The new <a href="https://www.apartments.com.au/new-apartments/yarraville-green-42-stephen-street-yarraville-vic-3013">Yarraville Green</a> development in Melbourne's inner west is showing that landscaping can be just as influential as architecture, with buyers responding strongly to the garden-first approach adopted from the outset by developer Excelon Projects and the project's design team.

Excelon appointed Six Degrees Architects and landscape architects SBLA to work collaboratively on the development, with a brief to create "a sustainable, design-led building with a focus on community."

That approach has resonated with buyers. According to Next Chapter Director Tom Hirini, who is leading the sales campaign, the landscaped communal garden has become one of the project's defining features, alongside its boutique scale and European-inspired cluster housing concept.

Local downsizers, right-sizers and established families already living in Yarraville and surrounding suburbs have accounted for the majority of purchasers.

[smartcode_project:default project_id=144913 project_image_fid=297740]

Yarraville Green will comprise 53 homes, including apartments and townhomes, arranged around the shared central garden to maximise connections to the landscaped open space. Parking has been moved underground, allowing the ground plane to be dedicated to greenery, pedestrian movement and communal spaces.

The landscape extends well beyond passive planting. Productive garden beds, a pergola, communal gathering spaces, garden sheds and a pet wash have all been integrated into the masterplan, creating spaces designed to encourage everyday interaction between residents.

[smartcode_project:default project_id=144913 project_image_fid=297741]

The interiors continue Excelon's focus on craftsmanship, incorporating bespoke elements by Melbourne artisans including leadlight detailing by Adadaz, hand-turned timber hardware by Auburn Woodturning and blown-glass lighting by Ruth Allen.

Sustainability has also been embedded throughout the project, with Yarraville Green targeting an average 7-star NatHERS energy rating through passive design principles, rooftop solar servicing common areas and rainwater harvesting for landscape irrigation.

[smartcode_project:default project_id=144913 project_image_fid=297735]

Construction continues to progress at Yarraville Green, with structural works well underway and framing works approaching completion under builder Balmain &amp; Co. The project remains on track for completion in mid-2027.

Apartments at Yarraville Green are currently priced from $625,000, while townhomes start from $1.4 million.

[smartcode_project_cta:default project_id=144913]

Joel Robinson

Garden-led design drives buyer demand at Yarraville Green

National diversified developer Fortis has officially launched Crest &amp; Walker, its latest Brisbane apartment development, with construction now underway on the 20-storey Newstead project.

Award-winning builder BINAH has commenced construction on the Bureau^Proberts-designed building, which will deliver a limited collection of 65 two and three-bedroom apartments on Kyabra Street.

[smartcode_project:default project_id=145922 project_image_fid=373556]

The project marks Fortis' fourth active residential development in Brisbane, following River House, which is nearing completion, alongside projects in New Farm and Hamilton as the national developer continues to expand its South East Queensland pipeline.

Fortis General Manager – Development Queensland Dan Boman said Crest &amp; Walker reflects the developer's long-term commitment to delivering design-led residential projects in Brisbane's established inner-city suburbs.

"We're proud to be strengthening our presence in Brisbane with Crest &amp; Walker, particularly in such a sought-after lifestyle destination as Newstead," Boman said.

"Every Fortis project is shaped by its context, and we approach each one with the respect and care it deserves.

"Our focus is always on creating places that feel connected to their neighbourhood and elevate the everyday experience for residents. Newstead continues to evolve as one of Brisbane's most sought-after urban communities, and Crest &amp; Walker reflects our ambition to contribute meaningfully to that story."

[smartcode_project:default project_id=145922 project_image_fid=373559]

Positioned between Gasworks Plaza and James Street, <a href="https://www.apartments.com.au/new-apartments/crest-walker-newstead-12-kyabra-street-newstead-qld-4006">Crest &amp; Walker</a> has been designed as a boutique residential address offering privacy and generous living spaces within one of Brisbane's most established lifestyle precincts.

The building features a contemporary brick podium softened by integrated landscaping, while the upper levels are characterised by restrained architecture and enduring materiality. Interiors have been designed to maximise natural light, acoustic performance and long-term liveability.

[smartcode_project:default project_id=145922 project_image_fid=373583]

Residences comprise spacious two and three-bedroom floorplans, with two-bedroom apartments priced from $1.55 million and three-bedroom, half-floor residences from $3.95 million.

Residents will have access to a wellness-focused rooftop featuring a swimming pool, sauna, steam room, landscaped dining spaces and outdoor lounge areas overlooking Newstead and the Brisbane CBD.

[smartcode_project:default project_id=145922 project_image_fid=373571]

Sales are being managed by Slaite Projects, with Fortis expecting strong demand from owner-occupiers seeking a high-quality, design-focused apartment in one of Brisbane's most tightly held inner-city suburbs.

Completion of Crest &amp; Walker is slated for late 2028.

[smartcode_project_cta:default project_id=145922]

Fortis expands Brisbane pipeline with launch of Crest & Walker in Newstead

The enormity of delivering a true skyscraper in Australia's new development market is often overlooked.

It has taken the best part of a decade since plans for Chevron One were first unveiled, but the 41-storey tower is now complete, with residents collecting their keys and moving into what has become one of the Gold Coast's most recognisable new landmarks.

Rising 127 metres above Chevron Island, Chevron One stands almost twice as high as any other building on the island. Its scale places it alongside the trio of towers at Jewel, arguably the last truly significant addition to the central Gold Coast skyline when they were completed around six years ago.

While there are several developments underway around a similar height to Chevron One, they are more concentrated within clusters of the highest towers in the city. The fact Chevron One sits within a developing precinct, looking back at the other high-rise developments in Surfers Paradise and Broadbeach, makes it a different proposition altogether. It will certainly become a reference point on the Gold Coast skyline.

[smartcode_project:default project_id=6515 project_image_fid=68833]

Developer Bensons Property Group is behind the 41-storey tower, which has 229 apartments, along with an exhaustive list of resident amenity spread across what is the largest development site ever assembled on Chevron Island.

The tower has been the talk of the town for years, says Ray White Projects Gold Coast agent Caitlin Rosenboom, who is selling the remaining apartments.

"People have been watching Chevron One go up for years," Rosenboom says, adding that many prospective buyers have been surprised by the scale of the views once they step inside.

"It's only when they walk through a completed apartment that they truly understand the position of the building," Rosenboom says.

