Apart from its fascinating ramifications for the tax debate and politics more broadly, Labor's negative gearing policy -- and the possibility the Coalition might also move on the issue -- offers the opportunity to watch, in real time, the way industry interests and the media campaign against it.

Today's Australian Financial Review offers not one, not two, but three separate pieces attacking the proposal. Michael Bleby warned "house prices could suffer greater falls than anything seen in the past decade under Labor's proposed tax changes". Larry Schlesinger has a series of anecdotes and whines from wealthy investors and property sector figures making unevidenced claims like "it would shock investors, which could turn into panic and cause the housing bubble to burst". And right-wing commentator Jennifer Hewett opines about how "the great Australian dream of negative gearing" is under attack.