MB78 said:One of my mates in Melbourne who is in the ALP (right faction), states they lost it for going with both the negative gearing and the cranking credits. He feels that they should have left negative gearing alone if you only had one property. He stands by the cranking credits but admits they could have capped the tax return at $10,000.
He is now very worried that the ALP will push very hard left as Tanya, Albo and Wong all very left.
I guess then they'll be too scared to try to make changes to NG again.
Such a shame.
It is such a bad thing for the country, long term. Encouraging people to make a loss on an asset that doesn't produce anything or employ anyone and in 85% of cases doesn't house anyone either (i.e. in net terms, since 85% of NG's properties are established). People should be investing in businesses. Instead they are contributing to a scenario where the average young person has a choice between a debt they will probably never pay off and the prospect of spending their adult life as a second class citizen (a renter).
Of course, young people with a big inheritance will be immune. I'd hate to think how much inequality we're going to see in 30 or 40 years.