ATO data shows surgeons and anaesthetists were the top two earning professions in the 2021-22 period,with internal medicine specialists and psychiatrists also among the top 10 occupations by average taxable income.

The data underscores the debate about the distribution of benefits from tax concessions. Analysis from The Australia Institute shows the richest 10 per cent get more than half of the benefits of the capital gains discount and tax rental deductions.

However,the Property Council has argued that lower-paid and essential workers are among the primary beneficiaries of negative gearing when looking at the total number of taxpayers who are negatively geared by occupation.

The tax office data shows there were 27,639 registered nurses,14,946 secondary school teachers and 13,556 infant or primary school teachers who had at least one negatively geared investment property in 2021-22.

Shadow treasurer Angus Taylor on Friday said the current policy settings meant mum and dad investors could be landlords.

“[Our vision] is that we have mum and dad investors,a plumber,a chippy,a nurse,a teacher,who owns a house and rents it out to other Australians,” he said. “We don’t want to replace the mum and dad investor with the big corporate,big investment fund who’s the landlord of the house that Australians rent.”

Both major parties have made housing a key issue in the lead up to the next federal election.

Independent senator David Pocock said on Friday that if negative gearing changes were introduced,the extra government cash could be used to fund supply,saying there is a “sensible middle path to reform,” which would include grandfathering existing arrangements,and limiting negative gearing to one property going forward.

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