Bowen: Attack “crazy property prices”

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From the ABC comes Shadow Treasurer Chris Bowen:

We’re not in favour of passing the $50 billion tax cut. We’ve made it clear that we can support the small business element [which is for companies] under $2 million.

The Treasurer announced yesterday $30 billion less in revenue than had been expected just at the budget. His solution is to give away a further $50 billion over the next decade.

I just wish they would [move] on negative gearing, for example.

Not only would that be good for the budget, but all your listeners out there wondering how they or their children or grandchildren can afford to buy into this crazy housing market that we’ve got … they would find some relief there as well.

Quite right. That’s the stuff of getting elected.

About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.