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Slomo(tion) train wreck on negative gearing



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CHRIS BOWEN MP SHADOW TREASURER MEMBER FOR MCMAHON

SLOMO(TION) TRAIN WRECK ON NEGATIVE GEARING

It’s more than passing strange that both the managing director of Stockland - a major property developer - and Yes, No, Yes ‘Aussie’ John Symond conduct a backflip on their views on negative gearing on the same day.

The two of them featured in Liberal Party propaganda during the last election campaign in attacks on Labor’s reforms to negative gearing, claiming recessions and smashed house prices. But today they want reform of negative gearing.

Poor old Slomo. He got rolled in the Cabinet on this last year but in a desperate need to fix his Budget problem, it appears he’s now phoning friends and telling them to backflip on their previous attacks on negative gearing reform.

You can just image the phone call to John Symonds went: “Hi John, it’s Scott, um, you know how I told you to say that changes to negative gearing would smash house prices? Well, um…”

Like SloMo and his infamous ‘there are excesses’ in negative gearing statement, Mr Symonds is going full circle on negative gearing, having first argued for changes back on 11 November 2013 on ABC Q&A before attacking Labor’s reforms prior to the last election.

Next we’ll see property executives calling for reform of the capital gains tax discount!

It was revealed in the Australian Financial Review only a few weeks ago that Treasury was preparing policy options to reform the capital gains tax discount.

Yet within hours, Finance Minister Mathias Cormann was leading the public charge against any changes to the capital gains tax discount in line with the Government’s pre-election policy position.

Imagine being a fly on the wall in the Turnbull Government’s Expenditure Review Committee meetings - they’re hypocrisy safe zones!

The housing affordability crisis will not be addressed in this country without reforms to negative gearing and the capital gains tax discount.

The only people standing in the way of young Australians getting their foot in the housing market are Malcolm Turnbull and Scott Morrison.

THURSDAY, 2 MARCH 2017

MEDIA CONTACT: JAMES CULLEN 0409 719 879