1 00:00:00,600 --> 00:00:03,720 Speaker 1: Already and this is this is the Daily This is 2 00:00:03,760 --> 00:00:05,200 Speaker 1: the Daily OS. 3 00:00:05,200 --> 00:00:06,920 Speaker 2: Oh, now it makes sense. 4 00:00:15,080 --> 00:00:17,680 Speaker 3: Good morning and welcome to the Daily OS. It's Wednesday, 5 00:00:17,720 --> 00:00:18,840 Speaker 3: the fourteenth of February. 6 00:00:18,880 --> 00:00:21,200 Speaker 2: I'm Zara, I'm Sam. Happy Valentine's Day. 7 00:00:21,000 --> 00:00:22,239 Speaker 4: Happy Valentine's Day. 8 00:00:22,440 --> 00:00:25,320 Speaker 3: Today we are taking a look at a big housing 9 00:00:25,360 --> 00:00:27,840 Speaker 3: debate that is unfolding in Parliament. 10 00:00:28,320 --> 00:00:29,680 Speaker 4: The Government is trying to get. 11 00:00:29,480 --> 00:00:33,159 Speaker 3: Its Help to Buy Scheme legislation through Parliament, but the 12 00:00:33,159 --> 00:00:35,280 Speaker 3: Greens are trying to use their leverage in the Senate 13 00:00:35,320 --> 00:00:38,040 Speaker 3: to pressure the government to take action on discounts that 14 00:00:38,080 --> 00:00:40,360 Speaker 3: it gives investors who own multiple properties. 15 00:00:40,760 --> 00:00:44,560 Speaker 5: The government dishes out billions of dollars in tax handouts 16 00:00:44,600 --> 00:00:47,640 Speaker 5: to people with multiple properties, ten or twenty properties, and 17 00:00:47,680 --> 00:00:50,560 Speaker 5: what that does is drive up house prices and allow 18 00:00:50,640 --> 00:00:53,920 Speaker 5: them to beat out renters and first time buyers at options. 19 00:00:54,240 --> 00:00:56,680 Speaker 3: In today's deep dive, we're going to look at exactly 20 00:00:56,720 --> 00:00:59,680 Speaker 3: what the help to Buy scheme actually is and what 21 00:00:59,680 --> 00:01:01,960 Speaker 3: the chain ranges are that the Greens are pushing for. 22 00:01:02,840 --> 00:01:05,440 Speaker 3: But before that, Sam, what's making headlines today? 23 00:01:08,360 --> 00:01:11,520 Speaker 2: One hundred and fifty Australian Taxation Office officials have been 24 00:01:11,520 --> 00:01:15,440 Speaker 2: investigated over their suspected involvement in a tax scam. The 25 00:01:15,440 --> 00:01:19,320 Speaker 2: ATO believes more than fifty seven thousand Australian fraudsters were 26 00:01:19,360 --> 00:01:22,919 Speaker 2: involved in a GST scam which spread via social media. 27 00:01:23,440 --> 00:01:26,080 Speaker 2: More than one hundred people have been arrested in relation 28 00:01:26,200 --> 00:01:26,840 Speaker 2: to the incident. 29 00:01:28,720 --> 00:01:31,720 Speaker 3: At least sixty eight people have died after a landslide 30 00:01:31,720 --> 00:01:34,880 Speaker 3: in the Philippines. It followed heavy rainfall and flooding in 31 00:01:34,920 --> 00:01:37,800 Speaker 3: the country south last week, where several homes in a 32 00:01:37,840 --> 00:01:41,399 Speaker 3: mining community have been destroyed. The area has also been 33 00:01:41,440 --> 00:01:45,720 Speaker 3: impacted by earthquakes in recent days. Operations are now focused 34 00:01:45,720 --> 00:01:48,240 Speaker 3: on recovering over fifty people who are still missing. 35 00:01:50,120 --> 00:01:53,200 Speaker 2: Domestic airfares were cheaper in twenty twenty three compared to 36 00:01:53,240 --> 00:01:57,000 Speaker 2: the previous year, but the reliability of flights remains a concern. 