- Sep 22, 2011
- 41,875
- 91,422
- AFL Club
- Essendon
-
AFLW 2024 - Round 9 - Indigenous Round - Chat, game threads, injury lists, team lineups and more.
Anthony Albanese - How long? -2-
- Thread starter Chief
- Start date
- Tagged users None
- Sep 22, 2011
- 41,875
- 91,422
- AFL Club
- Essendon
Good to hear that prick Sukkar banging on about housing affordability again.
After spending years as housing minister doing everything he could to make it unaffordable.
Labor have done nothing to reverse Costello's disastrous capital gains discount,
Housing is the responsibility of the states.
- May 3, 2007
- 39,241
- 22,925
- AFL Club
- Fremantle
- Other Teams
- Man City, Valencia, Lazio, Panthers
Australia would be doomed if that was the case.
- May 3, 2007
- 39,241
- 22,925
- AFL Club
- Fremantle
- Other Teams
- Man City, Valencia, Lazio, Panthers
I think if Albanese is still prime Minister and Dutton is still coalition or Liberal leader come the 2025 federal election , I think Albanese will survive.
Albanese will be 62 years old come the 2025 federal election not a 75-80 year old like a Biden or a Trump.
I won't be shocked if he hangs around for another 12 or 18 or even 24 months. We might have a different Labour party leader in 2028.
I mean he could still hang around to the 2028 election if he is keen.
Albanese will be 62 years old come the 2025 federal election not a 75-80 year old like a Biden or a Trump.
I won't be shocked if he hangs around for another 12 or 18 or even 24 months. We might have a different Labour party leader in 2028.
I mean he could still hang around to the 2028 election if he is keen.
- May 3, 2007
- 39,241
- 22,925
- AFL Club
- Fremantle
- Other Teams
- Man City, Valencia, Lazio, Panthers
Fatima Payman started her own political party after leaving Labour party.
It's not a left wing or right wing party. It's a centralise party.
treeebeard
Senior List
- Mar 8, 2023
- 217
- 378
- AFL Club
- Geelong
In Vic they are trying and first home buyers are getting in and snapping up investors old properties
Housing is being impacted by Commonwealth and state policies.
Victoria is successfully keeping house prices lower, but keep in mind, that's where many home owners see the most wealth gains. So as much as people acknowledge the issue for their kids and younger people, they still have a NIMBY attitude to their own actual house price not going to the moon, like it is in every other capital.
If the Commonwealth changed CGT housing benefits, it would tip them all maybe 1% lower, which people will say does nothing, but it will reap a sh!t-tonne of revenue as well as making housing slightly more affordable. The only losers are those who have multiple homes. It's exactly the kind of policy the ALP should be doing. But they're not. And at this stage, it seems it could only be out of self-interest that they don't.
Victoria is successfully keeping house prices lower, but keep in mind, that's where many home owners see the most wealth gains. So as much as people acknowledge the issue for their kids and younger people, they still have a NIMBY attitude to their own actual house price not going to the moon, like it is in every other capital.
If the Commonwealth changed CGT housing benefits, it would tip them all maybe 1% lower, which people will say does nothing, but it will reap a sh!t-tonne of revenue as well as making housing slightly more affordable. The only losers are those who have multiple homes. It's exactly the kind of policy the ALP should be doing. But they're not. And at this stage, it seems it could only be out of self-interest that they don't.
You get a total CGT exemption from your place of residence. So the only impact on CGT is for those selling property which they don't live in. So the only people who would lose out from a change in tax law about property CGT are those people selling investment properties.
I don't expect it would have a huge impact on prices because there's a lot of demand, but it might shift the needled somewhere in the imperceptible range between 1-5% over a year as investors decide buying and selling housing is slightly less attractive because of the increased taxes.
That isn't quite correct.
People not living in their homes doesn't always mean they are typical investment properties.
Secondly. How are you intending to tweak it?
There's already a disincentive for buying and selling housing regularly in this country.
You don't get a 50% CGT reduction if you own the property for less than 12 months.
CGT is paid via your taxable income, so how exactly do you want to tweak it by only a small amount? By reducing the CGT discount? That will certainly not be a minor amount, given it's a leveraged investment. Federal income tax is bigger than state Stamp Duty revenue by a factor of about 80x. Only a % of this is CGT, but it shows the scale of impact of the potential change.
Or are you intending to do so by increasing the top income tax bracket, where property CGT normally impacts?
Thirdly, there's other massive disincentives Australian's already pay to prevent them selling property regularly with respect to the rest of the world. Our stamp duty rates.
The US pays property transfer taxes which generally range around 1% or under depending on the state.
UK has a sliding scale with no stamp duty due under approx $500k AUD. With even multi million dollar homes less than here total.
Canada 0.5%-2%
Further - CGT covers multiple investment types, not just property. So anything you do here likely applies to shares etc also.
I get what you want to do, but I don't think CGT is the way to do it. If the intention is to improve housing affordability, incorporate a progressive Stamp Duty tax like Singapore, you get penalized with a higher stamp duty % for each additional property you buy. I.E 1 = 2%, 2 = 6%, 3 = 10%, 4+ = 15%. It lowers the entry cost for first home owners and reduces competition against property investors vs genuine home buyers.
That will in turn reduce demand though and have an impact on the construction industry.
In my opnion, the biggest possible stimulus would be no stamp duty at all like the US market. It would supercharge gentrification and renovations through house flipping, drive demand through increased construction and supply chain. Heaps more jobs etc. More houses being built, or far greater volume of renovated homes which would have been sitting unrenovated for purchaseby all buyers.
But you have to remember, the state governments first plan is taxing the absolute life out of you and stamp duty is their lifeblood. Property transfer Stamp Duty makes up 34% of Victoria's total tax revenue.
Last edited:
Similar threads