"The views are jaw-dropping. Whether you're looking east over the ocean, across Surfers Paradise, along the river systems or out to the hinterland, every level offers something different but equally impressive."

[smartcode_project:default project_id=6515 project_image_fid=360215]

One of Chevron One's defining advantages is its location on the eastern side of Chevron Island on Stanhill Drive, a position which protects the views forever.

"There's only one row of houses between Chevron One and the water, and the height restrictions along the river means views from Chevron One can never be built out,"&nbsp;Rosenboom says.

While new apartment developments continue to emerge across the Gold Coast, Rosenboom says opportunities to secure a completed apartment with this level of outlook are becoming increasingly rare.

"The size of the site is something that would be incredibly difficult to replicate today," she says.

"That's allowed Chevron One to deliver the sort of amenity, open space and resident facilities that very few projects can offer. There are not many completed apartment buildings on the Gold Coast right now that can compete with the combination of scale, quality and amenity."

[smartcode_project:default project_id=6515 project_image_fid=68839]

There's around 2,000 sqm of amenity solely for the use of residents of Chevron One. Club One features a uniquely shaped swimming pool that mirrors the footprint of the building itself, set within a extensively landscaped gardens. There's also an indoor pool and spa, a fully equipped gym with a Pilates room, a yoga garden, a bookable private dining area and lounge that can host up to 30 people, and a 24-hour concierge service.

As for the buyers, Rosenboom is fielding enquiry from everywhere: Sydneysiders and Melburnians looking at the new and off-the-plan market following the changes in the Federal Budget, as well as those looking to relocate, through to South East Queenslanders seeking either a permanent home or a weekender bolthole.

"The Gold Coast lifestyle continues to resonate with people relocating from the southern states, and when they see the views and the quality of what's been delivered at Chevron One, it becomes very easy for them to understand the appeal," Rosenboom says.

A diverse mix of one, two and three-bedroom apartments remain available, with each offering "something a little different", be it the orientation and views, configuration, or level, to suit a wide variety of buyers.

The remaining apartments are ready to inspect in person, by appointment.

[smartcode_project_cta:default project_id=6515]

A decade in the making: Residents to move into Chevron One as construction wraps up

A general rule of thumb in new apartment developments is that the penthouses get the rooftop.

It's a formula that's become commonplace across Australia's apartment market. Residents might have access to a pool, gym or barbecue facilities on a dedicated lower level, but the most desirable outdoor spaces are typically reserved for the highest-priced homes at the top of the building.

<a href="https://www.apartments.com.au/developers/sherpa-property-group">Sherpa Property Group</a> has taken the opposite approach.

Rather than dedicating the rooftop to a handful of buyers, the Gold Coast developer has made it the centrepiece of its Flourish collection, creating expansive shared spaces from the best vantage point in the building.

The philosophy has reached its most ambitious expression at <a href="https://www.apartments.com.au/new-apartments/flourish-soleira-palm-beach-1150-1160-gold-coast-highway-palm-beach-qld-4221">Flourish Soleira</a> in Palm Beach, where two rooftop precincts connected by a skybridge will deliver one of the most extensive lifestyle offerings seen in a residential apartment project on the Gold Coast.

[smartcode_project:default project_id=150017 project_image_fid=374053]

"We're seeing a clear move toward developments that offer more than just an apartment," Sherpa Group founder Christie Leet said.

"People want spaces that support how they actually live, whether that's working from home, staying active, or spending time with family and friends.

"That's where amenity becomes critical. It's not just about what's included, but how those spaces are designed to be used every day."

[smartcode_project:default project_id=150017 project_image_fid=374052]

The breadth of amenity has already attracted buyers across multiple demographics. Younger first home buyers have been drawn to Soleira's one-bedroom apartments, a product rarely delivered in Palm Beach, while families have responded to practical inclusions such as the shallow children's pool adjoining the main lap pool and the extensive communal recreation areas.

Instead of a single rooftop, Soleira delivers two distinct lifestyle zones.

[smartcode_project:default project_id=150017 project_image_fid=372547]

The southern rooftop has been dedicated to wellness, featuring a gym, yoga and Pilates studio, work-from-home facilities, a wellness centre, spa, and hot and cold plunge pools.

The northern rooftop focuses on recreation and entertaining, incorporating a heated resort-style pool, private dining rooms, pizza ovens, barbecues, a golf simulator, children's recreation areas, and what is expected to be the Gold Coast's first rooftop basketball court, which will also double as a squash court.

[smartcode_project:default project_id=150017 project_image_fid=374054]

Beyond the rooftops, Soleira will introduce 1,500 sqm of curated retail beneath the towers, creating one of Palm Beach's first genuinely mixed-use lifestyle precincts where cafés, restaurants and convenience retail become part of residents' everyday lives.

Sherpa has also retained management rights across the development, allowing it to oversee the long-term operation of the building through a 24-hour concierge model. The developer is also exploring additional revenue streams within the precinct aimed at helping offset ongoing body corporate costs for residents.

[smartcode_project:default project_id=150017 project_image_fid=370962]

While Soleira is the largest project Sherpa has delivered, the rooftop-first philosophy has been evolving for several years.

It began with <a href="https://www.apartments.com.au/new-apartments/amargo-6-12-sixth-avenue-palm-beach-qld-4221">Flourish Amargo</a>, the first project released under the Flourish brand. Rather than competing at the ultra-luxury end of the market with oversized half-floor and full-floor residences, Sherpa focused on creating lifestyle-driven apartments supported by resort-style shared spaces.

Amargo introduced more than 800 sqm of rooftop amenity, combining wellness facilities, heated pools, entertaining areas, cabanas, pizza ovens and private dining spaces into what was designed as an extension of residents' homes rather than a facility used only occasionally.

[smartcode_project:default project_id=146527 project_image_fid=366550]

That approach continued with Flourish Oasis, where the same amenity-led philosophy was refined into a more boutique development. Strong demand from Sherpa's growing VIP database saw much of the project sold before it reached the broader market, reinforcing buyer appetite for apartment communities centred around shared lifestyle experiences.

Flourish Amargo is slated for completion mid-way-through next year, with Oasis to be delivered by late 2027. Flourish Soleira is expected to complete in 2030.

