There is "no evidence" Labor's proposed housing tax policy changes will lead to a 'slump' in new home construction similar to that when the GST was introduced, a Deutsche Bank report says.

When the GST was legislated in 1999, there was a significant 'bring forward' in new dwelling approvals to beat the price hike, followed by a slump in construction after the tax was introduced.

But despite Labor leading in the polls and an election likely next May, the chief economist at Deutsche Bank and report author, Phil O'Donaghoe, said there was little evidence investors are reacting in the same way.

"If a reduction in the 'after tax return' available to property investors was perceived as imminent, we would expect to see...a temporary surge in approvals as investors sought to access the 'grandfathering' clause in Labor's proposed policy. As yet, there is no evidence of this," he said.