Neg gearing applies to many forms of investment and is a legal tool for you to move expenses in deriving investment income against your income. To apply the argument to housing only has you ignore the benefits to business (particularly start ups), share investment (owning businesses) and other ventures (like share accomodation or equipment rentals). Jobs and salary creators!
Thus negative gearing is broader than most arguments here - and don't forget, one requires a tax paying income in the first place to participate!
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