Home owners across the country will see the value of the family home "smashed" under Labor's "very blunt, very crude" negative gearing policy, Prime Minister Malcolm Turnbull has warned.
In a blistering political attack on the opposition's policy, which was unveiled last weekend and which restricts negative gearing to new properties while also reducing capital gains discounts available to investors, Mr Turnbull warned " this should put concern into the minds of every single house owner".
And in a clear sign the federal government is prepared to launch a massive scare campaign in the lead up to the 2016 election over the Labor policy, which is designed to save $32 billion over a decade, Mr Turnbull warned "Bill Shorten's policy is calculated to reduce the value of your home".
"The Labor Party's negative gearing policy and its wind back on the capital gains discount – its increase in tax on capital gains – is a very dangerous one. It's been very, very poorly thought out," Mr Turnbull said.
"The consequence of it will be a decline in property prices, every home owner in Australia has a lot to fear from Bill Shorten."