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Now that my house (the one I live in - I don't have an investment property) is worth a little more, you want to abolish what allowed it to appreciate so that my house won't be worth as much ??
Seems a little one legged to me. I get to lose my gains because you want to stop people who work hard and save making any money - tall poppy stuff, isn't it?
I think there are millions of folks out there who own their own home who would be a lot annoyed about changes that devalued their house.
A better system is what used to occur in UK (may still do, I have no idea) - mortgage relief. Any money spent on mortgage has tax back on it. This allows people to buy a home rather than rent one. Negative gearing could be slowly weaned back so as not to destroy people's hard work and dreams.
I think the lack of mortgage tax relief is one of those on the minus side of the Oz tax system.
Foreign investment is what is forcing up housing prices. Make foreign home ownership leasehold only and you'll cure most of that.
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