Lab Housing Policy and Negative Gearing, page-25

Negative gearing is another game thats best if you are in the highest tax brackets...they get the most benefit ie its a good tax break for the arguable well off and rich

The tax payer essentially substitutes a part of their losses

ATO data shows that, typically, negatively geared investors have higher incomes than people without rental investments.
The same data shows that negatively geared investors have typical incomes around 50% higher than non-investors – even after deducting their losses from negative gearing.
The top 10% of the income distribution for negatively geared investors earn around 50% more than non-investors. Incomes for this top 10% are around $150,000 per year, compared with $98,000 for non-investors, according to the ATO. – Ben Phillips and Cukkoo Joseph

While only 6% goes to the bottom 20% of households

Independent analysis by the Parliamentary Budget Office, commissioned by the Greens, found that 57 per cent of negative gearing deductions go to the top 20 per cent of income earners.