Jacinta Allan - Leading a zombie government

[Sttew]

Sorry Sttew, you were talking about social media posts and taxi drivers. I shouldn't have interrupted you.

Please continue.

Grow up!

 

[Pakenhamsaint]

Quiet cuts to Metro Tunnel scope raise questions over what services will actually be delivered

Commuters could miss out on the full benefits of the $15 billion project because related network upgrades have been cut to rein in the ballooning budget.

www.theage.com.au

The age late to the party like normal.
Some of this stuff was descoped 5 years ago.

 

[Bunk Moreland]

After seeing him in Sydney, I wouldn't go if they paid me. He weas shit house

With their careers peaking decades ago, these people get dumped on Australia to try to eek a little more out on the preface of being an “international star”.

 

[Sttew]

With their careers peaking decades ago, these people get dumped on Australia to try to eek a little more out on the preface of being an “international star”.

To be fair, though, he’s out here to promote his movie that was mostly filmed in Melbourne. And the show at Fed Square this afternoon is free.

I still think Robbie Williams’ GF half time show is the best yet.

 

[FIGJAM]

That’s 25,000 new home owners. They said the tax wouldn’t work

There will be bugs to iron it though

The main "bug" to iron though is that eradicating the appetite for investors in Victoria means that high density developments are unfeasible and can't get off the ground.

Plus there ain't 25,000 new homes; just a bit of relief in some rental markets.

I'm all for strong vacant property taxes (within reason for some development sites), but the increases in land tax and an already blisteringly high stamp duty, has seen investors move out of the market, meaning that the Vic Govt miss out on those land taxes. Ultimately, these tax increases had nothing to do with getting people into their own home, but paying for the eye watering debt from botched Covid responses and painfully slow reopening, cost blow outs, Comm Games faceplants, etc.

 

[peetoo]

The main "bug" to iron though is that eradicating the appetite for investors in Victoria means that high density developments are unfeasible and can't get off the ground.

Plus there ain't 25,000 new homes; just a bit of relief in some rental markets.

I'm all for strong vacant property taxes (within reason for some development sites), but the increases in land tax and an already blisteringly high stamp duty, has seen investors move out of the market, meaning that the Vic Govt miss out on those land taxes. Ultimately, these tax increases had nothing to do with getting people into their own home, but paying for the eye watering debt from botched Covid responses and painfully slow reopening, cost blow outs, Comm Games faceplants, etc

It clearly states they sold their investment properties

Who bought them? I didn’t say 25000 new homes

 

[nut]

It clearly states they sold their investment properties

Who bought them? I didn’t say 25000 new homes

What will be the Herald Sun Headline?

Jacinta gets 25000 first home buyers a home.

Home buyers rejoice- well done Jacinta.

Victoria - the Home buyer state!

What cost of living Crisis? New home buyers galore!!

 

[Sttew]

What will be the Herald Sun Headline?

Jacinta gets 25000 first home buyers a home.

Home buyers rejoice- well done Jacinta.

Victoria - the Home buyer state!

What cost of living Crisis? New home buyers galore!!

“ ALLAN GOVERNMENT PLANS FOR HIGH RISE APARTMENTS IN KEY SUBURBS IN TATTERS AS DEVELOPERS AND INVESTORS DESERT VICTORIA IN DROVES”

 

[nut]

“ ALLAN GOVERNMENT PLANS FOR HIGH RISE APARTMENTS IN KEY SUBURBS IN TATTERS AS DEVELOPERS AND INVESTORS DESERT VICTORIA IN DROVES”

Yep. They’ll go with the negative.

 

[peetoo]

Allen getting the Julia Gillard edit here.

While the post metro city loop improvements should happen, it’s wrong for the headline to say other services will be cut. It’s just they won’t be improved as much as they would have been, which the report actually says later in the footage.

Just media desperation to blunt the good news story of metro

 

[peetoo]

“ ALLAN GOVERNMENT PLANS FOR HIGH RISE APARTMENTS IN KEY SUBURBS IN TATTERS AS DEVELOPERS AND INVESTORS DESERT VICTORIA IN DROVES”

Yep, and there are still more empty residences than people looking for homes

 

[FIGJAM]

It clearly states they sold their investment properties

Who bought them? I didn’t say 25000 new homes

I know you didn’t say that, but you did infer that the "taxes" has somehow "worked".

In my view, the threat of the VRLT would have some minor impact for land bankers and people who've bought apartments and can't be bothered leasing them out (happens a lot in the city with overseas purchasers).

But that's rats and mice stuff in the scheme of things. Most places get leased out, even those in Urban Growth Zones or Green Wedge Zones that are clearly getting land banked.

The windfall gains tax I get, as the jump from a Green Wedge Zone to Urban Growth, or Gen Res to Res Growth, can jump tenfold in value at the stroke of a pen. But then the effect will be twofold in that is will reduce demand and prices for GWZ properties on the metro fringe and thus they will get less land tax.

And with land tax and stamp duty increases over $2M, we can't pretend that it's sole intent is to address our spiralling net debt, which we saw finally twig with Andrews / Pallas / Allan shitting the bed in real time, which coincided with the embarrassing Comm Games dump.

