Negative Gearing proposed change by Labor would be a mistake
Negative Gearing proposed change by Labor would be a mistake according to John Symond of Aussie Home Loans fame.
Aussie John has been taking it on the chin as he is being seen as having done a u-turn on the issue. Basically this whole story is based on the fact that no one in this democracy who is in the public eye should ever be permitted to change their mind. Aussie John has just committed this terrible sin!
Negative Gearing Proposed change by Labor would be a mistake – Aussie John
When we look at the context of Mr Symond’ apparent u-turn, it makes the circumstances of his turn around even more understandable. Placed on a panel on ABC the entertainment programme Q and A way back in 2013, Mr Symond was asked by a single mother in Perth about what could be done with negative gearing to assist people like single mother’s get on to the property ladder? Perth was having a long interrupted run in the mining boom and house prices in Perth had gone up by over 200% in the previous 10 years. “Aussie John” did suggest in a sympathetic manner that maybe a look at negative gearing and all of the Australian taxation system may, in fact, help.
Three years later, mining boom well over, an Australian Economy not doing too badly after our mining boom thanks mainly to our hugely increased residential construction industry, the hot topic of the day being negative gearing and the effect it may have on the Australian property market if changed and a leading figure in our residential lending area is asked to comment on the topic ……. plenty of time to think and analyse in a pretty different financial environment from 3 years ago and HE CHANGES HIS MIND!
Is this really a story of deceit and unreliability? Or maybe it’s just a story of an experienced property person understanding a changing market – after all, that’s how he really made his millions, understanding a dynamic market! He is not an elected representative promising not to introduce a carbon tax or promising to make no cuts to the ABC budget, he’s a highly successful and clever property guy who really understands what slight changes in our economy can do to a very dynamic market place.
Mr Shorten, instead of criticising this man for supporting one political party over another, maybe it would be better to listen to what he has to say and act on his advice.
Read more: http://goo.gl/a6O1e2
