We know what the problem is; tax systems give all the advantages to “property investors” – over first home buyers.
We all know what the answer is; more revenue from land taxes and municipal rates – as indicated by The Henry Tax Review, KPMG-Econotech, Price Waterhouse Coopers, etc. (How do we manage to keep ignoring these reports?)
Is it because we can’t do anything that might keep the lid on escalating land prices? Yep, the 0.1% say high real estate prices are sacrosanct and, unfortunately they get a lot of support from the fearful and the mindless.
But isn’t this a “Catch 22” situation? Nothing changes?
That’s right, but as usual the impasse favours the big real estate speculators. (The little “would be” guys are all going to get caught up in the upcoming collapse in property prices.)
But hasn’t the US and much of Europe already experienced financial collapse caused by bursting residential real estate bubbles?
Yes, but is there a sign of any nation addressing this economic madness? How about Tony Abbott, Bill Shorten in Australia? Oh, and Joe Hockey, of course! Nup. They’ve got to keep their mouths shut on this one (or BS that Australia’s “a long way from a housing bubble”, eh, Joe?) They’re welded on with the 0.1% and can say nothing about the real cause and cure of the global financial collapse. Then they have the hide to pretend they’re concerned about jobs and the future. Stephen Koukoulas is happy to assist them.