[smartcode_project_cta:default project_id=150017]

Sherpa takes amenity to the sky as Flourish Soleira captures booming Palm Beach demand

As apartment living continues to evolve across Sydney's growth corridors, the quality and distribution of shared spaces is increasingly shaping how residents experience home. Rather than functioning as add-ons, amenities are being embedded into the daily rhythm of a building, supporting everything from quiet retreat to social interaction, often within a single vertical community.

At <a href="https://www.apartments.com.au/new-apartments/aeris-melrose-park-nursery-street-melrose-park-nsw-2114">Aeris</a> in Melrose Park, this approach is resolved through a layered amenity offering that unfolds from ground level through to its upper podium. Developed by <a href="https://www.apartments.com.au/developers/sekisui-house-australia">Sekisui House Australia</a> in partnership with Hankyu Hanshin Properties, the project introduces 468 apartments across two towers and a mid-rise building, positioned at the highest point of the broader masterplan.

[smartcode_project:default project_id=426 project_image_fid=359199]

The amenity experience begins at street level, where two courtyards sit within a landscaped setting that connects residents to the wider network of parks and green spaces. These green spaces are not isolated pockets but part of a wider pedestrian network that links Aeris to the surrounding <a href="https://www.apartments.com.au/developments/melrose-park-nsw-2114">Melrose Park</a> precinct, including Central Park, future schools, and the Town Centre opening in July 2026. The result is a transition that moves from public to private without abrupt boundaries, allowing residents to pass through shaded, tree-lined environments before reaching the building itself.

Moving upward, the focus shifts to the level five podium, where the primary communal facilities are concentrated. This space brings together a 16-metre swimming pool, outdoor seating areas, and a communal BBQ zone arranged to take advantage of elevated outlooks. Seating is positioned beneath pergolas, creating pockets of shade that extend the usability of the space throughout the day. The pool edge aligns with views toward the wider district, reinforcing the sense of elevation that defines the project’s positioning.

In the adjacent building, this is complemented by quieter, more contemplative spaces, including an outdoor cinema set within the same level. Positioned to operate primarily in the evening, it introduces a different tempo to the shared environment, shifting from daytime activity to after-hours use without requiring separate zones.

[smartcode_project:default project_id=426 project_image_fid=360299]

The podium also accommodates an intimate private resident gym. Located on the lower levels, it gives residents convenient access to fitness facilities without leaving the building.

Above, the elevated podium sky deck extends the amenity offering, providing additional open-air spaces with elevated outlooks across the surrounding landscape. While more restrained in program, this upper level reinforces the project’s vertical progression, from ground-level greenery to elevated outlook, allowing residents to move between distinct spatial conditions within a single address.

This distribution of amenities reflects a deliberate response to how residents use space across the day. Sekisui House Australia Sales and Marketing Director Peter Kalaf points to the role these shared areas play in shaping buyer demand. Aeris has been conceived as more than a collection of apartments, with the podium pool, gym and outdoor cinema forming part of a broader lifestyle offering that extends the home beyond each individual residence.

[smartcode_project:default project_id=426 project_image_fid=360300]

What distinguishes Aeris is not the inclusion of these elements individually, but how they are arranged in relation to one another. Active, social, and passive spaces are layered vertically rather than separated, allowing residents to choose between them without leaving the building or moving far from their apartment. This proximity supports both routine use, such as a morning swim or evening workout, and more occasional gatherings, whether around the BBQ area or within the cinema setting.

The amenity design also sits within a broader framework of connectivity across Melrose Park. The Melrose Park Town Centre, anchored by Coles and Dan Murphys, features a mix of retail, dining, health and lifestyle offerings, bringing everyday convenience closer to residents. By the end of the year, more than five hectares of parks and open space, equivalent to around seven football fields of green space on residents' doorstep, will further enhance the precinct, allowing the internal facilities at Aeris to operate as an extension of the wider neighbourhood rather than a substitute for it.

Construction at Aeris continues to gather momentum, with ground floor slabs expected to be completed in late 2026 before the first sections of the buildings begin to rise above ground.

[smartcode_project_cta:default project_id=426]

Elevated amenity anchors daily life at Aeris, Melrose Park

Negative gearing

<html><body>
New statistics reveal 48% of off-the-plan buyers feel more confident to purchase property following Liberal’s election win on Saturday. Since the election result announcement, the property industry has been forecasting the future of the new development sales in Australia, with many forming the opinion that the market is likely to surge. [1]

On Monday 20th May, <a href="/new-apartments">off-the-plan</a> property marketplace <a href="/">Apartments.com.au</a> asked home-buyers how they felt about buying a <a href="/new-apartments">new apartment</a> or <a href="/new-townhouses">town-home</a> under the current policies. Within a week over 500 responses were recorded, with results showing 48% felt more confident, 31% felt no difference and 22% felt less confident.

<blockquote>
"We saw an almost immediate uplift in enquiries across our off-the-plan project database in the days after the election and this week there has been a renewed confidence from our developer partners. By the time Spring comes back around, I am confident we will see prices surge across the market."
</blockquote>

Mike Bird, Apartments.com.au Executive Director

At the beginning of 2019, Colliers Residential Managing Director <a href="https://www.colliers.com.au/people/peter-chittenden/">Peter Chittenden</a> identified ‘lack of confidence’ among buyers as being one of the biggest threats to the housing market. In a recent comment:

<blockquote>
“There was a list of factors eroding confidence, one was the Federal Election and now post-election I suggest that market activity will start to accelerate again, and yesterday’s rebound in the share market reinforces this view. However, how fast the breaks come off the housing market will again, very-much depend upon confidence.”
</blockquote>

Peter Chittenden, Colliers Managing Director Residential

With this sentiment in mind, we explored some of the ways national policy could reinstate confidence in off-the-plan home buyers.

<h2 class="rtecenter">WILL THIS HAVE A POSITIVE IMPACT ON THE PROPERTY MARKET?</h2>

<h2>APRA loosens lending constraints </h2>

The <a href="https://www.apra.gov.au/">Australian Prudential Regulation Authority</a> (APRA) has just announced they will be lowering the minimum interest rate serviceability buffer, providing home-buyers with the opportunity to enter the <a href="/new-apartments">off-the-plan</a> property market again with a smaller deposit.

CoreLogic's senior analyst <a href="https://www.afr.com/real-estate/residential/apra-game-changer-to-boost-prices-20190521-p51pih">Cameron Kusher explained</a> that APRA's policy change could mitigate the future house pricing fall, and hasten the market turn-around, with a positive outlook expected from mid-2020 – to as early as the end of 2019.