So we lose 25,000 rented apartments for 25,000 first home buyers (they wont all be, but let's run with that!). That's 25,000 less pre-change land tax recepts. I can only assume that they have crunched various numbers allowing for this reduction in an infinitely better way than they crunched the numbers for the Comm Games and various infrastructure projects?

And again, if future supply is being restricted by a lack of feasibility, what exactly has "worked" about the taxes?

 

[peetoo]

I know you didn’t say that, but you did infer that the "taxes" has somehow "worked".

In my view, the threat of the VRLT would have some minor impact for land bankers and people who've bought apartments and can't be bothered leasing them out (happens a lot in the city with overseas purchasers).

But that's rats and mice stuff in the scheme of things. Most places get leased out, even those in Urban Growth Zones or Green Wedge Zones that are clearly getting land banked.

The windfall gains tax I get, as the jump from a Green Wedge Zone to Urban Growth, or Gen Res to Res Growth, can jump tenfold in value at the stroke of a pen. But then the effect will be twofold in that is will reduce demand and prices for GWZ properties on the metro fringe and thus they will get less land tax.

And with land tax and stamp duty increases over $2M, we can't pretend that it's sole intent is to address our spiralling net debt, which we saw finally twig with Andrews / Pallas / Allan shitting the bed in real time, which coincided with the embarrassing Comm Games dump.

So we lose 25,000 rented apartments for 25,000 first home buyers (they wont all be, but let's run with that!). That's 25,000 less pre-change land tax recepts. I can only assume that they have crunched various numbers allowing for this reduction in an infinitely better way than they crunched the numbers for the Comm Games and various infrastructure projects?

And again, if future supply is being restricted by a lack of feasibility, what exactly has "worked" about the taxes?

It’s over to the feds to fix the rest

 

[Golden_6]

I know you didn’t say that, but you did infer that the "taxes" has somehow "worked".

In my view, the threat of the VRLT would have some minor impact for land bankers and people who've bought apartments and can't be bothered leasing them out (happens a lot in the city with overseas purchasers).

But that's rats and mice stuff in the scheme of things. Most places get leased out, even those in Urban Growth Zones or Green Wedge Zones that are clearly getting land banked.

The windfall gains tax I get, as the jump from a Green Wedge Zone to Urban Growth, or Gen Res to Res Growth, can jump tenfold in value at the stroke of a pen. But then the effect will be twofold in that is will reduce demand and prices for GWZ properties on the metro fringe and thus they will get less land tax.

And with land tax and stamp duty increases over $2M, we can't pretend that it's sole intent is to address our spiralling net debt, which we saw finally twig with Andrews / Pallas / Allan shitting the bed in real time, which coincided with the embarrassing Comm Games dump.

So we lose 25,000 rented apartments for 25,000 first home buyers (they wont all be, but let's run with that!). That's 25,000 less pre-change land tax recepts. I can only assume that they have crunched various numbers allowing for this reduction in an infinitely better way than they crunched the numbers for the Comm Games and various infrastructure projects?

And again, if future supply is being restricted by a lack of feasibility, what exactly has "worked" about the taxes?

25,000 pre-change land tax tax receipts but 25,000 additional stamp duty receipts.

I think the Victorian Government would much prefer the significantly higher one off tax than the significantly lower ongoing one.

Stamp duty is a major reason why people don’t move houses often. It’s a horrific tax that hasn’t been adjusted to keep pace with the rate of house price growth and actually makes zero sense.

Why should a primary residence homeowner be slugged $50k+ just for purchasing a main residence?

 

[FIGJAM]

It’s over to the feds to fix the rest

Why?

And how?

 

[FIGJAM]

25,000 pre-change land tax tax receipts but 25,000 additional stamp duty receipts.

You're assuming that the investors have all jumped because of the new taxes only and not because of everything else with regards to cost of living pressures.

Then you're assuming that the volume of transactions in Victoria have gone up in 2024 to 2023. I don't have data on that, but I do know that there is a solid chance that that has gone backwards, as listings definitely went up and prices (on the whole) went backwards in Victoria (indicating much reduced demand).

I'm not begrudging first home buyers getting a foot in the market and indeed, think the Shared Equity arrangement has been an excellent policy.

I'm just of the opinion that there are people unfairly gunning at landlords as though they're to blame for the housing crisis, which is a worldwide phenomena (save for like a few exceptions). I mean, if higher land tax was the simple solution, then Allan should just bump it to 20% and get every Victorian a joint. Of course, that would throw us into a peculiar state-only depression that would be catastrophic for a variety of reasons, largely because the Victorians wouldn't have a job to be able to afford the dwellings that they were lamenting not being able to afford in the first place!

FWIW, I don't own an investment property.

Stamp duty is a major reason why people don’t move houses often. It’s a horrific tax that hasn’t been adjusted to keep pace with the rate of house price growth and actually makes zero sense.

Why should a primary residence homeowner be slugged $50k+ just for purchasing a main residence?

Could not agree more with you. It's a disgrace!

 

[Deliverance]

The age late to the party like normal.
Some of this stuff was descoped 5 years ago.

2nd time the6ve done that in 12 months. Literally no purpose other than to manipulate people to vote LNP

 

[Deliverance]

It’s over to the feds to fix the rest

Doubt they care, considering many of them own more properties than they need, for the purposes of making themselves richer.

 

[peetoo]

Really it’s “labor’s doing nothing”

They do something and its

“Labor’s doing the wrong thing”