Anyway its good to see pressure building against the idiotic policy of negative gearing, with many mainstream commentators now coming out against it, and now finally, one of the main parties hinting at changes to it.
I don't think it is idiotic at all.
It encourages anyone to take control of their future, and hopefully not end up on the pensioner stockpile...and the Gubb has encouraged us all to do it by way of tax relief incentives attached to the investment vehicle.
It provides much need housing for those who are not able to buy.
I'm 54, and NG has been in place ever since I have been a real estate purchaser in 1985 (other than the 1987 removal years).
It was available to anyone who wanted to partake in the scheme then, and it still is now.
I have not found it to be a deterrent in my real estate purchasing transactions at all....the lack of affordability has always been there, from my experience.
In fact; a good number of the places I have bought (it is over a 12 properties now - PPoR's and Ip's) have been bought below asking price; so it's not as though I am out-bidding any FHB's.
I have never bought a property at auction.
I have never been a high income earner - together with my wife's income we have never been more than the average household of Mr. and Mrs. Thong household income, who both work, and raise kids and grind away through life.
This argument that NG is killing the housing market is BS - only perpetrated by the whining FHB's, and/or those who want to live inner CBD for their first attempt, and the lefty-bleeding heart sections of the media and the general community who have this misguided mindset that all the rich folks are swallowing up the properties and taking them out of reach of the poor lowly FHB's and average wage earners..
Do high income earners have an advantage? Of course.
But, it doesn't mean they are all out trawling around every Saturday, buying up half a suburb.
The real truth is most high income earners spend on a terrific lifestyle, and a few of them do a bit of r/e and shares buying along the way - most would be in shares, and have a holiday house somewhere and possibly a share in an apartment up at the snow.