Andrew Sykes

@ajamesbragg Exactly. Australia was perfect, young people are just whingers eating too much avocado on toast. Also, why don’t you support building public housing? Do the Liberals want fewer homes?! x.com/AvidCommentato…

More investment in housing is good because it creates more houses. Why does Labor want fewer homes?!

@James16878077 @DCash64939 @AussieVal10 Investing can still be awesome if you can afford it. Capital gains will only be taxed on real gains, and some people may even be better off. Some small business CGT thresholds are outdated and work like hard cliffs. Hopefully they fix them.

Bank savings get eroded by inflation. People save in shares and ETFs to beat inflation. Many young Australian's use this method to get their house deposit together. The removal of CGT discount on investment properties is widely supported. It's the grandfathering of NG, carve out for new builds, and removal of the discount for productive investments that people are rightly pissed off about.

Albozo did the lying and now his ministers are copping an arse whooping daily on Australian national television. So sweet to watch.

@DCash64939 @AussieVal10 The minimum rate appears designed to make it harder for people to avoid their responsibilities. Income support recipients are exempt, and only realised real gains are taxed. Workers already pay 30% tax from $45k to $135k. It’s not going to be perfect.

The 30% ordinary income bracket starting at $45k is not the point. The new rule imposes a minimum 30% tax on real capital gains, even if someone’s marginal rate is lower. And because real losses from inflation-underperforming shares may not offset real gains, the effective tax rate on a diversified share portfolio can be much higher than 30%.

@DCash64939 @AussieVal10 There already is a limited super scheme to help people save for a first home. Low-income people usually aren’t investing much in shares. I saved through term deposits. Taxing real gains is fairer. Let’s not pretend 30% is some extreme tax rate when it starts at $45k.

You can't use super to buy a house or start a new business - you need to save and invest outside of super for that. Young and low income people are not on the highest tax bracket. This policy imposes a minimum capital gains tax of 30%. So there is no question that the target group will face higher tax on their non-super investments as a consequence and will therefore have less ability to save for a house deposit or save to fund business creation. Others will also suffer. I worked overseas and so I don't have much super. My savings are outside super and I invest in a diversified portfolio of shares which is standard investment advice. Under Labor's system, real losses cannot offset real gains where there are no nominal losses. This creates asymmetry. Research shows that most stocks (60-70%) are laggards often underperforming inflation while the remaining stocks are the winners that drive portfolio returns that we rely on. Because of that asymmetry the effective capital gains tax rate payable easily goes over 40% making Australia one of the highest capital gains tax country in the world. The consequence is that I would never have returned to Australia with the new Labor policy in place. It will affect our ability to attract overseas talent, whether skilled workers or CEOs. I am possibly heading back overseas and I am already restructuring my portfolio to invest in overseas ETFs since I don't feel that my future is aligned with Australia. That is less tax for Australia, less funds available for Australian companies, less talent available for Australian companies.

@SenatorTWhitten Labor thinks negative gearing should still be available, but only when investors help Australia by adding to housing supply. Labor is backing first home buyers. One Nation isn’t. x.com/AvidCommentato…

One Nation supports negative gearing being allowed on 2 homes for everyone. The Labor government claims to be helping the younger generation, yet they’re taking away an investment strategy that has been used by generations before them.

@DCash64939 @AussieVal10 I don’t think so. It depends on what you’re investing in and over what timeframe. For most Australians, their wealth is tied up in their home and super. This might help more Australians own a home. If you can save extra, that’s awesome. budget.gov.au/content/factsh…

Increasing capital gains tax is a tax on the ability of young people to accumulate assets. It deters saving in the first place and results in lower compound growth for savings. The end result is that today's young people will be worse off when they are older than what would have otherwise been the case. Even saving for a deposit is more expensive, since the best way to save for a deposit is to put micro savings into stocks.

@TimWilsonMP Well, I love your “blue horizon of hope”, but I’m not sure what the hope actually is. Are you hoping half your members don’t die of old age before the next election?We might need a bit more substance.

We have record collapses in small business and household confidence. Only a change in government to one focused on economic growth and toward a blue horizon of hope can restore small business and household confidence. We can’t force an election. But hope is on its way.

Today’s national accounts show that before Iran and the Budget the @AlboMP government was already a wrecking ball through the economy. Meanwhile @JEChalmers has given himself a participation award for slower economic growth and declining living standards.

Public spending was flat in the March qtr but remains at a way higher than normal share of GDP ..using up spare capacity and contributing to slower productivity which is adding to inflation and hampering growth in living standards.

@truckpro63 @AussieVal10 The headline is unfortunate, because there are plenty of boomers who aren’t wealthy. But it does show how bad government policy has made life harder for young Australians. Finally, we have a government trying to fix it.

@Interlime @AussieVal10 So blame the people for playing by the rules as set out by multiple governments. Marxists like to point out to folks who don’t have a lot that folks with a lot are the problem for why they are poor. The reality is multifaceted, but government is more to blame than some boomers.

It’s a national embarrassment that a former Labor minister is crowdfunding for an independent inquiry into AUKUS, one which the government keeps denying us. You wonder why people are giving up on the major parties: first they commit us to an extraordinarily expensive deal with unreliable allies and even less reliable deliverables, now they change terms of the deal without real transparency, and tell us we're getting a good deal when we’re paying the same for less. Australians aren't buying it. theage.com.au/politics/feder…

@ajamesbragg So you want house prices to crash even more? I’m a homeowner, and that’s the best thing you’ve said in weeks. Also, Jim is going on about something again. x.com/JEChalmers/sta…

The Housing Minister should say what we all know: house prices are too high for younger Australians.

BREAKING: New numbers show the economy is growing at its equal fastest annual pace in almost 3 years and private sector investment is booming. Today’s National Accounts show the Australian economy grew 0.3% in the quarter, to be 2.5% higher through the year. All of the growth in the March quarter came from the private sector. This is very solid in the circumstances. It shows how resilient our economy is at a time of substantial global economic volatility.

@SkyNewsAust Of course wealthy entrenched interests are angry. Labor is trying to do something about what Tim Wilson called, in 2021, our “rigged tax system that favours the few at the expense of the many.”

Aussie comedian Dave Hughes has launched a blistering attack on the Albanese government’s controversial tax changes, warning "people are angry". skynews.com.au/australia-news…

@MiserlyTightwad @AussieVal10 I hate politicians lying too, and you can vote for whoever you think will tell the truth at the next election. But I like these changes and think they could be good for Australia. The world is moving too fast for Australia to wait until an election before making major changes.

@Interlime @AussieVal10 It’s kinda weird how people aren’t put off by politicians lying.

@SumrWng @AussieVal10 Your kids can still NG new builds. Change is needed because Australia isn’t working like it used to. Labor’s changes might not be perfect, but they’re worth a try. Some experts think they could really help first home buyers. x.com/AvidCommentato…

@Interlime @AussieVal10 Yeah- I want my kids to benefit from investments like I did, yet Albo is pulling up the ladder on them. If you think removing NG or CGT discounts will materially lower prices, Treasury's own modelling says otherwise (~2% less in couple years). The real fix is increasing supply.

Jim Chalmers’ omnibus bill to legislate the major elements of his budget neatly glues together the changes to capital gains, negative gearing and trusts, with the tax cuts for millions of workers, writes Paul Bongiorno. trib.al/8ONrShR

@AngusTaylorMP Yeah, because that worked out so well for young Australians. At least One Nation wants to limit this crap to two properties.

We must fight and defeat Labor’s socialist vision if we’re going to restore our standard of living and protect our way of life.

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