Comment Stupid fat sack of shit (Score 5, Interesting) 125
If he wants to bring in some fucking revenue, END NEGATIVE GEARING.
For foreigners who don't understand, you can buy a second, third, fourth, nineteenth goddamned house and can claim the interest repayments, renovations, real estate management fees, maintenance etc against your taxable income.
They claim this 'encourages low cost rentals' and housing to be built by the rich for the renters.
Statistics show the VAST majority of negative gearing boffins actually buy in well established areas because they are worth more money (of course) and will appreciate in value.
They get interest only loans and bank on the "fact" that housing should double in value every 7 years (incomes sure don't though)
What negative gearing actually does is artificially drive investors (ie: rich people) to offload cash into homes, turning the "aussie dream" of owning a home far more difficult for those who can't afford to compete with the rich, trying to reduce their tax.
Furthermore we are also welcome with wide wide open arms, foreign investment into property here, it's not good for the economy, it's good for a miniscule fraction of the population, it's driving the average price up also.
Long story short, me, you and any other Aussie tax payer reading this are literally paying for rich peoples homes, when you explain this to most foreigners they are baffled as fuck "wait, a tax break for people with SECOND homes and THIRD? what about a tax break for people getting their first"
It's fucking nuts, disgusting.