Regional Supermarket Employee Has No Option But To Walk Away From Her Diversified Share Portfolio Thanks To Labor

WENDELL HUSSEY | Cadet | CONTACT

A young woman from Betoota Ponds has today spoken to the The Advocate about what her future holds after last week's federal budget.

Ash Simms (22) from our town's less desirable school catchment has revealed to our newspaper that she feels like the property market has been slammed shut on her.

The recent Betoota Ponds High Year 10 graduate explained that with Treasurer Jim Chalmer's changes to the CGT exemptions, she now feels like she might never own property.

It's not that she won't be able to negatively gear her first half a million dollar investment property and then sell it with a tax exemption discount that's got her down, but more so the fact her highly diversified and complex share portfolio will now be taxed at a higher rate.

"What's the point of dreaming of owning my own home," sighed Ash, who rents a place with her mum and her younger sister and has no real family wealth to speak off.

"Because these tax changes have taken the dream of home ownership away from me."

When asked whether the median house price of $1.1 million in the greater Betoota area as a result of Australia's great property ponzi scheme was more of an issue, Ash shrugged.

"I mean not really, like all you needed to do as a young person was just get an understanding of how the financial system works and ensure you get steady and secure returns in your investment portfolio, and then use those returns to put down a deposit on a house 20 times your after tax wage."

"On top of obviously earning a really nice wage, have a disposable income and coming from family wealth."

"But Jim's taken that away."

"Young people are so fucked now," she said, as if young people weren't completely fucked before.

More to come.