Chittenden also identifies that the desire for home ownership in Australia is still prevalent, so with more financial support, the goal of first home buyers acquiring their first home could become more attainable.

<blockquote>
“The results also proved to my thinking that the ‘Australian Dream’ of homeownership is still very much alive in 2019, and that Australians have not given up on the idea, just the opposite.”
</blockquote>

<a href="https://www.cbre.com.au/">CBRE</a>’s Managing Director of Residential Projects Victoria, Andrew Leoncelli also attributes loan constraints to the decline of the off-the-plan market.

<blockquote>
“The fundamentals of the Victorian and wider Australian Economy are good but confidence and momentum had been lost due to the banking royal commission and all of the exogenous bank and APRA attempts to cool the market.”
</blockquote>

<h2>Negative gearing to remain</h2>

Labor’s mission to halve capital gains tax could have had a significant impact on the investor market, making ownership of investment properties less desirable. Concerns suggested that the removal of negative gearing could result in rental increases to accommodate the loss of ROI, however with negative gearing still intact, it is anticipated that a greater sense of confidence could be instilled in investors as the property market regains a stronger sense of stability.

<a href="/tag/marshall-white-projects">Marshall White Projects</a> Director Leonard Teplin identifies the rise in empty nesters entering the property market,

<blockquote>
“One of the mindsets most of us crave is certainty, and since the real estate market opened for business in 2019, the most basic of desires for most Victorians to own property had once more prevailed and buyers (particularly the popular empty nester) are continuing to re-enter the property market in numbers.”
</blockquote>

<figure><a class="colorbox colorbox-insert-image" href="https://res.cloudinary.com/dz9xllyip/image/fetch/q_auto:good/https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/image_5.png" rel="gallery-all"><img alt="" class="image-article-full-width-580px" height="343" src="/s3/files/styles/article_full_width_580px/public/pictures/article-images/image_5.png?itok=OW4zu9WY" width="580"></a></figure> 

However from 2018 Q2 – 2019 Q2, Apartments.com.au recorded that the significant rise of next home buyers has been notably overtaken by first home buyers, as well as a strong decline in investor market interest.

As the off-the-plan market begins to stabilise following the election result, it will be interesting to see whether investors re-enter the market with greater confidence.

<blockquote>
“A confident Morrison majority and time after the royal commission with banks back lending and APRA relaxing the credit controls and interest rate cuts about to come we can see this as the return of confidence for the local investor to start buying again.”
</blockquote>

Andrew Leoncelli, CBRE Managing Director, Residential Projects Victoria

<h2>Will the election result build a fair playing-field for First Home Buyers and investors alike?</h2>

With the introduction of the new 5% deposit rate for first home buyers, as opposed to the original 20%, buying a first home in Australia could become more attainable to more Australians looking to acquire property.

The introduction of this policy could potentially see a surge in demand, which could in-turn boost property prices, causing a reverse effect. Another consideration is that mortgages will take longer to service, which is great for the bank, but not for the property owner.

For investors, the fact that no changes will be made to negative gearing or the capital gains tax is good for business.

Marshall White’s Leonard Teplin explains that due to the fact that the current government had already introduced restrictive changes to planning laws, tightening of construction funds, tax on foreign buyers etc. – more fears of potential change posed by Labor could essentially, “fuel the fire of uncertainty for an aspirational purchaser.”

<a href="https://www.360propertygroup.com.au/projects">Three Sixty° Property Group's</a> Founder and Managing Director John Meagher held a similar view, commenting that the overall outcome would essentially result in a healthier property market.

<blockquote type="cite">
<div name="messageReplySection">
<div>
A positive Election result for the property industry with no changes to capital gains tax, no changes to negative gearing, a new stimulus for first home buyers through a deposit assist scheme all means no disruption to our industry.  A likely interest rate drop later in the year coupled with record low vacancy rates all points to a heather property market.
</div>
</div>
</blockquote>

Whether the future of homeownership in Australia proves to be advantageous is currently unknown, but what we do know for sure is that the majority of our off-the-plan buyers have regained confidence in the market.

As for property developers ­– as CBRE’s Andrew Leoncelli succinctly states, “Get your projects ready for a strong September and October spring season!”

Thanks to Peter Chittenden, Andrew Leoncelli, Leonard Teplin and John Meagher for sharing your opinions. 

[1] Sources: <a href="https://www.afr.com/news/economy/labor-loss-to-deliver-a-positive-property-shock-20190519-p51ow6">AFR</a>, <a href="https://www.news.com.au/finance/business/banking/melbourne-and-sydney-property-markets-closer-to-the-bottom-after-shock-coalition-victory/news-story/143cdced7fc55ee7b04cf74b93cef9f4">news.com.au</a>, <a href="https://www.smartpropertyinvestment.com.au/tax-and-legal/19598-property-industry-reacts-to-liberal-party-win">Smart Property Investment</a>

 

