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Category: Tax / Government and Politics / Federal Government / Stockmarket

Dutton says 'stock market will crash' under Labor's tax policies

Wednesday, 9 Mar 2016 13:01:35 | Dan Conifer

Peter Dutton has taken aim at Labor's tax policy (ABC News: Nick Haggarty)

Federal Cabinet Minister Peter Dutton has forecast an economic disaster if Labor introduces its tax policies, a claim the Opposition has criticised as an "outlandish scare campaign".

The Opposition's plan would restrict negative gearing to new properties and halve the capital gains tax discount from mid-2017, while protecting existing landlords.

Labor said the measures — costed by the Parliamentary Budget Office — would save $32.1 billion over a decade.

"I think the economy will come to a shuddering halt and I think the stock market will crash," the Immigration Minister told Sydney radio station 2SM.

"I think once people realise how dangerous Labor's economic proposal is I think they'll be happy to see an election and deal with it.

"Labor's essentially said they want to lower house prices and they want to increase rents and I think that would be a disaster."

The Government has increased its attacks on Labor's plan over recent weeks but is yet to release a negative gearing or capital gains policy of its own.

Shadow Treasurer Chris Bowen called Mr Dutton's comments "reckless and outlandish".

"The one thing Peter Dutton didn't say is that there'd be hordes of locusts or famine," Mr Bowen said.

"He made every other claim and it's just more part of this outlandish scare campaign that Malcolm Turnbull and now his senior Cabinet ministers are running in the absence of any concrete policies of their own," Mr Bowen told ABC News.

"Not one piece of modelling points to a stock market crash or an economy [that] has been growing for 25 years shuddering to a halt.

"That is just a pathetic and malicious scare campaign from a desperate government."

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