CLANCY OVERELL | Editor | CONTACT
Like clockwork, the Real Estate Institute of Australia has issues a grave caution to the Albanese Government about the demonising of negative gearing.
The powerful lobby group for the laziest blokes in high school, who thought that maybe they’d play professional sport for a living but lacked the work ethic and talent to do anything except open doors for rich boomers and the proxy representatives for mainland Chinese investors, while playing on their phones and trying to avoid eye contact in an effort to hide their cocaine and whiskey hangovers, has argued that disincentivising property investments will create a massive exodus of current investors who will simply stop hoarding wealth and will lead to disastrous consequences that end up creating a egalitarian society where housing is viewed as a human right as opposed to a way for people even dumber than them to get rich.
Once again, the media and conservative politicians are arguing that the housing crisis is caused by nothing more than a supply issue
As low effort as this response is, it does mark slight progress in the national conversation. Because the political class now seems to be wedged into a position where they actually have to admit that the housing crisis is real, after spending ten years making fun of young people for being bad at saving 5 times their salaries for a home loan deposit in a price-gouged economy where a trolley full of groceries costs well over $200.
Of course, the first thing that is being pointed to is immigration. However, this argument doesn’t really hold up after ten years of calling Australians lazy and not worth employing.
The labour disruption of construction unions striking when someone dies on site, and government ‘red tape’ is also being blamed.
This now means the Real Estate agents have found themselves pointing the finger at their dear friends in the property development sector. Who simply refuse to build any apartment blocks that aren’t considered ‘luxury’ and can be flipped for millions of dollars per unit.
This has Australia longing for a day before either of these industries existed, when a bomb-proof red brick six-pack block of flats could be built on the corner of every suburban street by two Maltese brothers with one wheel barrow.
Sadly, those days are behind us. Because there’s no point in building a home unless it’s result in millions of tax-free dollars being handed to people who will never live in it.
