Bob Hawke tried to restrict negative gearing in the early 80s.
Paul Keating as treasurer abolished negative gearing but due to its unpopularity mainly with property investors he retracted.
With the change of government from Labor to Liberal, John Howard introduced the 50% CGT discount in 1999 which boosted activity in housing by investors.
Presently the Labor opposition has proposed to introduced capping negative gearing while the Liberal government doesn’t want any amendments to the current housing policies.
Looking at the graph, house price decline in 2000 due to a recession and there was a double dip in 2009 and 2012.
