Almost 39,000 Australians have five investment properties or more for which they are getting tax breaks, new figures show.
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The latest taxation data also shows this group of investors is growing at three times the rate of those who own just one investment property.
Shadow treasurer Chris Bowen said the data proved Labor's point that the federal government's generous property tax breaks are skewed towards a small number of Australians and need reform.
"The new data from the tax office again draws out the problems with the current tax concessions on housing - an investor buying their 5th, 6th or 7th property gets more assistance than a first home buyer trying to get into the market," Mr Bowen said.
He said first-home buyers needed to be on a level-playing field with investors, while money provided for negative gearing of multiple properties could be put to better use.
Australian Associated Press
