While Bill Shorten could never get his nose in front of Malcolm Turnbull as "better prime minister", the Opposition Leader holds a 39 to 33 per cent lead over new prime minister Scott Morrison.

Shorten is proposing to halve the current 50 per cent capital gains tax discount on investment properties to 25 per cent on all assets purchased after July 1, 2017.

And he will abolish negative gearing on all assets bought after July 1, 2017, other than newly constructed dwellings.

According to the ABS, about 21 per cent of households own a second home that would count as an investment property.

While Shorten's rules will not technically apply to anyone who bought prior to mid-2017, they will directly impact the value of these assets insofar as any new purchaser will both have to pay much more capital gains tax and be denied the opportunity to negatively gear.

And since investment properties (including holiday homes) make up 35 per cent of all Australian dwellings, Shorten's new taxes on the largest source of household wealth will unambiguously reduce the value of owner-occupied and investment properties relative to the alternative of no tax change.

The beneficiaries are future home buyers, who will get more affordable dwellings, although the assets they inherit from their parents will be worth less, all else being equal.

And voters may discount the value they attach to the extra government spending enabled by this revenue-raising if past public works programs, like the NBN or pink batts, are any guide.

Source: Christopher Joye - AFR