Opinion Politics (warning, may contain political views you disagree with)

[poshman]

Not a problem at all!

I think there are plenty of areas of common ground.
It's more in terms of like 'they hide the truth about vaccines' etc.

I wasn't thinking about Vaccines. I am talking search results about gender, articles about politicians and email filtering

Did you see any of the search results from their AI? Where they changed historical figures skin colour and likeness to 'diverse' answers?

 

[CM86]

I wasn't thinking about Vaccines. I am talking search results about gender, articles about politicians and email filtering

Did you see any of the search results from their AI? Where they changed historical figures skin colour and likeness to 'diverse' answers?

My concern with Google results is around the influence from Government, and mostly advertising.
I understand that it's possible that with specific searches that the results may be the least harmful (from our current societal view).
But I'm not sure how that could be concerning, let alone evidence of censorship etc.

I don't believe diversity is a 'left' ideology. I think it's something that is almost entirely supported in our society.

 

[poshman]

My concern with Google results is around the influence from Government, and mostly advertising.
I understand that it's possible that with specific searches that the results may be the least harmful (from our current societal view).
But I'm not sure how that could be concerning, let alone evidence of censorship etc.

I don't believe diversity is a 'left' ideology. I think it's something that is almost entirely supported in our society.

Do you think changing people’s skin colour and likeness is supported almost entirely in our society? I couldn’t disagree more. And that was what I was referring too.

Least harmful from whose point of view? We know Google is high 90% left. If they were 95% right would you be ok with them deciding what was and wasn’t safe?

 

[Kram]

RBA to lift cash rate to 5.1pc, says top forecaster​

Michael Read
Share post
A resurgent domestic economy and sticky inflation will force the Reserve Bank to do a U-turn and increase its benchmark interest rate three times this year to 5.1 per cent, Judo Bank chief economic adviser Warren Hogan has warned.
After several months of hotter-than-expected data, Mr Hogan has jettisoned his forecast for the RBA to stay on hold until early 2025 and then deliver a rate cut.
Instead, the veteran economist now expects 0.25 of a percentage point rate rises at the RBA’s August, September and November board meetings. That would take the cash rate to 5.1 per cent.
“Everything points to the fact that 4.35 per cent isn’t the right level for the cash rate,” he told The Australian Financial Review.
Read the full story here.

 

[Taylor]

Didn't the ALP already effectively fire one RBA boss for making their political life harder? They'll burn down the place for doing that leading into an election.

 

[poshman]

We were too slow to increase the rates and now have sold people on them dropping too soon.

The flow on effect is more investor dollars flowing from middle to upper end properties to lower-middle properties.

 

[Bicco]

Didn't the ALP already effectively fire one RBA boss for making their political life harder? They'll burn down the place for doing that leading into an election.

Nice.

 

[poshman]

Biden has suggested increasing capital gains tax to 46%... It moved to 25% under Obama and has stayed there. 46% is madness.

Not as mad or absurd as his suggestion of taxing unrealised gains. Absurd and immoral.

 

[Taylor]

Biden has suggested increasing capital gains tax to 46%... It moved to 25% under Obama and has stayed there. 46% is madness.

Not as mad or absurd as his suggestion of taxing unrealised gains. Absurd and immoral.

They just want to make it look like they are taxing more to balance the extra spending.

They'll bleed their entire billionaire class to zero and then spend hundreds of billions over the top of that.

 

[E Shed]

We were too slow to increase the rates and now have sold people on them dropping too soon.

The flow on effect is more investor dollars flowing from middle to upper end properties to lower-middle properties.

Kind of encapsulates how absurd the housing sector has become.

Without doing anything to change the fundamentals that make real estate such an attractive investment the disconnect between what people earn in service industries, the cost of living & the runaway price of renting, let alone buying a roof over your head has never been greater. And all they have seemingly is the blunt force hammer of interest rates as a one size fits all tool to manage the economy.

I believe we’re heading into the territory you see in the US with huge populations of the homeless in cities

The maths just don’t work anymore for the lower socioeconomic classes.

