Recall my recent comments about ALP soon-to-be-Treasurer Chris Bowen:
Everyone speaks very highly of Chris Bowen and I’m sure he means well and is a nice guy and all. But there is a track record here. This is the man who brought us FuelWatch, GroceryWatch, and the changes to taxation of employee share schemes – eventually having to admit that there were two instances where rorting had occurred.
Mr Bowen, Labor’s chief economic salesman, has repeatedly referred to ABS figures purportedly showing that negative gearing has failed to promote construction in new housing and create jobs.
“The most recent Australian Bureau of Statistics data shows that 93 per cent of new investment loans go to people purchasing existing housing stock,” Mr Bowen said as recently as January. “This means that the vast bulk of investment does not increase supply or boost jobs.
“All it does is increase demand and the price of the existing homes, allowing investors to use tax subsidies to outbid owner-occupiers and first-home buyers.”
But ABS financial statistics analyst Tony Mitchell said the agency did not collate the figures Mr Bowen had been referring to since 2016.
“If you wanted to have those numbers you wouldn’t be able to get them from our statistics because we don’t collect them,” Mr Mitchell told The Australian.
… the agency did not collate the figures Mr Bowen had been referring to since 2016.
Wow. Pretty damning.