I am afraid that google , or was it bing , has led you astray Rattie.
Negative gearing was abolished for a short period of time by Hawke/Keating
Then Labor bottled it because rents went up in western Sydney , mainly , which threatened a few marginals , and probably unrelated to the change.
They then just went back to the previous system which had been there for decades.
But at least they had a realistic cgt system in place after that.
Your plan above would not make much of a dent in the amount of properties negatively geared, and there are better ways of increasing housing supply and retirement incomes than pumping money , yet again , into the profits of the housing sector.
You still have the problem of people investing in old houses , neutrally geared , because cgt is 50% of tax on income from elswhere.
cheers
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