Tax plan hits Labor homes

SOME of the highest concentrations of people with negatively geared investment properties are in Labor-held electorates, a seat-by-seat analysis released by the Federal Government shows.

Some 1.3 million Australians negatively gear investment properties, with 640,000 living in Coalition electorates and 570,000 in Labor seats.

Treasurer Josh Frydenberg said Labor’s plan to rein in the tax break would hit hard.

“If you own your own home it will be worth less, and if you rent your home it will cost you more,” he told The Australian.