Anthony Albanese - How long? -2-

[greyhound punter]

Oh my effing god you spout some s**t.

You are the epitome of "a little bit of knowledge is dangerous."

Housing is a supply and demand market. We do not have enough houses. Unemployment is still low. Inflation is getting to the point where it is under control and we are at the top of the current interest rate cycle.

The housing market is not going to collapse. The sky is not falling.

When the market tanks and people are screeching about the impact to families etc and begging for government intervention.

I will remind myself of the ridicule from people like you.

 

[Billy ray]

So does anyone think there would be any tax cuts in the coming budget (usual avenue if announcement) if these were not already legislated?

Would the govt (any govt) have been more conservative , did some rebates and relief and thats all?

 

[evolved2]

What risk/cost? The risk of losing parasitical income, that is the cost of exploiting wage earners(and not a high one)
His income increased 2% rather than a predicted 4%(from this political change, probs got a raise or two recently), His Investment value increased ~15%.
Doubt he's paying utilities so maybe council rates went up ~5%(from a relativity small base)
Judging from his general indifference I'd guess like most other landlords his rental income has already increased ~30% over a year ish
His higher costs would largely depend on the mortgage size, we can only guess here. If it's large then he's been brought into the market by negative gearing and CGT discount, poor allocation of investment capital from an economic point of view.

"Rent, considered as the price paid for the use of land, is naturally the highest which the tenant can afford to pay" - idk, comrade Stalin or someone

I don't see it as parasitical. Landlords provide a service that people want. The angst should be directed at government (current and former) for policies that push demand over supply.

If someone is willing to pay the increased rent, so be it. Investing isn't charity.

 

[nut]

So does anyone think there would be any tax cuts in the coming budget (usual avenue if announcement) if these were not already legislated?

Would the govt (any govt) have been more conservative , did some rebates and relief and thats all?

What the government does in the short term is completely dependant on inflation and unemployment figures….

More relief will come when things settle more….

The tax changes in stage 3 have been announced to help everyone with the cost of living…

 

[FIGJAM]

When the market tanks...

You're a prolific negativist in the Australian Property Prices to Collapse thread on the main board that is now 5 years old and house prices have gone up by about 20% and even went up last year despite 14 rapid fire interest rate rises.

You and Steve Keen will one day get your wish of a price collapse, no doubt, but only on the 'a broken clock is right twice per day' school of logic.

 

[kickazz]

I don't see it as parasitical. Landlords provide a service that people want. The angst should be directed at government (current and former) for policies that push demand over supply.

If someone is willing to pay the increased rent, so be it. Investing isn't charity.

The taxpayer subsidies for investors is.

 

[The Cryptkeeper]

When the market tanks and people are screeching about the impact to families etc and begging for government intervention.

I will remind myself of the ridicule from people like you.

No problem.

 

[Gralin]

The taxpayer subsidies for investors is.

And the view that residential property should be a zero risk gravy train for the landlord with an the risk taken by the tenant

 

[Festerz]

At least Albo's commitment lasted longer than 24 hours.....


Ley was asked on Sky News yesterday whether the Coalition would “roll back whatever changes are made” and she replied, “Well, this is our position. This is absolutely our position.”

But speaking on ABC Radio National this morning, Ley said she wanted it to be clear that she did not pledge to roll back the new tax package.

“I did not say we would roll back Labor’s new proposal. I said we support the existing stage 3 arrangement and we would assess the new proposal,” she said.

“Labor lied about these tax cuts and now they have lied about what I said.”

Asked if the Coalition would vote against the government’s tax reform, which would mean lower taxes for a large group of Australians, Ley would not say if her party would promise to increase taxes.

“Taxes will always be lower under a Coalition government … we will assess the proposal,” she said.

Coalition now wanting to see full details of the Stage 3 changes before selecting the bits they will be opposed to.

Pretty clear that their polling has revealed the decision by the Government to make Stage 3 more equitable and focussed on low to middle income earners has the support of voters.

 

[Tyberious Funk]

Just had a chat with my neighbour. Upper management job on 180k. Partner earns zero as stay a home mum with two kids under 10.

They have their own (mortgaged) home and built another investment property (to add to supply) and rent it out.
He is missing out on about $5k a year.
Or as he put it, thats $100 a week he will now make up by jacking up the rent on his IP.

Swings and roundabouts.
He lost but now he makes his tenants (who probably won) now lose.

