00:00The government is alive to changes in the political mood in the country, right?
00:06And it's now starting to respond to this idea that there are younger voters.
00:09It's not just about baby boomers and investments.
00:13It's actually about how baby boomers and investments are working against younger voters.
00:18And the government's starting to really respond to that.
00:20And around that issue of intergenerational equality, we're hearing a lot about negative gearing and changes to the capital gains
00:27tax discount.
00:28So what do we know now?
00:29Well, what we know now is that there are changes to negative gearing.
00:33It's going to be wound back considerably.
00:35And that is going to essentially remove it as a function, except for new builds.
00:43So this is really important, I think, in terms of reshaping the agenda.
00:49I mean, I think what's really important here and is often missed in a lot of these discussions, particularly when
00:55economists talk about them,
00:57and they say, oh, this or that, it doesn't add to supply.
01:00It's about the signal that it sends.
01:03And at the moment, up until now, the policy signals that have been sent by having investment tax breaks is
01:10that you should invest in additional housing, housing you don't need.
01:14Housing that, in fact, might cost more than you can make a profit out of.
01:18And you write those losses off effectively to other taxpayers by renting the house out of the loss and claiming
01:24that as a tax deduction.
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