WENDELL HUSSEY | Cadet | CONTACT
They've done it.
Anthony Albanese and Jim Chalmers have officially begun the official destruction of the nation's economy.
That's according to Dave and Jan Ellerston from Betoota Grove, who have noisily watched on in horror at the unfolding of recent events.
The incredibly savvy investors who have become worth a small fortune off the back of house prices increasing and an accountant who took advantage of Australia's property investor welfare scheme say they can't believe whats happening.
"I mean you might say oh it's only use boomers who are going to be negatively effected, but this housing crash will have a widespread effect on the economy," said Dave, in reference to the news that house prices have decreased 0.4%.
The 'shocking' news comes after the government announced an end to a couple of the National Boomer Investment Scheme's (NBIS) funding arms, which will see negative gearing scrap for existing properties bought next year, and changes to capital gains concessions.
The concessions will be indexed to inflation instead of automatically applied at 50% for someone who would have bought a house watched it go up 120 grand in 12 months and then flipped it whilst contributing nothing to the economy.
Those changes, which grandfather existing properties anyway, coupled with inflation, a global economic squeeze and high interest rates has seen auction rates slow down and prices drop a whopping 0.4%.
"Well obviously we are worried about ourselves," said Jan.
"But it's the young people who are going to suffer as a result. Imagine buying a house and having it go down in value," said Jan about fact that someone has either bought themselves a house to live in and now have a roof over their head, or bought something they wanted to flip and have experienced what happens when you invest sometimes - the value of the asset goes down.
"I get it we need houses to be more affordable, but that shouldn't mean people who own property should watch the price of that property go down."
More to come.
