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It's not a dumb statement at all, things will function much better without all the current subsidies and tax breaks distorting the market. Like roe.says, yields would improve without these distortions (via lower asset prices)

Yes this discount was cut for non residents recently (2012) so I think cutting it for everyone is probably the next step. It's the main reason I just sold my Sydney property. I expect negative gearing will go soon too, not really a very productive policy, certainly doesn't do what it was...