Building industry slams Labor's negative gearing plan

THE building industry has hit out at Labor's proposed changes to negative gearing, labelling the policy a "populist response".

Masters Builders Australia chief executive Wilhelm Harnisch said the policy moved away from "a long-held bipartisan approach" to negative gearing in place since the 1990s.

He said while quarantining negative gearing to new homes was attractive to the building sector; it had a "sting in the tail" by halving capital gains tax concessions.

"Our concern is that Labor's policy is a populist response to those who demonise housing and negative gearing as primary cause of our fiscal and social problems," Mr Harnisch said.

"Investing in new private rental housing is not evil."

Mr Harnisch said the industry would continue its "positive engagement with the ALP", but urged it look elsewhere to drive tax reform and economic growth.

Topics:  building industry negative gearing tax

Harry’s special wedding guest

Prince Harry reportedly flew African orphan he met 14 years ago over for wedding. Picture: BBC

An old friend attended the royal wedding, say hello to Mutsu Potsane

Charles, Harry's 'off the cuff' wedding speeches

Harry and Meghan changed their outfits as they headed to their wedding reception. Picture: Harry, Meghan depart Windsor Castle for evening reception AFP PHOTO / POOL / Steve Parsons

The Princes delighted the reception with their touching speeches.

Books: Will the panic room reveal its secrets?

NEW BOOKS: Panic Room is Robert Goddard at his nerve-shredding best.

Panic Room is Robert Goddard at his nerve-shredding best.