Treasurer Josh Frydenberg warned [that] Australia’s housing market collapse could destroy small businesses and hit family budgets. House prices have [already] plunged by around 15 per cent in parts of Sydney and Melbourne in recent months amid fears the fall will harm the wider economy. In particular, small business owners that took out loans against the value of their houses may be badly affected.
…which is what is likely to happen when Labor’s CGT and Negative gearing policies hit the housing market again.
Shadow Treasurer Chris Bowen, said price falls meant the Coalition has lost its upper hand.
Huh? The price falls are a much-needed market correction. Nearly everyone agrees that the market was overdone. Upper hand of WHAT?
But instead of debating the Treasurer’s assertion with facts and logic, Bowen resorts to flowery speech:
‘It used to be we’ve got a scalpel the other side have got a sledgehammer. They don’t say that anymore. They can’t’
He said the banking regulator’s crackdown on investor loans to local and foreign buyers meant there was also an increase in owner-occupiers and first-home buyers.
He didn’t produce any stats…
Mr Bowen said it used to be the case where constituents would frequently stop him to talk about ‘crazy prices’, whereas now they aren’t as concerned over falling prices.
So Australia’s future Treasurer will set policy according to a street poll in Fairfield. Prices in McMahon have fallen around 9% in recent months.
Source: Daily Mail Online