<div class="rtecenter">FEATURED PROJECTS</div>

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</body></html>

urban.com.au

Off-the-plan property buyer confidence surges post-election

<html><body>
GUEST OBSERVATION
Perhaps the most woefully misunderstood economic issue of the election campaign has been negative gearing.
I’ve been baffled by the number of times I’ve read commentary by otherwise thoughtful people describing negative gearing as a distortion to the property market – as a rort we need to crack down on.
But as someone who knows a bit about the economics of taxation, I can say that simply isn’t true.
Negative gearing is a natural, orthodox and proper feature of any market for investment. And allowing negative gearing to be tax deductible is an essential component of an efficient tax system.
Negative gearing isn’t an account in the Cayman Islands
Negative gearing is a funny term. If you search online, you won’t find the term used in most parts of the world. Not because it’s not allowed, but because the term makes it sound grander than it is. In reality, negative gearing is nothing special – it’s boring and conventional.
If it didn’t have a fancy name, perhaps so many column inches wouldn’t have been wasted writing about it. And maybe we wouldn’t have cast it as a villain that must be slain.
When you buy an asset (such as a home), you bear costs (such as interest) in exchange for two types of return: cash (such as rent) and a rise in value (called a capital gain).
To tax the entire return, we should add up the rent and capital gain over the life of the asset and deduct the interest, maintenance and depreciation expenses.
The capital gain might not be achieved for years – not until the asset is sold, so the total might come out negative for some years while the interest and other expenses exceed the rent received (that’s all “negative gearing” is).
Ordinary people do it
This needn’t mean you’re a wild speculator. With a 20% deposit, 4% interest rate and 3% annual rental yields seen in Sydney recently, you’d be running a loss until you sold.
Investors should be able to deduct this loss from their other income, or carry it forward to future years if they don’t have income that year.
This is completely orthodox economics. It ensures tax applies equally to the upside and downside of an investment (or it would, if the eventual capital gain wasn’t only half taxed – more on that later).
Restricting this will depress investment. Fewer investors will buy investment properties and those without the ability to negatively gear will spend less on maintenance and the like.
Fewer buyers of homes will mean lower prices for homes. How much lower is a <a href="https://theconversation.com/confirmation-from-nsw-treasury-labors-negative-gearing-policy-would-barely-move-house-prices-116736" target="_blank">matter of debate</a>.
Removing it could push prices down, and up
On the other hand, in order to support the building of new homes, Labor will allow investors in new homes to continue to benefit from negative gearing, outlawing it only for new investors in existing homes. That’ll push up the price of new homes, and encourage the building of more new homes than are needed.
Some have blamed negative gearing for house prices that are far higher than they should be. While there’s no good evidence on that, it’s surely true that prices are higher with negative gearing than without it.
But rather than being the root cause of the housing affordability crisis – of prices that are higher than they should be – negative gearing is really more of a catalyst.
It’s an enabler rather than a problem
The real culprit is the generous 50% discount on the taxation of capital gains. It means that while losses can be written off at the full tax rate, the eventual gain is taxed at only half the full rate.
Winding back the capital gains tax concession was recommended by the <a href="http://taxreview.treasury.gov.au/content/Content.aspx?doc=html/pubs_reports.htm" target="_blank">Henry Tax Review</a>, was hinted at in the Treasury <a href="https://treasury.gov.au/sites/default/files/2019-03/c2015-rethink-dp-TWP_combined-online.pdf" target="_blank">tax discussion paper</a> commissioned by Coalition Treasurer Joe Hockey, and has been <a href="https://www.alp.org.au/negativegearing" target="_blank">adopted by Labor</a>.
The focus of taxation when it comes to housing should be on neutrality – that decisions of whether to invest in housing are just as they would be if there were no taxes. A lower capital gains tax discount would come closer to doing that. Then negative gearing could stay.
The goal of tax policy should be neither to support nor depress house prices, but rather to let the market evolve on its own. Negative gearing can be part of that.
Steven Hamilton, Visiting Scholar, Tax and Transfer Policy Institute, Crawford School of Public Policy, Australian National University.
This article is republished from <a href="http://theconversation.com" target="_blank">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/election-surprise-negative-gearing-isnt-a-rort-but-something-else-is-117247" target="_blank">original article</a>.
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j.ballantyne1990-6AQqhLzZaK

Negative gearing isn’t a rort — but something else is: Steven Hamilton

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New analysis by the Property Investors Council of Australian (PICA) has detailed just how much tax typical property investors pay to governments under current negative gearing and Capital Gains Tax (CGT) rules.
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PICA chairman Ben Kingsley said the council’s modelling showed an average Mum and Dad investor was adding hundreds of thousands of dollars to the public purse over the lifetime of a single investment property.
“The amount of federal taxes property investors pay is extraordinary and will surprise many – and that’s before state based stamp duty and land tax costs are included, adding tens of thousands of dollars more to the bill,” Mr Kingsley said.
“It is clear that property investors do pay well above their fair share in taxes and our concern is that impost on investors is set to blow out even further if Labor’s policies see the light of day.”
PICA modelled their investor tax figures based on current negative gearing and CGT rules assuming assets were held over a standard 30-year loan term.
“Our numbers show while a typical Australian investor will benefit from negative gearing initially, they will be taxed around $167,000 in subsequent years over the full 30 years of modelling,” Mr Kingsley said.
“If fact, their net tax payable from rental income over the life of the investment will be over $138,000 under current negative gearing rules.
“The initial tax benefit in this scenario is around $30,000, before paying the $167,000 over the journey,” Mr Kingsley said.
“If you think about what first home buyers get in grants, stamp duty concessions and the like, it’s very comparable to what investors receive, but investors have to pay a lot more additional tax when homeowners pay nothing more.”
Looking at the Capital Gains Tax impact, Mr Kingsley said under current rules CGT also added significantly to the government’s tax take.
“Our data showed, for example, if the average investing couple sold their asset in the 30th year, under the current 50 per cent exemption rule, they would be paying over $611,000 in CGT.”
<a href="https://www.propertyobserver.com.au/images/2019/5/15/negative%20gearing%201%20.jpg" target="_blank">Click here</a> to enlarge: 
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/5/15/negative%20gearing%201%20.jpg" alt="">
 
Source: PICA 
The facts show if Labor wins power on Saturday, it won’t be the wealthy who are funding their election promises, Mr Kingsley said.
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“With the majority of the nation’s 2.2 million property investors earning less than $80,000 a year, Labor’s claim about tax loopholes being for the big end of town are, frankly, insulting,” he said.
“It’s totally deceptive to characterise landlords as ‘the big end of town’ in the lead-up to election day.”
Mr Kingsley said investors have been unfairly targeted throughout Labor’s and the Green’s election campaigns.
“Mum and Dads are tired of being branded as, ‘greedy property investors buying their fifth or sixth property’, when almost 72 per cent only own one,” he said.
“We’re also fed up with being blamed for higher property prices, when historically investors make up just three of every 10 buyers in the market.”
Mr Kingsley said the PICA analysis clearly showed that investors were already contributing plenty towards funding essential services through taxes.
“By releasing this data, we want the Australian public to understand that we certainly pay our way when it comes taxes for government to spend on more hospitals and more schools,” he said.
Mr Kingsley said political attacks via increased taxation on investors looking to self- fund their retirement would have far-reaching economic ramifications for all Australians.
“We agree with research undertaken by the Property Council of Australia regarding Labor’s policy on negative gearing and CGT – that it will force the average Mum and Dad investor out of property, which will reduce demand and have a negatively impact on prices,” he said.
“In addition, the policies will also reduce construction over time, which will force up rents when rental supply tightens.”
In contrast, Mr Kingsley said moves to assist first homebuyers through a recent Coalition policy announcement would prove far more effective than tinkering with negative gearing and CGT.
“PICA supports the First Home Loan Deposit Scheme as a financially astute way to assist first-timers into the market.”
<a href="https://www.propertyobserver.com.au/images/2019/5/15/negative%20gearing%202.jpg" target="_blank">Click here</a> to enlarge:
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2019/5/15/negative%20gearing%202.jpg" alt="">
 
