Mathias Cormann (WA, Liberal Party, Minister for Finance) Share this | Hansard source

I would encourage Senator Ludlam and the Labor Party to have a bit of a read of the opinion piece by the former Kevin Rudd speechwriter in The Australian today where he very succinctly pointed out that this proposition that somehow negative gearing is a tax break for the rich is false. I might just inform the Senate that the bulk of people with negatively geared investment properties are average income earners—883,325 of the 1.26 million people or 70 per cent of those claiming the rebate earn less than $80,000. Around half a million— (Time expired)