The Property Couch Breaking News | The Negative Gearing "Double Whammy"
Mar 4, 2026
Breaking news on proposed negative gearing reforms and a modeled two-property cap loom ahead of the May budget. Data-driven breakdowns show investor ownership patterns, rental income and deductions, and the risk of spooking rental supply. A Victorian case study highlights policy-linked supply losses. The conversation explores why investor numbers are falling and what flawed design could mean for housing availability.
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Negative Gearing Is A Temporary Outcome
- Negative gearing is an outcome not a named tax policy; it reflects investment losses offset against other income in a given year.
- Ben Kingsley stresses it’s a temporary phase for properties that typically become positively geared over time, generating future tax receipts and capital gains.
ATO Data Shows Net Rental Tax Receipts
- ATO 2022–23 data shows $56.1bn gross rental income and net positive tax receipts of $1.6bn after deductions.
- Ben Kingsley uses these figures to counter the claim investors are a net fiscal drain on income tax revenue.
Most Investors Own One Or Two Properties
- Ownership concentration: 71.8% of investors own one property, 18.7% own two, only ~85k own more than three.
- Kingsley uses this to refute the 'property hoarder' narrative targeting large numbers of multi-property investors.
