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Why Super for Housing is a Bad Idea - Purplepingers (youtu.be)

submitted 5 months ago by zero_gravitas@aussie.zone to c/australia@aussie.zone

17 comments fedilink hide all child comments

NOTE: Video sponsored by the ACTU

Key points

It would make house prices increase by more than the maximum amount people could withdraw
It would cost the government $1 trillion in the long run
It would leave people with $200k less in retirement savings
It would significantly affect the returns on all superannuation as funds would need to keep more cash reserves uninvested so it is available for withdrawal

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[–] Marsupial@quokk.au 27 points 5 months ago (2 children)

How about we ban owning multiple properties, remove any incentives for property as an investment, enforce quality building standards, and use government funds to build affordable housing.

[–] ryannathans@aussie.zone 13 points 5 months ago (1 children)

Having multiple is fine, just remove negative gearing and investment incentives along with actually enforced building standards

[–] Nath@aussie.zone 4 points 5 months ago (2 children)

People will just go back to what they did before negative gearing: Make businesses and move their properties into that. "Oh, your business made a loss paying more interest than it brought in as rent, I guess you can write that off as a loss and not pay tax on your income".

The result is the same, but it's more work for the ATO.
My old boss still had his holiday home under the business, because it's how he did it before Negative Gearing was a thing.

[–] ephemeral_gibbon@aussie.zone 7 points 5 months ago

Make it so that interest on money borrowed against residential real estate can't be declared as a business loss then. That'll also make speculating housing investment funds a bad idea

[–] ryannathans@aussie.zone 1 points 5 months ago

Same thing would probably happen with property limits then

[–] alansuspect@aussie.zone 10 points 5 months ago (1 children)

I think politicians should be banned from owning multiple properties. It's a huge conflict of interest.

[–] kerr@aussie.zone 2 points 5 months ago

Absolutely. Great idea.