Government Shocks The Nation By Using 94 Seat Majority To Actually Have A Crack

WENDELL HUSSEY | Cadet | CONTACT

The Federal Government has this week rattled the nation to its core, by dropping a bombshell.

Treasurer Jim Chalmers did so in the form of this year's budget, where he outlined that his 94-seat majority government plans to actually do a bit of governing.

The shocking revelation was made public last night, when Chalmers announced that he would be winding back the PIWS (Property Investor Welfare Scheme).

Previously set to cost the tax payers $347 billion over the next ten years, major parts of the PIWS (Capital Gains Tax Concessions and Negative Gearing) are set to be wound back.

While they are still fairly limp dick in that they will be grandfathered (ie the current investorlord class gets to keep everything they've current got until the decide to sell) and they can still be used for new builds - the changes are still a notable crack at mixing up the taxation system.

Shadow Treasurer Tim Wilson (who's previous government handed over $890 billion in debt) said that new tax changes would drive rents up and that young Australians would be "kneecapped on multiple fronts".

His sentiments have been echoed by the media class (who may or may not be propped up by giant property sales platforms and their advertising dollars, as well as generally benefit from the perks of the scheme).

A 30% tax on family trusts has also been brought in quietly, which will help the flow of cashed up individuals shifting their assets around to prevent the general public (tax-dollar recipients) from getting their hands on the profit that flows from them.

As one local tax payer explained this morning from the foyer cafe at the bottom of a shared office space in the CBD.

"Hey, they've done something," she said.

"Which is a hell of a lot more than plenty of previous budgets."

"So like it or loathe it, at least they are having a crack I guess."