Treasurer Joe Hockey has launched the government’s discussion paper on tax reform in Melbourne, which said “negative gearing played a contentious role in driving up property prices when combined with the 50% discount on capital gains”.

"We haven't done what our predecessors did and start ruling things out," Hockey said, as quoted by Property Observer.
"We are putting the whole system down and asking what could be done better," he said.
Hockey said the paper marked "the start of a conversation about how we bring a tax system built before the 1950s into the new century".