New data shows more than half of the nation’s 2.3 million investment properties are running at a cash-flow loss, emboldening Labor’s move to curtail negative gearing.

The government assumes investors will calmly migrate from established housing into off-the-plan developments. But investors are not pieces on a Treasury chessboard.

New data shows more than half of the nation’s 2.3 million investment properties are running at a cash-flow loss, emboldening Labor’s move to curtail negative gearing.