The property investment debate has reared its head again, and frankly, it’s about time. The Parliamentary Budget Office recently dropped some numbers that have got everyone talking: 80% of capital gains tax discount benefits flow to the top 10% of earners, while 60% of negative gearing benefits go to the top 20%. When you put it like that, it’s pretty stark, isn’t it?

What’s fascinating is watching the responses unfold online. There’s this persistent narrative that any changes to negative gearing would devastate mum-and-dad investors, but the reality seems far more nuanced. One user made an excellent point about how properties naturally become more positively geared over time, meaning established investors with multiple properties would largely be unaffected by changes. It’s really the high-income earners buying expensive coastal properties with terrible rental yields who’d feel the pinch – and honestly, that doesn’t sound like such a tragedy.