SYDNEY: Australia is likely to see weaker property prices and diminished productivity under policy proposals by the opposition Labour party that’s on track to win government, says Royal Bank of Canada (RBC).
House prices could fall 15% under plans to curb property investment tax breaks, while proposed changes to other investor perks could shave up to 0.2% from annual consumption, Su-Lin Ong, head of Australian economic and fixed-income strategy at RBC, said in a research note.
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