Source: PICA 
Mr Kingsley said the new policy, coupled with a variety of other state-based grants and concessions, meant it had never been a better time to be a first home buyer.
"The scheme will assist thousands of people to achieve their dream of home ownership, without drastically reducing the value of that same property, which is the undeniable outcome if negative gearing is restricted to new property,” he said.
"Mark my word, property prices will fall nationwide, and rents will rise if Labor proceeds with its foolhardy policy that will see the wealth of everyday Australians erode overnight."
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How negative gearing property investors pay tax into government coffers: PICA

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GUEST OBSERVATION
A little-discussed facet of the real estate market is that people are not turning over their properties as fast as they used to.
It used to be that, on average, people would turn over their properties between three – four years, which of course meant that some people stayed in their properties forever whilst other people would turn over their properties within a year or two.
This was driven by a large pool of people who saw real estate as a money-making mechanism rather than buying homes to live in.
There were people who made a living out of buying properties, renovating and selling.
That trend has eased back significantly as the cost of doing so has become too significant that it is now also a higher risk proposition, and because there is a diminishing number of properties that are old enough to require major renovations.
As such, we are starting to see that people are staying in their properties significantly longer.
In the 12-months to July 2018, we saw a variety of turnover rates throughout Australia, with the regional areas having a higher turnover rate than the capital cities.
For example: Sydney saw a turnover rate of 4.1% but outside of Sydney it was 5.6%.
Regional Tasmania saw the highest level of turnover for all regions with 6.1%, whilst the lowest turnover levels were in Perth at just 3.3%.
Closer to home, we see the Gold Coast with quite a higher turnover rate at 7.2%.
In fact, on the Gold Coast, there were 18,206 sales out of 253,045 total dwellings.
This is a good healthy turnover which does continue to show the strong interest and demand for Gold Coast properties, but we are likely to continue to see the turnover rate soften, particularly in the current climate where there is greater uncertainty about the direction of the real estate market in the medium term.
I have had a significant increase in questions regarding what is going to happen to the real estate market should there be a change of Federal Government at our upcoming Election, and negative gearing be eliminated for the resale residential market.
Anyone who has negative gearing up until the time the new legislation passes through Parliament will retain those negative gearing rights.
This is likely to see a significant jump in the number of people looking to buy their investment properties in the period between the Election and the legislation passing Parliament, which could take two or three months.
This is also a very important window of opportunity for sellers of properties to be able to offer their property to that increased number of investors as undoubtedly there will be a pull forward demand by investor buyers pre the change of legislation, and then a significantly smaller number of investor buyers for resale properties after the legislation passes through.
This means some very careful strategy for both buyers and sellers. Key to that is the decision of which party is elected at the upcoming election.
Give it some careful thought.
It may well be if you have a property ideal for an investor that you should be selling, and we would love to hear from you so we can give you more information around that.
If you are wanting to take advantage of negative gearing and the Labor party is elected, then you need to do so before the new legislation passes through Parliament.
Andrew Bell is Chief Executive Officer of the Ray White Surfers Paradise Group.
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What to consider before negative gearing changes: Ray White's Andrew Bell 

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EXPERT OBSERVER
 
The pushback against federal Labor’s reforms to negative gearing is ramping up again with the release of <a href="https://www.theaustralian.com.au/business/property/nsw-warning-on-house-price-stamp-duty-falls-if-labor-pushes-through-negative-gearing-policy/news-story/77e9201eee91aeac831812d647536e5f?nk=acc048a87489709af32fab40a1e4fa75-1557268010" target="_blank">NSW Treasury modelling</a>.
The modelling predicts that Labor’s changes to negative gearing and the capital gains tax discount would cause a 0.8% to 1.3% decline in stamp duty revenues in the three years to 2022-23, or A$200 million over three years, assuming Labor’s policies take effect from January 1, 2020.
But behind the headline is the punchline: NSW Treasury is predicting house prices would barely move. Housing turnover would also fall, but only by between 0.3% and 1%. Since stamp duty revenues depend on (a) property sales; and (b) the prices at which they’re transacted, these figures mean that house prices fall marginally at most. They’d be just 0.5% lower than otherwise by the end of 2019, and around 1% lower over the three years.
<h2>Consistent with Grattan modelling</h2>
These declines in prices is pretty consistent with Grattan Institute’s own <a href="https://grattaedu.au/report/hot-property/" target="_blank">research</a>, which estimated that abolishing negative gearing would lead to house price falls in the range of 1% to 2%, assuming the value of the A$6.6 trillion property market falls by the entire value of the future stream of tax benefits.
Keep in mind that house prices in Sydney and Melbourne have already <a href="https://www.news.com.au/finance/economy/australian-economy/house-prices-notch-worst-annual-fall-since-gfc/news-story/b654a045a63553d6c97738943195e209" target="_blank">fallen</a> by more than 10%, punching a much larger hole in stamp duty revenues than that modelled by NSW Treasury as a result of reforms to negative gearing and the capital gains tax discount.
Arguably, the impacts of reforms to the CGT and negative gearing on the housing market would be even smaller today, because many investors are sitting on the sidelines after the recent house price falls and changes to macro-prudential rules.
<h2>It would raise money…</h2>
Labor’s reforms to negative gearing and the capital gains tax discount would substantially boost the budget bottom line. The independent Parliamentary Budget Office estimates Labor’s policies would raise about A$32.1 billion over ten years.
Winding back these tax concessions would enable the government to reduce other taxes, provide more services, improve the budget bottom line, or provide additional grants to the states (such as for hospitals) much greater than the A$200 million over three years that the NSW Treasury might lose.
The negative gearing change could increase rents, but only if it reduced the supply of new housing. With <a href="https://grattan.edu.au/wp-content/uploads/2018/07/ACE-2018-Supply-sceptics-beware-11-July-2018-media-version.pdf" target="_blank">tight constraints</a> on the supply of land suitable for urban housing, most of the impact would be felt via lower land prices. And any effects would be small: most investment lending is for existing housing, and Labor’s policy leaves in place negative gearing tax write-offs for new homes.
<h2>…and stabilise the economy</h2>
The policy would also <a href="https://www.smh.com.au/politics/federal/negative-gearing-changes-will-affect-us-all-mostly-for-the-better-20190208-p50wjn">promote financial stability</a> by encouraging investors to chase rental yields rather than capital gains. The Reserve Bank, the Productivity Commission and the Murray financial system inquiry all raised concerns about the effects of the current tax arrangements on financial stability.
The policy would also promote an increase in home ownership. Fewer investors bidding at auctions would mean more homebuyers moving in.
Such small falls in house prices, as the NSW Treasury predicts, seems a modest price to pay for these benefits. Most Australians would probably take such a deal.
<a href="https://theconversation.com/profiles/brendan-coates-154644" target="_blank">Brendan Coates</a>, Fellow, <a href="http://theconversation.com/institutions/grattan-institute-1168" target="_blank">Grattan Institute</a>
This article is republished from <a href="http://theconversation.com" target="_blank">The Conversation</a> under a Creative Commons license. Read the <a href="https://theconversation.com/confirmation-from-nsw-treasury-labors-negative-gearing-policy-would-barely-move-house-prices-116736" target="_blank">original article</a>.
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Confirmation from NSW Treasury. Labor's negative gearing policy would barely move house prices

