From Macrobusiness, as always the comments are interesting also
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Negative gearing is the lifeblood of cashed up bogans nationwide, asking only that the bogan be greedy and territorial in order to have the federal government bankroll the bogan’s pathway to millionaire status. With a proud tradition of greed and territorialism, the bogan’s bank accounts have never told a negative gearing tax rebate to “piss off, we’re full”. Due to there being nothing more Australian than owning more of Australia than the bogan needs, any proposed measures to curb negative gearing are, by definition, un-Australian.
For generations, the government has acted as buffer between bogans and reality. Each incoming government receives three years in which to convert the bogan’s mutually exclusive set of desires into things that are easily achieved by all bogans. This can be done via private debt, but preferably public debt. If, at the end of the three year period, the bogan feels that it has been exposed to too many of the consequences of its own actions, the government will be voted out.
We at Boganomics Laboratories™ have worked tirelessly to develop a means of measuring the impact of negative gearing on the bogan and its home-buying behaviour. Effectively, as houses become less affordable the bogan is infuriated that homes it does not own are more expensive, while simultaneously thrilled that its assets are now even more overvalued. This level of fury can now be measured: in TerrorHurts (THz). A carefully calibrated metric intended to prevent unnecessary build-ups of bogan rage, one TerrorHurt is equivalent to the amount of bogan rage unleashed in a binary poll on a Fairfax website.
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