from http://www.news.com.au/finance/work/lea ... 18f44be5e1BOTH sides of politics are working on bold economic reforms that could help first home buyers enter the property market.
The Federal Government and the Opposition are each looking at major shake-ups to negative gearing — the practice that allows investors to offset losses on investment properties against their taxable income, in order to gain a tax break.
As it applies in the housing market, negative gearing has long been accused of locking struggling first home buyers out of the market while benefiting cashed-up investors, and even of contributing to soaring house prices.
Both parties will take their policies to the next election, and it could be first home buyers who emerge as winners.
So the negative gearing era is about to be changed.
So what, all the rich are happy now and who cares if it changes, they already have their 5 - 50+ IP's mostly now paid off and their PPOR to live in. They might as well scoop up another bundle of properties before any changes happen in 2017 or whenever just for fun.
Then there is the recent and ongoing flood of foreigners buying up all our prime real estate that should have been stopped long ago. The latest events are the result of them screwing our property industry, it's not their fault though, they just took advantage of an open market that the politicians created for their own schedules.
Now the new genuine Aussie home buyers and those hoping to one day get on the property train will be battling to even afford one or two properties and any changes are to make it hard for them to be property investors. Shouldn't they be looking to tax those who don't really deserve it or can afford it, the ones mentioned above?