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The NSW government is predicting a small reduction in house prices ahead of any implementation of the ALP's negative gearing policy, should Bill Shorten win office this month.
It also expects a decrease in stamp duty revenue of $194 million over three years to NSW Treasury if the ALP is elected and successfully implements its controversial policy ending negative gearing.
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NSW Treasury modelling claims that transfer duty would decrease by 0.8 to 1.3 per cent in the three years to 2022-23 if Mr Shorten’s policy to stop negative gearing and increase capital gains tax for the purchase of existing properties, goes ahead from January 1, 2020, The Australian reported.
The modelling shows Labor’s policy could reduce revenue by about $46 million in 2020-21, $63 million in 2021-22 and $85 million in 2022-23.
Treasury argues, because of a belief the property market will fall in value, the imminent introduction of the policy could lead to house prices falling by 0.5 per cent by the end of 2019 (relative to current expectations).
Treasury also expects further reductions in stamp duty of between 0.3 to 1 per cent due to a decline in transaction volumes ahead of the possible January 1, 2020 implementation.
The treasury analysis says there could also be flow-on effects to the economy with lower dwelling investment and household consumption having a negative impact on State Final Demand of around 0.25 per cent after four years.
The Liberal NSW Treasurer Dominic Perrottet said Labor’s promised changes to negative gearing and capital gains tax will disrupt the market.
"It will create further uncertainty for homeowners, homebuyers and investors at a time when they can least afford it.
“It will also rip up to $200 million from the State’s bottom line in the next three years and likely push home prices down beyond what existing market conditions would dictate.
“This was a policy proposed by Labor at the height of the property boom — but the circumstances have now changed and so the policy position needs to change too.
“With its toxic cocktail of higher taxes, increased regulation and militant union demands, a Shorten Labor government will be a handbrake on the NSW economy.”
In last night's debate Scott Morrison and Bill Shorten discussed the issue after the PM put a question to the Opposition leader.
He asked the Labor leader for a guarantee proposed limits on negative gearing wouldn't push rents up or house prices down.
Mr Shorten replied that the Grattan Institute and NSW Treasury had said the negative gearing policy "would not have an impact on house prices."
"This is a scam campaign looking for some credibility," he said, noting some limited impact on revenue from activity was anticipated by NSW Treasury.
"So there's no guarantee?" Mr Morrison pushed.
"You heard the answer," Mr Shorten replied.
The initial report by The Australian did not give any figure for the negative price impact after its implementation. 
 
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jchancellor-FAypfDUnLy

NSW Treasury calculates anticipatory price decline ahead of ALP negative gearing policy implementation

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The Labor Party’s plan to restrict negative gearing on newly built properties could lure in spruikers into the market, according to Property Investment Professionals of Australia (PIPA).
“When you financially incentivize people to buy a particular product, spruikers are not far behind because they see an opportunity to make a lot of cash very quickly,” said PIPA Chairman Peter Koulizos.
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The spruikers would endanger the financial lives of thousands of Australians, he said.
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Koulizos noted there is currently no legislation to protect consumers from dodgy operators pretending to be property investment experts.
Koulizos said that "financially bribing" investors to purchase new property will create the ideal conditions for spruikers to flood the market.
“It will be like the pink batts fiasco all over again, which was another terrible Labor policy,” he said.
“This time, it is an ill-conceived negative gearing proposal that is being rolled out too quickly and is likely to have financially catastrophic consequences for investors.
"We’re talking about people investing hundreds of thousands of dollars into properties that are likely to be over-priced and inferior in every way possible.”
Koulizos called for the urgent regulation of property investment advice is needed.
“If Labor’s absurd policy comes in, expect more investors to lose their life savings to corrupt charlatans who have no fear of the consequences because of the lack of regulation in the property investment advice space,” he said.
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PIPA says OTP spruikers will be poised after Labor win

