CLANCY OVERELL | Editor | CONTACT
In recent news, Labor has delivered a Federal Budget.
With policies that terrify aspiring property investors and other types of wealth-hoarders, the Federal Treasurer has blindsided the nation with knee-jerk reforms to two of Australia's most controversial tax structures.
Both negative gearing and the capital gains tax (CGT) discount have been dissected and pulled apart in a blow to landlords and property investors
The federal government believes these changes will reverse 'about a decade of decline' in home ownership in Australia, with younger Australians feeling hopeful that they will now be able to achieve the Australian Dream of owning a two-bedroom slopartment in a new build high-rise somewhere on the industrial fringes of a major city, where they can have maybe one or two kids.
However, Treasurer Jim Chalmers says his ambition is that Australians shouldn't have to settle for a standard of living that would've pretty been considered grim for uni students in the early 2000s.
In fact, he's sworn on his life that Australia is about to enter a golden era that is reminiscent of what the baby boomers were able to live through in the post-war years.
"I guarantee that every single Australian under 40 are now in a position to have as many kids as they want. Regardless of whether they choose to have both parents working or not"
Chalmers says he lays awake at night thinking about the fact that the fair go is being robbed from young people, and that's why he's put his entire career on the line to ensure that young people get a taste of what life was like when two school teachers could have five kids with one playing the role of stay-at-home parent for the best part of two decades with two cars that they owned outright and a understated but gorgeous family beach house at a sleep beach town like Lennox Heads or Tuncurry which they would spend eight weeks at a year.
"Those days are coming back says the Federal Treasurer"
"All we had to do was limit negative gearing only to new builds while also shielding any existing investments from these changes"
"Also, we are going to use A.I to strip services from disabled people"
