I don't think it matters so much what your income is. Resi IPs (if chosen wisely) still represent a good way to store and build wealth, just not quickly. Well located property is, I think, a great way to Get Rich Slow (which is my long term plan).
The land tax revenue alone is around triple the value of negative gearing 'costs'. And that doesn't include the CGT, which owner-occupiers also don't have to pay.
Yep.
The problem is people think 'negative gearing' is a tax rule - it's not, it's just a name that financial planners have given to a specific strategy.