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EXPERT OBSERVER
When a politician says they want ‘more affordable housing’ that’s code for ‘lower prices’. 
Running an election on ‘lower house prices’ is political suicide. Running for office on the basis of ‘affordable housing’ is noble. 
The ‘more affordable housing’ mantra crosses party lines. The NSW State Liberal Government have overseen the apartment boom in Sydney in the name of extra supply creating ‘more affordable housing’. The Labor Party are contesting the Federal Election on the basis that removing negative gearing will save the tax payer billions and create ‘more affordable housing’.
Labor’s plan is to remove negative gearing (from January 1 2020) on existing dwellings but allow investors to gain negative gearing on brand new dwellings. The policy is designed to drive construction of new dwellings and in turn keep stock levels high and rents down.
Negative gearing was introduced in the 1930s in Australia. It is worth thinking about that the next time someone claims negative gearing is a ‘loop hole’. The tax system has been built around negative gearing, wrongly or rightly. Previous attempts to remove it have failed as the political and economic impact was too hard to handle.
The main complaint from those opposed to negative gearing is the burden the tax payer wears to the benefit of landlords. However, it should also be noted that property investors contribute in many ways to the public purse. Whether it is through stamp duty, land tax, council rates, income tax on positively geared investments and capitals gains tax when they sell a profitable investment.
To simply remove one component of this established tax structure will cause disruption. 
In the children’s game of Jenga, a tower of blocks is constructed and the players have to remove blocks from the bottom and place then at the top of the tower, without crashing the tower in the process.
Removing negative gearing is a political game of Jenga.
If Labor can cleanly achieve the removal of negative gearing, spoil to the victors. It will be a tricky path ahead though.
There is much debate on the impact of removing negative gearing from the housing market.
 Historically, small policy changes by Governments have big impacts on markets. The removal of negative gearing is a big policy change likely to have a big impact on the market.
The key to understanding the impact is understanding the dynamic factors at play. 
Price bubble in brand new dwellings – Brand new dwellings will still be able to be negatively geared by investors. Foreign investors and first home buyers already receive incentives to purchase brand new over established dwellings. As a result, it can be easily argued that brand new dwellings sell at an unjustified premium to the established market. The muted changes to negative gearing will exacerbate the bubble in the prices of brand new dwellings.
At best you could call it an incentive for investors to buy brand new dwellings, at worst it’s a bribe.
Higher rents in undersupplied markets – Property analysts SQM Research recently released a report that compared global residential property markets – those with and without negative gearing. Globally, those housing markets without any negative gearing built into their respective tax system had higher priced rental markets. Here in Australia, markets that are under supplied for dwellings will see a gradual increase on rents as the market recalibrates for the removal of negative gearing. 
Markets such as Hobart which are traditionally anti-development and the Inner city of Sydney which is undersupplied are likely to see tenants paying higher rents over time. 
Aussie housing markets which are pro-development will be less impacted by the removal of negative gearing than global peers, due to investors buying brand new dwellings.
Investors continue to feel the squeeze – owning an investment property is nirvana during those rare times that prices are rising and interest rates are falling. The rest of the time, investment properties can be onerous. Maintenance, vacancy, land tax, strata fees and insurances are just some of the many costs landlords incur. The removal of one of the few but true benefits to investors will see many of them opt for alternate investment options. 
Commercial property could be a winner – in Australia, commercial dwellings have always traded with a higher yield than residential. It is the ALP’s hope and expectation that property investors move into buying brand new dwellings to maintain the negative gearing tax break. Investors could well transfer their interest from the low yielding residential to the higher yields on offer in the commercial market.
Unintended consequences – nothing happens in isolation. Identifying unintended consequences is difficult because they are outcomes no one expected or anticipated.A major policy change usually brings unintended consequences downstream though. For example, a massive move away from property by investors would see State Governments revenue drop from stamp duty and land tax (particularly if prices fall). State Governments would then be under pressure to plug the gap in their budget through new and/or higher taxes.
Downward pressure on property prices. The impact cannot be measured scientifically because negative gearing is one of many reasons that buyers purchase a property. You can rest assured this is one more reason that investors will back off. The Liberal Government closed many of the abused aspects of negative gearing in the May 2017 which had an impact on property prices at the time. 
Peter O'Malley is an agent at Harris Partners Balmain and is the author of Inside Real Estate
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The great debate - what will happen if negative gearing is removed?

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The REIQ has begun a digital campaign to alert voters to the "threat" of Labor’s negative gearing reforms.
REIQ CEO Antonia Mercorella said the campaign, called Stand For Stability, "will educate voters about the true impact of Labor’s very damaging negative gearing reforms, an impact that will affect every member of the community through devaluing assets, rising rents and lost government revenue."
“Labor’s proposed changes to negative gearing will be disastrous, adding further pressure to our fragile housing market by pushing down house prices, devaluing people’s biggest asset – their home or their investment property – and pushing up rents,” Ms Mercorella said. 
She highlighted recent concerns that many people don't understand what the proposed changes to negative gearing are and the effect it will have. 
Notably recent research from SQM has suggested rents could rise as much as 22 per cent if the reforms are introduced. 
Ms Mercorella said, “the research is very clear, the economy is facing challenges and the threat to growth is real. Labor will worsen housing affordability for renters through these reforms. Further, if recent reports are accurate, it is clear their policies are based on misleading, inaccurate data.”
“Why would Labor add fuel to the fire with these massive changes to negative gearing structures and capital gains tax arrangements? It’s reckless,” Ms Mercorella concluded
The online campaign will include animated videos, social media tiles and long form articles leading viewers and voters to <a id="LPlnk900533" href="http://reiq.informz.net/z/cjUucD9taT0yMDM0MTExJnA9MSZ1PTUxMzY3MDk2OSZsaT0xODA1NTI3MQ/index" target="_blank" data-auth="NotApplicable">StandForStability.com.au</a>.
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REIQ CEO calls Labor's negative gearing policy reckless and disastrous

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The shadow treasurer, Chris Bowen has defended the accuracy of his costings of the opposition’s signature negative gearing reform. 
It follows reports in the Australian Financial Review and the Australian questioning whether the policy was based on accurate numbers on the extent of new home acquisitions by investors.
Labor has said it would remove negative gearing for people who <a href="/news/labor-sets-january-1-2020-start-date-for-its-cgt-and-negative-gearing-policy-implementation">purchase existing properties from 1 January 2020</a> and halve the capital gains tax discount for properties bought after the same date – measures expected to raise $2.9bn over four years or $35.1bn over 10.
Bowen said in February the Grattan Institute had stated that “around 90% of investment lending is for existing housing”, implying that 10% is for new housing – a figure he has stated publicly for three years.
Bowen angrily rejected the reported black hole, arguing that his public statements about the current rate of investment loans for new housing were designed to show the policy rationale of negative gearing to stimulate new housing had failed but the figures used in costing the policy were “quite separate”.
Bowen revealed the PBO had originally calculated that 12% of negatively geared dwellings would be new properties, which they had now updated to 22% in the first year, rising over time.
The PBO had reached a “prudent assumption” based on “the best evidence available to them”, including Australian Bureau of Statistics data but supplemented by “unpublished data” from the Reserve Bank and big four banks.
“We have the most rigorous costings process of any opposition, ever,” he said. “The PBO stands by their costings and I stand by the PBO.”
Bowen said Labor would provide full costings of its revenue measures “in good time during the election campaign”. 
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