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Exclude homes as speculative assets.
Topic Started: 29 Aug 2015, 10:57 AM (3,222 Views)
ThePauk
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"Low interest rates and an appetite for investing, brought on by favourable tax treatment for property investors, has only added fuel to the fire of an already tight supply and demand situation.
The government should start with the recommendations of their own report: fixing supply constraints, stamp duty and tax arrangements.
First and foremost, housing should be used as a shelter."
http://www.domain.com.au/news/time-to-stop-blaming-foreign-buyers-for-high-house-prices-20150827-gj6wn6/

"Domain Group's Andrew Wilson calculated that entry-level house prices of about $500,000 are expected to grow 10 per cent over the next 12 months."
Dear me Doc, you are really not the bearing of good news....

Simples...
1. Phase out NG
2. Full CGT on all property sold under 10 years (exemption for work or babies reasons etc) After 10 years, zero CGT for all.
3. Land tax of 0.75% on all property and abolish Stamps.
4. Stop SMSF's buying residential property with any gearing.


"Australia’s rising house prices are restricting access to credit for small businesses and stifling young Australian entrepreneurs, a new report released by the Reserve Bank of Australia has suggested."
http://www.brokernews.com.au/news/breaking-news/rising-house-prices-are-hurting-sme-lending-report-suggests-204770.aspx

"Reserve Bank says it's investors pushing up house prices"

http://www.smh.com.au/business/banking-and-finance/reserve-bank-says-its-investors-pushing-up-house-prices-20150806-gisq8b.html
"The latest figures show investors borrowed 52.5 per cent of the money lent for housing in May, leaving less than half for owner-occupiers. Owner occupiers borrowed $11.8 billion (excluding refinancing). Investors borrowed $13 billion.
Dr Ellis said the investor boom was being fed by both very low interest rates and the prospect of concessionally taxed capital gains.
Since late 1999, only half of each capital gain has been taxed, making negative gearing much more attractive. Investors are allowed to write off all of any losses they make renting properties against their wage incomes, while paying tax on only half of each capital gain they make when selling those properties.
A Parliamentary Budget Office analysis prepared for the Greens finds that limiting negative gearing to properties already purchased and trimming the discount on capital gains tax from 50 per cent to 40 per cent would save the budget $9 billion over four years, with the saving rising over time.
The Business Council of Australia, accounting firm KPMG, former banker David Murray and the head of the government's audit commission, Tony Shepherd, have all come out in favour of a review of the capital gains tax discount.
Dr Ellis stressed that the RBA was not suggesting getting rid of negative gearing, but wanted it examined in the context of a review of the capital gains tax discount.
She said the United Kingdom and the United States allowed investors to deduct interest expenses against their property income but not their wage income. Corporations could deduct interest expenses only against their business income, but individuals who ran what was in effect a business renting out properties were allowed to deduct their expenses against their pay cheques from other employers."

Edited by ThePauk, 29 Aug 2015, 11:06 AM.
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Trollie
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ThePauk
29 Aug 2015, 10:57 AM

"The latest figures show investors borrowed 52.5 per cent of the money lent for housing in May, leaving less than half for owner-occupiers.
There's no shortage of capital on offer for people to take a loan. This has been debunked more times than you numbskulls have predicted a crash.
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ThePauk
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Trollie
29 Aug 2015, 04:41 PM
There's no shortage of capital on offer for people to take a loan. This has been debunked more times than you numbskulls have predicted a crash.
What are you on about. The article just states the % that are investor loans, not the available capital...doh!
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Loki
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Trollie
29 Aug 2015, 04:41 PM
There's no shortage of capital on offer for people to take a loan. This has been debunked more times than you numbskulls have predicted a crash.
Thanks for letting us know your understanding of banking is the same as your understanding of everything else. Sweet fuck all.


“Talk sense to a fool and he calls you foolish.” - Euripides
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stubby
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Quote:
 
"(exemption for work or babies reasons etc)"


Just can't resist the opportunity to social-engineer, can you pauk? That's why you'll always be a "cross-bencher", mostly left on the sidelines in life's great political debates.

:lol :lol :lol
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herbie
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The RBA wanted a housing boom.

And they made sure they got one.

So any weeping over it by them is just crocodile tears.

I'm quite confident that the actual truth of the matter is that they are all extremely pleased with the outcome of their efforts.

A Professional Demographer to an amateur demographer: "negative natural increase will never outweigh the positive net migration"
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peter fraser
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Loki
29 Aug 2015, 06:17 PM
Thanks for letting us know your understanding of banking is the same as your understanding of everything else. Sweet fuck all.
Actually he is correct, there is no shortage of money available for lending to business or other commercial ventures.
Any expressed market opinion is my own and is not to be taken as financial advice
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stinkbug
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goneaway
29 Aug 2015, 06:22 PM
The RBA wanted a housing boom.

And they made sure they got one.

So any weeping over it by them is just crocodile tears.

I'm quite confident that the actual truth of the matter is that they are all extremely pleased with the outcome of their efforts.

They got a boom in Sydney and a surge in Melbourne, but that's really about it.
---------------------------------------------------------------

While it's true that those who win never quit, and those who quit never win, those who never win and never quit are idiots.

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herbie
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stinkbug
29 Aug 2015, 08:00 PM
They got a boom in Sydney and a surge in Melbourne, but that's really about it.
And a respectable ripple in Brisbane.

Sydney and Melbourne with Brisbane being a bit of an also ran and the rest of the nation pretty much being WTFC.

They got their desired result. IMO

It's just yet to be seen if they desire a bit more of a result.

But I'll not be surprised if they do.

And I'd put my money on them being able to achieve it as well, if they do.

Edited by herbie, 29 Aug 2015, 08:21 PM.
A Professional Demographer to an amateur demographer: "negative natural increase will never outweigh the positive net migration"
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Strindberg
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ThePauk
29 Aug 2015, 10:57 AM
The latest figures show investors borrowed 52.5 per cent of the money lent for housing in May, leaving less than half for owner-occupiers.
That statement was made by Peter Martin, the article author, not Pauk.

As such it reveals either Peter Martin's financial illiteracy or more likely Peter Martin's lying intent to deceive his target doomer readers.

Martin's use of the word "leaving" is a deliberate attempt to imply that there exists only a fixed amount of credit available for house purchase and that all investors have first call on that credit over all owner occupiers. Both insinuations are complete bollocks. The days of building society structures where credit was limited to deposits disappeared eons ago. There exists absolutely no restriction of available credit for credit worthy owner occupiers in the modern world.

Housing costs to Income broadly unchanged since 1994 - re-ratified here
The People of Australia have the highest median wealth in the World
2002-2012 10 year house price growth the SLOWEST since 1952-1962
"There are two kinds of people in this world: ones that fiddle around wondering whether a thing's right or wrong and guys like us." (Hugo to Gagin in Ride the Pink Horse)
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