After last week junking their negative gearing and capital gains tax reforms taken to the past two elections, Labor’s financial services spokesman Stephen Jones hinted that it will offer first home buyer subsidies as part of its election platform:
“We took those policies [negative gearing and capital gains tax reforms] to the last two elections. They didn’t find favour with the electorate,” Labor’s financial services spokesman Stephen Jones said.
“We need to ensure that the policies we take to the next election are going to be able to assist first home buyers to get into the market.”
“Assist first home buyers to get into the market” is code for subsidies like first home buyer grants. And these types of stimulus are self defeating from an affordability perspective, since they bid-up prices and make housing less affordable over the longer-term.
Australia’s property lobby must be feeling very proud of itself, since they have managed to gain bipartisan support for rising property prices.
Next on its list is to reboot mass immigration.
Resistance is futile. Australia is the property equivalent of a narco state.