Tax changes that have been overdue for twenty-odd years to address house prices and attempt to level the playing field between labour and capital.

Pity they didn't also change the gas tax.

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ENGNR 2 hours ago | parent | next [-]

House tax changes... strong yes

Share tax changes... ugh

My hope was cashed up bogans would start betting on shares instead of housing/crypto. At least it could be funnelled into something productive

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BLKNSLVR 24 minutes ago | parent | next [-]

My limited-research understanding is that there shouldn't be a difference between capital gains from housing versus shares, otherwise it's 'picking winners' or encouraging investment in specific directions. Having said that, the 'winner' they've picked is new house builds, which retain some tax benefits. I'm OK with that, without having skin in that game now or likely into the future.

In regards to other comments further down regarding Australia's tax rates being high, internationally Australia is on the lower end.

I believe the (seemingly very loud) naysayers about these tax changes are those who receive much more of their income via 'capital' than via 'effort', and so my sympathies are minimal to non-existent. Sure, I have capital investments that will yield lower returns, but I believe the changes make "the way it works" overall more fair to those who don't have the means to earn means passively.

Cashed up bogans may funnel more of their money into new house builds, which is productive...?

Semi-unrelated addition: To some extent I think that 'owning ones own house' is a motivator to work harder, so as home ownership has grown increasingly out of reach, so has some amount of motivation to actually work dried up. There's an inherent 'participation in society' to owning a home that has an intangible but high value. Whether this has anything to do with Australia's decreasing productivity, I don't know.

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sysworld 2 hours ago | parent | prev [-]

Yeah, housing tax changes were needed, but seems weird to also do Shares. NZ, like always is lagging behind AU, and also needs house tax changes. The housing situation in NZ dire.

	▲	erentz an hour ago \| parent [-]
		NZ is even worse than Australia on the housing tax vs shares tax front. No housing taxes. Yet they have what is effectively an annual wealth tax on shares (FIF) even on their pitiful retirement savings schemes. This discourages saving in shares and encourages putting money in real estate.

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shell0x an hour ago | parent | prev [-]

The tax is already bad here, even without it. I paid $89,000 taxes just for the last financial year because stock gains are added up on top of the income and my partner doesn’t work and there’s no family support allowance here.

I can apply Australian citizenship next year but I will leave ASAP after becoming a citizen for Singapore, Dubai or Hong Kong where the tax is < 20%

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BLKNSLVR 19 minutes ago | parent | next [-]

You're breaking my heart.

To pay $89,000 in taxes you'd have to be earning in the range of $350k. Do you think you're hard done by? I'd be rather annoyed if you were eligible for family support allowance in that earning range? (partially because I'd be missing out on a decent chunk of government support myself)

What am I missing about your situation that makes it remotely sympathetic?

	▲	shell0x 2 minutes ago \| parent [-]
		If you live in inner Sydney, the rent alone is $1350 pw and tax is ridiculous. I basically sold my stocks to have a down payment but then that got added on top of income. If i’d have stayed in HK, i’d have paid 0% for that. I just treat it as paying for Australian citizenship to make me feel better and it still comes out cheaper than buying a Saint Kitts and Nevis passport. Australian passport also opens up the E3 visa to go to the USA

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shitloadofbooks 22 minutes ago | parent | prev | next [-]

As an Australian with a family and 2 high-paying salaries paying a LOT of tax, none of those countries are remotely comparable to Australia.

If you hate taxes and fees, Singapore has a 60% Additional Buyer's Stamp Duty on residential property applied to foreign buyers, on top of an already insane property market. There's huge fines and government intervention into _everything_ and a massive high-stress culture.

Hong Kong is equally absurd for property and has a sword hanging over its head, that falls if China ever makes a move on Taiwan; the inevitable US and global sanctions would decimate HK.

Dubai is just a comical option.

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dools 2 minutes ago | parent | prev | next [-]

Don’t let the door hit you on the way out!

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sumedh 41 minutes ago | parent | prev [-]

Why are you not leaving right now?

	▲	shell0x 5 minutes ago \| parent \| next [-]
		I could as a German but my partner has a weaker passport so I’m just waiting till she got her australian passport
	▲	mianos 21 minutes ago \| parent \| prev [-]
		I'd assume, as an Australian, who works for a HK company and has travelled for work all their life, the long term lifestyle in Australia is probably better than those countries. I love HK and Singo but I am not sure I'd want to live there. But for working, most people here would not work in an iron lung and the socialist government pretty much supports the idea that, if you don't like to work, you shouldn't have to as long as there are a few who will work. And, that number is fewer and fewer.