How much does negative gearing really cost the nation?

With the chorus of voices advocating for changes to negative gearing growing stronger, how much is the measure really costing the nation? Part of this answer can be found in the Expenditures and Insights Statement released by the Treasury each year. While the figures contained in the statement are estimates on a “revenue forgone” basis which cannot be used as estimates of the revenue impact on the Federal Budget if the tax expenditure were to be removed, it is still useful to see the proportion of taxpayers utilising negative gearing.