The Finance Brokers Association of Australia (FBAA) will be representing the nation’s mortgage and finance brokers tomorrow when a newly formed national lobby group convenes to begin its fight against the ALP’s proposed changes to negative gearing.
The Negative Gearing Action Group (NGAG) has been established by the directors of the Property Investment Professionals of Australia (PIPA) and wants to hear the views of many industry stakeholders, like the Real Estate Institute of Australia (REIA) and the Australian Bankers’ Association (ABA), as well as the FBAA.
The FBAA’s Peter White will attend the initial agenda meeting in Sydney on Tuesday April 12 and will outline the association’s views of Labor’s proposed reforms to the negative gearing policy on new housing.
“We must stand as one and voice our major concerns about changes to the policy which just don’t stack up economically and will in fact worsen home affordability.”
Mr White says the FBAA believes Labor’s push simply distracts from the bigger hurdle of home ownership, which is “ridiculously high stamp duty costs and ongoing land restrictions”.