Treasurer Scott Morrison denies wealthy Australians benefit most from tax breaks for property investors.
Analysis by the Grattan Institute shows the top 10 per cent of income earners receive almost 50 per cent of the tax benefits of negative gearing - which Labor wants to limit to new properties.
"I know it's the popular consensus among some ... that this is some big rort for big high-income earners. That's a complete and utter myth," Mr Morrison told ABC radio on Tuesday, citing figures that show two out of three were mum-and-dad investors.
Shadow treasurer Chris Bowen says he can't believe Mr Morrison is still denying negative gearing benefits high-income earners.
"They are squibbing it and engaging in cheap, dirty, Tony Abbott-style scare campaigns at the expense of good policy," Mr Bowen told Sky News.
