Negative gearing memo 'not RBA position'

A Reserve Bank document expressing concern about negative gearing and the capital gains tax concession isn't the bank's official position, Finance Minister Mathias Cormann says.

Senator Cormann said the document, released under freedom of information legislation, is an internal briefing note which preceded Labor's negative gearing policy and didn't address it at all.

"This is an old document, it is an internal document, it is a document that outlines historical perspectives. It is not an official position of the RBA and it shouldn't be misrepresented that way," he told ABC television.

The document, dated December 2014, says any change to tax law which discourages negative gearing may be a good thing.

Labor proposes to make negative gearing only available on newly constructed homes from July 2017.

There would be no change for existing negatively geared property.

Capital gains tax concessions would be cut from 50 per cent to 25 per cent, also with no change to the rules applying to existing assets.

Senator Cormann said the most recent statement from Reserve Bank governor Glenn Stevens explained that he felt comfortable to reduce the official interest rate because of developments in the property market and the effect of tougher lending standards on the housing market.