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Fair enough but transaction costs need to be reduced in this case, in NZ these are much lower for example. The government can't have it both ways, presently state government budgets rely on stamp duty and land tax. Super concessions will probably be looked at as well.

Agreed but this is assuming decisions regarding tax policy are made by rational adults

All but one of mine are neutral or positively geared but if this was introduced there would need to be reductions in stamp duty to reduce transaction costs and any losses would need to be able to be carried over against future rental income. Land tax should also be reduced as it is excessive IMO