Check it out !! Malcolm caught out lying trying to insult the public's intelligence :(

http://www.macrobusiness.com.au/2016/03/turnbulls-negative-gearing-lies-grow/


Quote:

Another day, another battery of negative gearing lies from Prime Minister Malcolm Turnbull, this time from a speech to a business lunch in Adelaide yesterday. From The AFR:     Mr Turnbull went after Labor plans to halve the 50 per cent capital gains tax discount and to limit all new negative gearing after July 1, 2017, to new homes only, claiming they would “inevitably undermine property values, increase rents, discourage investment and obstruct entrepreneurship”.     “It’s not a housing affordability strategy, it’s an anti-investment strategy,” he said…     “So when Labor increases the tax on capital gains by fifty per cent it is acting clearly and with eyes wide open to discourage investment.” Here we go again. Are we seriously expected to believe that channeling negative gearing into newly constructed dwellings would magically “increase rents”? Sure, there would be less “investment” (read transfer of ownership) in existing dwellings, but those homes would not magically disappear from the supply-demand equation. Rather, those homes would be purchased by an owner-occupier, thus reducing demand for rental properties by the same proportion as the fall in rental supply. Moreover, because Labor’s policy would channel negative gearing towards new builds, dwelling construction would increase, as will the supply of rental accommodation. And this extra supply would obviously lower rents. It’s not rocket science. If Turnbull truly believes this rubbish, then why does the Government champion foreign investment in newly constructed homes, but preclude it from established dwellings? Here’s the chair of the foreign investment inquiry, Liberal MP Kelly O’Dwyer, explaining the benefits of this ‘new homes only’ policy:     Currently the framework seeks to channel foreign investment in residential real estate into new dwellings in order to increase the housing stock for Australians to build, buy or rent. Foreign investment is encouraged in new dwellings whether they be apartments, units or homes because in addition to creating more supply, it also creates more jobs for the building and construction sector – all of which helps to grow our economy. Yet again, Turnbull’s opposition to Labor’s plan is full of contradictions and flies in the face of the Government’s stance on foreign investment. Turnbull’s claim that Labor’s policy would choke investment is equally ridiculous. Labor Shadow Treasurer, Chris Bowen, has already explained that its negative gearing policy would only apply to “passive” investments – like property and shares – not genuine “active” business investments. Need I also remind readers once again that in his 2005 tax policy paper, Malcolm Turnbull described negative gearing and the CGT discount as a “sheltering tax haven” that is “skewing national investment away from wealth-creating pursuits, towards housing”, and has caused a “property bubble”. Therefore, it is highly contradictory for Turnbott to argue now that Labor’s reforms to negative gearing would suddenly crush productive business investment, when this is already happening under the current rules. If you want proof, check-out the below chart: Since the GFC, outstanding business loans have increased by only 10% in nominal terms whereas outstanding property investment loans have ballooned by nearly 80%. If there is one segment that is losing from the current tax structure it is productive business lending, particularly lending to small enterprises, which is being crowded-out by housing lending. Turnbull is also curiously silent on why the current rules allow individuals to claim unlimited negative gearing deductions for property investments into perpetuity, but if they invest in a productive side business, they must meet all kinds of criteria in order to claim losses against their wage/salary earnings, including showing a profit in three out of five years. Further, why has the Government capped the ability of individuals to deduct education expenses from their income, and why is it now looking at capping work-related deductions as well, but is happy to leave negative gearing into property untouched? How is the tax code in any way consistent between how it treats genuine business/work-related deductions and investment property? The answer is that the tax code is not consistent, which is why Turnbull in his 2005 tax paper also stated that “Australia’s rules on negative gearing are very generous compared to many other countries” and that “the normal deductibility principles do not apply to negatively geared real estate such that the taxpayer is not obliged to demonstrate that the negatively geared property will generate positive cash flow at some point in the distant future”. Quit the scaremongering, Mr Turnbull.

Once again the big question to me is where new construction is supposed to go - with the majority of work in the big cities, the development of satellite dormitory suburbs is a no-goer.. satellite cities with solid infrastructure and related work is the only way to go....

At the end of it, the best approach is to have full employment and a market that permits a reasonable expectation of thriving through work etc.  That implies a reduction in housing cost, and that means that some will take a hit.... but no more of a hit than those paying escalating rents have been taking... in the interests of stabilising the market.

The blokes genuine nutso: he gives so much so freely as if the words are lost forever in an undocumented parallel-planet-accountant universe ,... and when I say "undocumented" I mean that is the feature of the curious universe he seems to think he hasn't left!!

::) ::) ::)

[my writing skills aren't perfect i know but bugger* it ay ]

Sir Grappler Truth Teller OAM wrote on Mar 13^th, 2016 at 11:08pm:

Once again the big question to me is where new construction is supposed to go - with the majority of work in the big cities, the development of satellite dormitory suburbs is a no-goer.. satellite cities with solid infrastructure and related work is the only way to go.... At the end of it, the best approach is to have full employment and a market that permits a reasonable expectation of thriving through work etc.  That implies a reduction in housing cost, and that means that some will take a hit.... but no more of a hit than those paying escalating rents have been taking... in the interests of stabilising the market.

The question is why don't our leaders get off the friggin drugs!

The price of houses is a joke and Turnbull thinks he can seriously sow multiple curvey-logic-balls to an ageing population who knows it had their good times and are looking down the barrell of a very pissed off progeny who know greed better than them,... and they've got their grand-progeny and great-grand-progeny is already half way cooked!???!

