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NegativeGearing
Negative gearing has alwaysbeen considered a sacred cow,but with the budget deteriorating rapidly by theday,it is though nothing is sacred any-more.
There are now crediblesources indicating Treasury and the Parliamentary Budget Office in recentmonths has been working on plans to grandfather negative gearing in nextmonth’s budget.The plan is to abolish negative gearing for new investors ofexisting dwellings,while current investors will be allowed to continue tonegatively gear.This is designed to prevent a mass exodus of investors at atime when the property bubble is precariously balanced,while taking some ofthe recent heat out of the market.
While it is unclear ifAustralia actually has a housing shortage,the plan will also allow investorsin new housing stock the ability to negative gear in a bid to create morehousing and drive down prices.
BudgetEmergency?Nop,not yet
While the budget is rapidlydeteriorating,one of the positives for Australia is our relative low level of Governmentdebt as a percentage of GDP.The IMF has it at just a bit over 30 per cent.
Sadly,the same can not besaid for households in Australia.Household debt is hovering just shy of 100per cent of GDP,or over three times that of Government debt.As a percentageof household disposable income,household debt is now 148 per cent,stillrising and still continuing to ring alarm bells.
One of the reasons why fewsaw the GFC coming,was simply because they were fixated with government debt.
Housing bubbles,like thesize of the one Australia is experiencing,almost always lead to bankingfailures when prices come tumbling down.Banking failures require governmentbailouts.Following the last minutebuyout of Bankwest in October 2008,preventing its collapse andpotentially triggering the collapse ofSuncorp,the government moved to passed legislation to set up the committedliquidity fund to the tune of $380 billion.This means,when thetime comes,the government is better prepared and the Australian taxpayer willbe ready to bailout the banks – thanks guys.
Overstretched householddebt can very quickly turn into government debt.For example in 2008,Irelandhad a government debt to GDP of just 25 percent,less than Australia today.In2013,it was 117.4 percent,following the devastating collapse of its housingbubble.
If the government can’t getour housing bubble under control,then today’s budget emergency will pail incomparison.
NegativeGearing
Negative gearing has alwaysbeen considered a sacred cow,but with the budget deteriorating rapidly by theday,it is though nothing is sacred any-more.
There are now crediblesources indicating Treasury and the Parliamentary Budget Office in recentmonths has been working on plans to grandfather negative gearing in nextmonth’s budget.The plan is to abolish negative gearing for new investors ofexisting dwellings,while current investors will be allowed to continue tonegatively gear.This is designed to prevent a mass exodus of investors at atime when the property bubble is precariously balanced,while taking some ofthe recent heat out of the market.
While it is unclear ifAustralia actually has a housing shortage,the plan will also allow investorsin new housing stock the ability to negative gear in a bid to create morehousing and drive down prices.
BudgetEmergency?Nop,not yet
While the budget is rapidlydeteriorating,one of the positives for Australia is our relative low level of Governmentdebt as a percentage of GDP.The IMF has it at just a bit over 30 per cent.
Sadly,the same can not besaid for households in Australia.Household debt is hovering just shy of 100per cent of GDP,or over three times that of Government debt.As a percentageof household disposable income,household debt is now 148 per cent,stillrising and still continuing to ring alarm bells.
One of the reasons why fewsaw the GFC coming,was simply because they were fixated with government debt.
Housing bubbles,like thesize of the one Australia is experiencing,almost always lead to bankingfailures when prices come tumbling down.Banking failures require governmentbailouts.Following the last minutebuyout of Bankwest in October 2008,preventing its collapse andpotentially triggering the collapse ofSuncorp,the government moved to passed legislation to set up the committedliquidity fund to the tune of $380 billion.This means,when thetime comes,the government is better prepared and the Australian taxpayer willbe ready to bailout the banks – thanks guys.
Overstretched householddebt can very quickly turn into government debt.For example in 2008,Irelandhad a government debt to GDP of just 25 percent,less than Australia today.In2013,it was 117.4 percent,following the devastating collapse of its housingbubble.
If the government can’t getour housing bubble under control,then today’s budget emergency will pail incomparison.
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