‘Will go down’: Nuno Matos says tax reforms will hit lending as investors exit
The chief executive of ANZ says, whatever its merits, the government’s tax plan is having the desired effect on property investment.
ANZ chief executive Nuno Matos can already see how the Albanese government’s proposed changes to negative gearing will hit the banks and flow through the market as investors retreat.
One month since Treasurer Jim Chalmers announced the government would restrict future negative gearing concessions to new builds and cut the capital gains tax discount, Matos said the consequences are clear.
“The mortgage market will slow down. It has been growing at around 8% to 9% before, it’ll probably grow at 5% to 6%. That’s the short term,” Matos told the Morgan Stanley Australia conference in Sydney on Wednesday.
“From a price perspective, who knows? For me, it could mean less price appreciation. Is it going to be negative? Is it going to be less positive? I’m not going to speculate about that.”