 

[Bicco]

Kind of encapsulates how absurd the housing sector has become.

Without doing anything to change the fundamentals that make real estate such an attractive investment the disconnect between what people earn in service industries, the cost of living & the runaway price of renting, let alone buying a roof over your head has never been greater. And all they have seemingly is the blunt force hammer of interest rates as a one size fits all tool to manage the economy.

I believe we’re heading into the territory you see in the US with huge populations of the homeless in cities

The maths just don’t work anymore for the lower socioeconomic classes.

There's one tool to fix inflation and it's completely inappropriate for the job. Interest rates really only effect those with a mortgage.
The billionaires in the US have increased their wealth by more than $2.5 trillion since 2020. To put that into perspective, they could give everyone of the 8bn people on the planet $300, and still have more money than they did 4 years ago. And that's about 700 people by the way who have all of that money. It's obscene and the system was not meant to work this way.

 

[Bicco]

Biden has suggested increasing capital gains tax to 46%...

If you have a taxable income of over $1million.

 

[Taylor]

If you have a taxable income of over $1million.

Someone who makes that much money can afford to pay that higher tax rate, absolutely. They can also afford to take a loan out against the asset and use its value that way never triggering a taxable event.

So less assets, like homes, go onto the market.

If you think that taxes are behaviour modifiers for things like smoking, the same principle applied only to the people in the absolute elite income level would mean they sell less assets.

And they already borrow against their assets to avoid it.

What the government needs to do to free up more houses etc is give them a cap gains exemption/amnesty window so they can liquidate all those assets cap gains tax free, flood the market with them and ease the pressure on everyone else.

Same could happen here for anyone over 50 who sells to someone under 35. All those homes bought for $200k now four times the "price" are a cap gains event nightmare people have to get over to sell.

 

[poshman]

Kind of encapsulates how absurd the housing sector has become.

Without doing anything to change the fundamentals that make real estate such an attractive investment the disconnect between what people earn in service industries, the cost of living & the runaway price of renting, let alone buying a roof over your head has never been greater. And all they have seemingly is the blunt force hammer of interest rates as a one size fits all tool to manage the economy.

I believe we’re heading into the territory you see in the US with huge populations of the homeless in cities

The maths just don’t work anymore for the lower socioeconomic classes.

Yes it is a serious challenge. My concern is that the general populace will want to take the easy way out. And that way will only make things worse.

Most of the property investors I know have not increased rents to match costs. Not even close. I have sold out of Victoria, that is another property out of the rental pool.

When spending is as reckless as we have been, there aren't many tools left, and interest rates as you point out are a very blunt tool.

Will the pollies stop buying votes at the expense of the population? Very doubtful. We are a Meth addict who knows we are killing ourselves, yet we keep increasing the dose.

 

[poshman]

If you have a taxable income of over $1million.

Yes, and it is still 46$ up from 25%. That is a huge increase. And it wont end up helping or meaning more assets are sold. It will trap liquidity at the top until they move offshore or the law changes.

 

[Taylor]

I believe the data on owner occupied people per dwelling and rental people per dwelling has nearly one less person housed per owner occupied home.

Something else to consider as more rentals are moved to owner occupied.

 

[poshman]

There's one tool to fix inflation and it's completely inappropriate for the job. Interest rates really only effect those with a mortgage.
The billionaires in the US have increased their wealth by more than $2.5 trillion since 2020. To put that into perspective, they could give everyone of the 8bn people on the planet $300, and still have more money than they did 4 years ago. And that's about 700 people by the way who have all of that money. It's obscene and the system was not meant to work this way.

Ah yes the evil billionaires. How much have people who have money in the market and stocks increased their wealth in the same time? How many new millionaires and billionaires have been made in that time?

 

[poshman]

I believe the data on owner occupied people per dwelling and rental people per dwelling has nearly one less person housed per owner occupied home.

Something else to consider as more rentals are moved to owner occupied.

Yep and now watch Victoria and what happens to rental availability. The next twelve months will tell a very socialist tale.

