Negative gearing is proving to be a touchy topic in federal politics, with Labor and the coalition locked in a war of words on the issue.
Shadow treasurer Chris Bowen has called Treasurer Josh Frydenberg "embarrassing" and accused him of lying over the coalition's claims about the housing market.
Mr Frydenberg on Monday said Labor's negative gearing proposal would be "very bad" for homeowners and renters.
"The view is it will be a terrible outcome for people with debts in their own home, people who are even looking to get into the housing market," he told the Nine Network.
Those comments followed on Aussie Home Loans founder John Symond declaring Labor's policy would be a "nuclear bomb".
But Mr Bowen lashed those remarks as a "scare campaign", continuing a battle between the major parties that reignited in October when Prime Minister Scott Morrison said Australia's triple-A credit rating was at risk under Labor's policy.
"It's all a bit embarrassing for the new treasurer, trying to walk and lie at the same time is proving a bit much," Mr Bowen said.
"This is the problem when you have no credible economic or tax policy.
"Labor wants to level the playing field so all Australians can aspire and realise the dream of owning their own home."
Labor leader Bill Shorten also hit back at the "people who make a lot of money from negative gearing".
He said Labor's plan was to look after first-time homebuyers.
"They are future changes. If you presently negative gear you will not be affected by our changes," Mr Shorten told reporters.
"I notice a barrage of criticism coming from the multi-millionaire brigade who make their business models out of negative gearing."
Australian Associated Press