His logic makes no sense. Rent is determined by supply and demand. If you jack up the rent by $100 without some kind of change in supply and demand, your tenants are (justifiably) going to leave and go elsewhere.

It's very hard to have any sympathy for someone that, in the middle of a housing crisis, can afford not just one, but two houses on a single income and then gets offended because they miss out on a tax cut. It's not that his life is being made materially worse. It's not like the tax cuts were in place for a couple of years, and then taken away from him. No, it was a potential tax cut.

He doesn't get an increase in his income, in return that millions of struggling Australians on low incomes can do marginally better. And he's trying to rationalise his selfishness by using faulty logic. Let's be completely honest... if the Stage 3 Tax Cuts went ahead as planned, he would get a boost in his take-home income and if the housing crisis continued unabated, he would still jack up his rent. Because fundamentally, that's what any supplier does -- they charge the highest price the market will bear.

 

[The Punter]

Sussan Ley spoke out of turn - that's all. She should have known better but she did not. The decision to commit to overturning something like this needs to be made by the Shadow Cabinet.

 

[nut]

lol at the LNP

 

[Gough]

Everything else is opposed on the principle that it's a Labor policy, you can hardly blame Ley for getting confused.

 

[Carn The Berries]

Yes, but he is not PM and the promise wasn't made in the lead up to a Federal election, was it?

So you're only held to account when you're Prime Minister or during an election campaign? Of all the bad LNP takes this one could sit on top of the mountain... And it's a big mountain!

 

[evolved2]

The taxpayer subsidies for investors is.

Fair, but lets not ignore taxpayer subsidies with shares and crypto.

 

[burge13]

This tax cut decision is baffling to me.

Quite a few people I know don't earn $200k a year are complaining 'he's going back on promises'. WTF - you're better off you fool

 

[greyhound punter]

No problem.

He who has no debt is happy.

 

[evolved2]

And the view that residential property should be a zero risk gravy train for the landlord with an the risk taken by the tenant

That's a strawman if ever I've seen one.

 

[kickazz]

This tax cut decision is baffling to me.

Quite a few people I know don't earn $200k a year are complaining 'he's going back on promises'. WTF - you're better off you fool

How dare he break a promise, eh?

 

[Carn The Berries]

Sounds like typical landlord logic
My future earnings aren't going up by as much as I wanted to my tenants need to pay me more, it's not my fault it's the government's fault

Sounds very similar to "the government have allowed interest rates to go up more than I expected, so that's the government's fault".

Where have I heard that argument in the last couple of days????

 

[greyhound punter]

His logic makes no sense. Rent is determined by supply and demand. If you jack up the rent by $100 without some kind of change in supply and demand, your tenants are (justifiably) going to leave and go elsewhere.

It's very hard to have any sympathy for someone that, in the middle of a housing crisis, can afford not just one, but two houses on a single income and then gets offended because they miss out on a tax cut. It's not that his life is being made materially worse. It's not like the tax cuts were in place for a couple of years, and then taken away from him. No, it was a potential tax cut.

He doesn't get an increase in his income, in return that millions of struggling Australians on low incomes can do marginally better. And he's trying to rationalise his selfishness by using faulty logic. Let's be completely honest... if the Stage 3 Tax Cuts went ahead as planned, he would get a boost in his take-home income and if the housing crisis continued unabated, he would still jack up his rent. Because fundamentally, that's what any supplier does -- they charge the highest price the market will bear.

Economics 101.

1) Every shortage is followed by a glut.

He can probably get away with charging more rent in this market. But the wheel turns driven by price signals. At some point there will be a glut of rentals.......

 

[evolved2]

Economics 101.

1) Every shortage is followed by a glut.

He can probably get away with charging more rent in this market. But the wheel turns driven by price signals. At some point there will be a glut of rentals.......

You'd think so, but the alternative is more likely. Immigration numbers will keep the ponzi running for awhile yet.

 

[burge13]

How dare he break a promise, eh?

Sorry, the reaction to the decision is baffling, not the decision itself. How people earning < 100k are complaining I'll never know

 

[kickazz]

Sorry, the reaction to the decision is baffling, not the decision itself. How people earning < 100k are complaining I'll never know

Because they are idiots who get their political opinions directly implanted by the Herald Sun?

 

[burge13]

Because they are idiots who get their political opinions directly implanted by the Herald Sun?

Cheerleading your political team is the single biggest problem with politics. Drives me insane