The scariest thing to come out of the Federal Election campaign to date is the tax-cut promise from the Liberal Party. As a property investor, it's the last thing I want to hear from the major parties.

ANZ Bank's chief economist Saul Eslake has confirmed my fears: that the additional consumer spending triggered by major tax cuts will put upward pressure on inflation and lead to further rises in interest rates.

The Federal Government launched its election campaign with a promise to offer $34 billion in tax cuts over five years. The cuts mean someone on average earnings will be $20 a week better off.

But if you own your home and an investment property or two, a single interest rate rise of 0.25 percentage points can wipe out those benefits overnight.

We've had repeated interest rate rises in recent years as the Reserve Bank tries to tame the inflation demon.

As an investor and as a citizen, I'd rather the money was spent on improving infrastructre and services.