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I've since discovered that the '40% discount on residential income and losses' effectively means that you could only claim negative gearing on 60% of your interest and depreciation costs - so it wouldnt have been good news for most property investors and luckily they have ruled it out.

Well, this is a pleasant surprise. I was a bit anxious that the government might feel obliged to 'do something' to address allegations that investors are driving up property prices. The Herald Sun also said that 'The review proposes a 40 per cent discount on all income from savings, as well...

Yay, a bit less uncertainty will be nice for a change. Now if only the RBA would publish their upper limit on interest rates.