In his 2005 tax policy paper, Malcolm Turnbull described negative gearing and the CGT discount as a “sheltering tax haven” that is “skewing national investment away from wealth-creating pursuits, towards housing”, and has caused a “property bubble”. Turnbull also acknowledged that “Australia’s rules on negative gearing are very generous compared to many other countries” and that “the normal deductibility principles do not apply to negatively geared real estate such that the taxpayer is not obliged to demonstrate that the negatively geared property will generate positive cash flow at some point in the distant future”.
In 2014, Turnbull said “Looking at Australia’s tax regime you would say that it is too tough on people earning income… but is incredibly concessional to older people who have made their money.”
Joe Hockey, in his valedictory speech in October 2015, agreed:
“… tax concessions on superannuation should be carefully pared back… negative gearing should be skewed towards new housing so that there is an incentive to add to the housing stock rather than an incentive to speculate on existing property.”
When it comes to electric cars, the Treasurer and the Energy Minister were both real fans…until they weren’t.
In October last year, Angus Taylor said in a media release that “Electric vehicles have the potential to lower transport costs, enhance fuel security, and increasingly create more sustainable cities with less pollution and better health outcomes for our communities.”
Josh Frydenberg penned a whole article on the advantages of EVs.
“Better coordination of existing and future activities around research and development, charging infrastructure planning, vehicle fleet targets and financial incentives, will bode well for the industry in the exciting decade ahead.
A global revolution in electric vehicles is under way and with the right preparation, planning and policies, Australian consumers are set to be the big beneficiaries.”
Then we have the National Energy Guarantee debacle.
In August last year, Frydenberg spruiked the benefits of the NEG in a media release.
“The Guarantee is designed by the experts, backed by industry, business and consumer groups and supported by independent modelling which shows the average household will be $550 a year better off under the National Energy Guarantee and existing policies underway.
The National Energy Guarantee is in the national interest because it will deliver the investment certainty the sector needs, while lowering power bills, enhancing Australia’s economic competitiveness and strengthening the reliability of our energy system.”
When it comes to stagnant wage growth, just last month, Scott Morrison said “I want Australians to earn more.”
Perhaps the final word should go to Malcolm Turnbull.
“The politicians and parties that can demonstrate they can be trusted, that they will not insult the people with weasel words and spin, that they will not promise more than they can deliver, that they will not dishonestly misrepresent either their own or their opponents’ policies – those politicians and parties will, I submit to you, deserve and receive electoral success.”
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