HE'S buggerI"" NOT DOING VERY WELL IN THE EMOTIONAL INTELLIGENCE STAKES TO PUT IT ONE WAY THE OLD TURNSHYULL ,.. stagnation aint a good look and if we get a smell this week I would say it's hammering panick stations for the private schoolies brigade!

That seems to be pretty well evaluated and reasoned/argued.  You forget though, that lib lies/propaganda is more brainwashing than rational thinking.  It's sad.

Turnbull said that big ears Abbott was not providing economic leadership
but Turnbull is even worse.
No one knows where we stand.

How will Turnbull pay back the $450 billion of debt?

He will still keep paying public servants out of borrowed money.

Turnbull is a do nothing man with no plans to get us out of our financial disaster.

Bobby. wrote on Mar 14^th, 2016 at 5:34am:

Turnbull said that big ears Abbott was not providing economic leadership but Turnbull is even worse. No one knows where we stand. How will Turnbull pay back the $450 billion of debt? He will still keep paying public servants out of borrowed money. Turnbull is a do nothing man with no plans to get us out of our financial disaster.

He will do what a lot of aussies do when they max out their credit cards and just get another credit card to pay off the other credit cards :D LOL

Nonsense.  He will sell out Australia and its assets.  Like all Libs.

stunspore wrote on Mar 13^th, 2016 at 11:59pm:

That seems to be pretty well evaluated and reasoned/argued.  You forget though, that lib lies/propaganda is more brainwashing than rational thinking.  It's sad.

No Plam just a series of stunts: garrett put it on the Hansard circa 07 and it rings true today... those words are now famous!

stunspore wrote on Mar 14^th, 2016 at 9:12am:

Nonsense.  He will sell out Australia and its assets.  Like all Libs.

...it's all about the investment tap tap tapping ya  ;D ;D ;D ;D ;D ;D

Sir lastnail wrote on Mar 14^th, 2016 at 9:05am:

Bobby. wrote on Mar 14th, 2016 at 5:34am: Turnbull said that big ears Abbott was not providing economic leadership but Turnbull is even worse. No one knows where we stand. How will Turnbull pay back the $450 billion of debt? He will still keep paying public servants out of borrowed money. Turnbull is a do nothing man with no plans to get us out of our financial disaster. He will do what a lot of aussies do when they max out their credit cards and just get another credit card to pay off the other credit cards :D LOL

Well then - Turnbull should stand up like a man & say the truth -

he has no plan except to get us more in debt.

stunspore wrote on Mar 14^th, 2016 at 9:12am:

Nonsense.  He will sell out Australia and its assets.  Like all Libs.

To late , Howard and Costello sold them all already

Bobby. wrote on Mar 14^th, 2016 at 5:34am:

Turnbull said that big ears Abbott was not providing economic leadership but Turnbull is even worse. No one knows where we stand. How will Turnbull pay back the $450 billion of debt? He will still keep paying public servants out of borrowed money. Turnbull is a do nothing man with no plans to get us out of our financial disaster.

It will never be paid back. Nor is there any good reason to do so. The only required action is to bring the yearly growth of debt below the nominal growth in GDP.

crocodile wrote on Mar 14^th, 2016 at 3:45pm:

Bobby. wrote on Mar 14th, 2016 at 5:34am: Turnbull said that big ears Abbott was not providing economic leadership but Turnbull is even worse. No one knows where we stand. How will Turnbull pay back the $450 billion of debt? He will still keep paying public servants out of borrowed money. Turnbull is a do nothing man with no plans to get us out of our financial disaster. It will never be paid back. Nor is there any good reason to do so. The only required action is to bring the yearly growth of debt below the nominal growth in GDP.

Has Turnbull said that?

Bobby. wrote on Mar 15^th, 2016 at 5:59am:

crocodile wrote on Mar 14th, 2016 at 3:45pm: Bobby. wrote on Mar 14th, 2016 at 5:34am: Turnbull said that big ears Abbott was not providing economic leadership but Turnbull is even worse. No one knows where we stand. How will Turnbull pay back the $450 billion of debt? He will still keep paying public servants out of borrowed money. Turnbull is a do nothing man with no plans to get us out of our financial disaster. It will never be paid back. Nor is there any good reason to do so. The only required action is to bring the yearly growth of debt below the nominal growth in GDP. Has Turnbull said that?

No, the wonder boy just blindly insists on an eventual return to never ending surpluses. Dope

Sir lastnail wrote on Mar 13^th, 2016 at 10:52pm:

Check it out !! Malcolm caught out lying trying to insult the public's intelligence :( http://www.macrobusiness.com.au/2016/03/turnbulls-negative-gearing-lies-grow/ Quote: Here’s the chair of the foreign investment inquiry, Liberal MP Kelly O’Dwyer, explaining the benefits of this ‘new homes only’ policy:     Currently the framework seeks to channel foreign investment in residential real estate into new dwellings in order to increase the housing stock for Australians to build, buy or rent. Foreign investment is encouraged in new dwellings whether they be apartments, units or homes because in addition to creating more supply, it also creates more jobs for the building and construction sector – all of which helps to grow our economy.

At least there a couple of gems in Naily's weekly rants. Kelly O'Dwyer is hailed in the Liberal ranks as a rising star of boundless talent. The insufferable bimbo has this to say:

No one has a right to a super tax concession. It is a gift that the government should only provide when it makes sense.


Now I get it. Everything belongs to the gummint and anything that the ordinary punter is allowed to keep is a gift. What a turd.

stunspore wrote on Mar 14^th, 2016 at 9:12am:

Nonsense.  He will sell out Australia and its assets.  Like all Libs.

by that time they won't have anything left to sell because they would have already sold it :(