

AUSTRALIAN investors enjoy some of the most generous tax concessions in the world when they buy real estate. That could be about to change.

The opposition Labor Party is proposing scaling back tax breaks for landlords that have helped fuel a 50 per cent increase in property prices in capital cities since 2008. With an election just months away, the proposal has taken centrestage in the nation's policy debate and is forcing Prime Minister Malcolm Turnbull's government to give the perks a closer look as part of its review of the taxation system.