ONE of Australia's most senior bankers has taken aim at the negative gearing millions of property owners use, claiming the tax break is leading to an unhealthy focus on housing as a way to get rich, while pushing property prices to unaffordable levels.
ANZ Australian chief executive Phil Chronican also cast doubt on property as an investment class, saying housing looked ''weak'' compared with other forms of investment and that the substantial gains in property prices over the past two decades were unlikely to be repeated.
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http://www.theage.com.au/business/bank-boss-questions-gearing-20110602-1fit2.html
ANZ Australian chief executive Phil Chronican also cast doubt on property as an investment class, saying housing looked ''weak'' compared with other forms of investment and that the substantial gains in property prices over the past two decades were unlikely to be repeated.
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http://www.theage.com.au/business/bank-boss-questions-gearing-20110602-1fit2.html