THE RBA Guvnor has gone as far as he can go … and it would seem it is now up to the ScOmO Guvmnt to implement … at the very minimum … grandfathering Negative Gearing … yes, you B……s!
In the leadup to the 2019 Election the Labor opposition proposed a policy to open the doors for First Home Buyers and others locked out of Home Ownership … without penalising Investors … they proposed GRANDFATHERING NEGATIVE GEARING!
Hence the Liberals ran a dirty scaremongering campaign … of lies as revealed in ‘Are any of the Coalition’s claims of new Labor taxes actually true?’
What GRANDFATHERING means … perhaps it was beyond the grasp of some!
‘A grandfather clause (or grandfather policy or grandfathering) is a provision in which an OLD RULE CONTINUES TO APPLY to some existing situations while a new rule will apply to all future cases … ‘.
Thus it was a COMPROMISE which allowed investors to maintain their investments in ‘established’ housing, and allowed them to continue to grow their property portfolios by investing in ‘new homes‘.
This too would ensure the growth of the development sector with more homes being built; more jobs and more $. And it opened the door for Home Buyers to buy an ‘established’ home, it increased the housing supply for them!
However, now we have a predicament where HOUSING is more UNATTAINABLE! FFS!!!
AND as George writes …
‘If you explain this to a CAPITALIST MINDSET, they don’t get it. Indeed, many generally don’t understand the ramifications of NEGATIVE GEARING, because they don’t see how it affects others.
They don’t see how it would adversely affect them, actually, if suddenly their earning capacity ceases. Negative gearing is a form of TAX PERK, a bad one …. the more you earn, the greater the benefit of the perk. That sits very well with them, and so the quest for more and more …
They couldn’t give blooming rats how it affects anyone else but themselves.
Who’s to blame? We are, of course, the *SILENT MAJORITY* …….
Many were scared, SPOOKED!! And voted last time around for NG to stay in place!
We cannot afford to let the likes of JOSHY BOY and ScOmO scare the masses again. It is a real scourge on housing affordability …..
As the great YANIS VAROUFAKIS has said, too much emphasis is on HOUSING, and he was DEAD RIGHT. The fact that you can earn above certain brackets on the wage scale entitles you to a larger amount of the TAX PERK?
While others can’t? Can’t even afford to buy a HOME?….. …oh dear me. It is MADNESS.
VIEW what Yanis Varoufakis had to say about Australia’s emphasis on Housing on
Q & A:
FRANKING CREDITS is another … a LOOPHOLE, let’s not forget that one …….
It is very CROOK.
READ MORE: ‘Franking Credits: How Good is Free Money?’
So, it is the system that is broken. I’ll say again, as a reminder … we had the opportunity to fix it, we squandered it.
To make matters even worse for us all, particularly for the down and outs, the poor people who have been suffering continually, and who were unable to recover, damaged, scared from the days of the HOWARD tenure will have to endure further taunting.
It has been brought up on the 6.00pm NEWS, talk that the LNP under the gleeful eye of JOSHY BOY, will BROADEN THE BASE OF THE GST … or even INCREASE THE GST….….to recoup the losses incurred due to the Pandemic.
If ever there is a way to make QUICK BIG BUCKS for government coffers … it is the GST… a REGRESSIVE AND EVIL TAX.
Let that sink in, I doubt very much we will be able to sleep tonight ….. It will be a BEX job.