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It wouldn't save much money for the government budget when measured over the long term (perhaps a little due to reduced interest paid on debt/reduced real value of deductions over time & some investors who may not ever make a profit on property to reclaim losses). The problem I have with it...

Losses for the current tax year... I'd expect they could be carried forward even if NG is removed (i.e. losses would be quarantined to claim against future income from the same asset class).

Negatively geared property can be profitable, depending on capital growth over the period you own it. Perhaps you mean cash flow positive? & even then it depends on how much cash you put into the deal... a low yield apartment on Sydney Harbour can be cash flow positive if you buy it outright...

I think they will remove it for established dwellings, but leave it available for new builds (I selected option 3 which was closes choice). I think they'd grandfather existing property purchases (i.e. won't be available for established properties after the date they implement it, but existing...