 

[poshman]

For anyone interested, here is a very reputable podcast by guys who genuinely want people to do well through property. I have followed their advice and paid for their services. Listen to the data coming out of Victoria and some of the letters being sent in addressing the noise made by the Socialist Greens.



I have their books, have read them, They are not get rich quick, but will also show people at any stage how to get into the market and invest. reminder, just over 70% of property investors do not own more than 2 investment properties.

 

[Kram]

Kind of encapsulates how absurd the housing sector has become.

Without doing anything to change the fundamentals that make real estate such an attractive investment the disconnect between what people earn in service industries, the cost of living & the runaway price of renting, let alone buying a roof over your head has never been greater. And all they have seemingly is the blunt force hammer of interest rates as a one size fits all tool to manage the economy.

I believe we’re heading into the territory you see in the US with huge populations of the homeless in cities

The maths just don’t work anymore for the lower socioeconomic classes.

As someone that has been looking the last 18 months in Perth it's foremost a problem with demand massively outstripping demand. It's also become worse in that time frame as well.

Also no doubt real estate is usually a good solid investment long term but imo it's probably greatly overstated as is being a landlord.

 

[poshman]

As someone that has been looking the last 18 months in Perth it's foremost a problem with demand massively outstripping demand. It's also become worse in that time frame as well.

Also no doubt real estate is usually a good solid investment long term but imo it's probably greatly overstated as is being a landlord.

Yep - supply needs to be released.

Real estate as a path to wealth is one tool and not always the best or most effective one. In a lot of cases renting and investing in Index Funds is a better path.

I used a buyers agent on a flat fee to get my last property as the market conditions meant i was going to spend a ridiculous amount of time to get one.

 

[wahooo]

Most of the property investors I know have not increased rents to match costs. Not even close. I have sold out of Victoria, that is another property out of the rental pool.

This anecdote defies pretty much all the evidence we've seen.

A report released a few days ago showed just three rental properties across the country were affordable for someone on jobseeker (on the basis that it was rented as a sharehouse). What a joke.

Data from last year showed 80% of homes in Perth were cheaper to buy than rent. Most young people could easily afford a mortgage but can't save up the deposit needed.

Putting the cost of home ownership/renting to the side, renters get ******* shafted living in mouldy houses, with light switches that have been painted over by dodgy landlords.

To top it off, hecs is gonna get indexed at 4.8% this year. At least it's a reprieve from the 7% last year.

It's time to reform negative gearing and capital gains tax. These policies are nothing more than welfare for the rich that remove all the risk from investing in property such that property is pretty much the safest investment class of them all.

 

[Taylor]

Ah yes the evil billionaires. How much have people who have money in the market and stocks increased their wealth in the same time? How many new millionaires and billionaires have been made in that time?

Given I am no expert and managed to grow my own portfolio by 70% over five years, 40% of which was over covid, if your super fund hasn't done half as well then your fund managers have taken you for a ride.

 

[Taylor]

This anecdote defies pretty much all the evidence we've seen.

A report released a few days ago showed just three rental properties across the country were affordable for someone on jobseeker (on the basis that it was rented as a sharehouse). What a joke.

Data from last year showed 80% of homes in Perth were cheaper to buy than rent. Most young people could easily afford a mortgage but can't save up the deposit needed.

Putting the cost of home ownership/renting to the side, renters get ******* shafted living in mouldy houses, with light switches that have been painted over by dodgy landlords.

To top it off, hecs is gonna get indexed at 4.8% this year. At least it's a reprieve from the 7% last year.

It's time to reform negative gearing and capital gains tax. These policies are nothing more than welfare for the rich that remove all the risk from investing in property such that property is pretty much the safest investment class of them all.

If a home is cheaper to own than rent, why aren't there hundreds of rich people building more rentals to make a fortune?

 

[Kram]

It's time to reform negative gearing and capital gains tax. These policies are nothing more than welfare for the rich that remove all the risk from investing in property such that property is pretty much the safest investment class of them all.

You really think that there is zero risk in buying an investment property, seriously?

Also I get reprieve from the 12 month cgt discount on asx investments, and I can assure you I'm hardly 'rich' for someone my age.