Duncs 🇦🇺👀🍿

It pretty incredible how you and the delusional social left think they are entitled to other people’s hard fought gains. Using division and socialist words like “entitled wealth” to make it seem like those who’ve got ahead in life didn’t work hard to earn it. I bet you’ve never taken a risk and invested in anything outside of a guaranteed salary. 70% of all home investors only own one investment property, which they’ve often taken decades to save for and build equity in. All whilst paying the way for other Australians through the high wages tax they already pay. The top 20% of earners pay more than 50% of all income tax collected. Who are you going to milk when that teat runs dry? The bulk of Australians already pay a high income tax on every wage dollar they earn. Allowing new and young investors the chance to build wealth without giving half of it to government is morally fair and reasonable. Only a Government who’s incompetent spending is out of control needs to raise taxes. Lying Labor is setting about destroying the middle class. They will create a system so punitive on investors that we will be left with just the extreme rich and poor people. That is the tale of every socialist regime that went down this path….abject poverty for the majority of their population. Remember the extreme rich don’t need negative gearing and they don’t sell assets, so these changes are squarely targeted at the middle class.

Why should investors be corralled into super as their only means of investment. The government should have no say in removing or limiting legitimate means of investing to get ahead. No shares, property, or any other asset class is now exempt. You also can hit concessional limits in super very quickly (around $30k) and then 30% or your full marginal tax rate kicks back in. This budget is an absolute disaster as far as crippling young people’s chances at financial independence and encouraging business startups and real GDP growth in Australia. The real high growth in housing prices comes from highly inflationary monetary policy set by government over the last 20 years. They printed hundreds of billions of dollars out of thin air during the GFC and Covid and that money was given out at low interest rates. Where did they think that money would end up. Of course it went straight into hard assets like housing and shares. That combined with overspending and significant over immigration in the last 4 years has pushed inflation further out of control and fuelled a true housing shortage crisis. Look at new homes. It’s easy to spend $750k to build a house now without land costs. Thats due to inflation, high cost, and lack of supply of building materials, massive government red tape and taxation at every stage of building and a skills shortage. As new house build prices soar due to inflation that of course drives up costs in existing dwellings. The CGT discount and investors have little to do with this spiralling increase in costs. This is nothing more than a big new tax to try to capture the wealth transfer between parent and the next generation, by cutting of any gains that a fair CGT discount once provided. Technically it’s even worse for younger investors trying to start off, as they get no benefit from grandfathering. Overtaxation is paramount to an incompetent or corrupt government stealing wealth from its citizens. The CGT discount was a fair discount to gains mostly made from already heavily taxed wages. The middle income families trying to get ahead were heavily reliant on this to try to find financial independence, and it built up some real wealth and a high quality standard of living in this country. This new budget destroys the aspirations of middle class families to get ahead and will widen the wealth gap in Australia. Remember billionaires and the extremely wealthy don’t sell their assets, so this barely impacts them. But it impact young people and mums and dad investors that have to sell assets to fund the next stages of their lives, whether it’s buying a home or trying to retire comfortably.

My maths brain is not braining. You’re saying that the recent 40% increase in my electricity bill over two years has happened because of coal and gas, which we’ve been using less of as we switch to renewables. My bill wasn’t expensive before renewables when we had 100% coal and gas. Why has it jumped significantly recently as more renewables come in? Also explain to me how shipping 380 million tonnes of coal overseas each year for other countries to burn is Net Zero. Thats about 4-5 times what our entire national energy requirement would be.

Pretty clear Kimmi had room and turned in cutting off any opportunity Piastri had of making the corner. Hence the lock up. Maybe a penalty to Kimmi, but should have been just a racing incident. The FÍA stewards want to make F1 a boring game of follow the leader 🤬🤬🤬