37 00:01:57,440 --> 00:02:00,920 Speaker 2: That's all. According to the latest Australian Company and Consumer 38 00:02:00,960 --> 00:02:05,040 Speaker 2: Commission report into domestic aviation. It found that flights were 39 00:02:05,080 --> 00:02:08,280 Speaker 2: thirteen percent cheaper in December of twenty twenty three compared 40 00:02:08,320 --> 00:02:10,760 Speaker 2: to the same time in twenty twenty two. But the 41 00:02:10,800 --> 00:02:13,400 Speaker 2: report also found that less than sixty four percent of 42 00:02:13,440 --> 00:02:15,799 Speaker 2: flights landed on time at the end of last year, 43 00:02:15,960 --> 00:02:19,520 Speaker 2: which was well below the long term average. Government agency 44 00:02:19,560 --> 00:02:22,240 Speaker 2: Air Services Australia said this was partly due to a 45 00:02:22,280 --> 00:02:25,000 Speaker 2: staff shortage of air traffic controllers. 46 00:02:26,480 --> 00:02:30,040 Speaker 3: And the good news, the largest purpose built platypus conservation 47 00:02:30,200 --> 00:02:32,640 Speaker 3: center in the worlds has opened up in Dubbo, New 48 00:02:32,680 --> 00:02:37,000 Speaker 3: South Wales. The new research, rescue and Rehabilitation Center at 49 00:02:37,000 --> 00:02:40,880 Speaker 3: Taronga's Western Plain Zoo is aimed at helping to rehabilitate 50 00:02:40,960 --> 00:02:44,680 Speaker 3: rescued platypuses to be released back into the wild and 51 00:02:44,720 --> 00:02:49,240 Speaker 3: to protect population numbers from the impacts of climate change. 52 00:02:52,280 --> 00:02:55,960 Speaker 3: We know that housing affordability, or indeed lack thereof, is 53 00:02:56,200 --> 00:02:59,000 Speaker 3: a top of mind issue for many of our listeners. 54 00:03:00,120 --> 00:03:02,960 Speaker 3: I do feel like we have spent many many a 55 00:03:03,000 --> 00:03:06,200 Speaker 3: podcast talking about the reasons and the context as to 56 00:03:06,320 --> 00:03:07,800 Speaker 3: why nobody. 57 00:03:07,480 --> 00:03:09,519 Speaker 4: Our age can actually buy a house. 58 00:03:09,560 --> 00:03:11,760 Speaker 2: I feel like it's a defining issue for our generation. 59 00:03:12,200 --> 00:03:15,760 Speaker 3: It is, and I must say it feels like very 60 00:03:15,800 --> 00:03:18,840 Speaker 3: often we focus on the problem and very rarely are 61 00:03:18,880 --> 00:03:21,960 Speaker 3: we offered up any solutions. So today we're actually going 62 00:03:21,960 --> 00:03:24,520 Speaker 3: to talk about one of those proposed solutions that's quite refreshing. 63 00:03:24,680 --> 00:03:28,320 Speaker 3: It's the government's plan and it's a scheme called the 64 00:03:28,360 --> 00:03:31,480 Speaker 3: Help to Buy scheme. In a nutshell, it's a way 65 00:03:31,520 --> 00:03:34,520 Speaker 3: of buying a house where the government is a co owner. 66 00:03:34,760 --> 00:03:36,600 Speaker 2: So what do you mean by co owner? Is that 67 00:03:36,920 --> 00:03:39,320 Speaker 2: the government having a stake in the house as well. 68 00:03:39,840 --> 00:03:43,080 Speaker 3: Yeah, So essentially the plan is trying to reduce the 69 00:03:43,200 --> 00:03:47,040 Speaker 3: upfront costs of purchasing a property so you don't have 70 00:03:47,080 --> 00:03:49,760 Speaker 3: to save as much because the government will help you 71 00:03:49,760 --> 00:03:50,640 Speaker 3: pay for it. 72 00:03:50,760 --> 00:03:51,880 Speaker 4: Normally, when you. 73 00:03:51,760 --> 00:03:53,920 Speaker 3: Buy a house, you pay a deposit we know the 74 00:03:53,960 --> 00:03:56,720 Speaker 3: standard is around twenty percent of the house price, and 75 00:03:56,760 --> 00:03:58,880 Speaker 3: then you pay the rest off over time and that's 76 00:03:58,920 --> 00:04:00,000 Speaker 3: called a mortgage. 77 00:04:00,240 --> 00:04:03,520 Speaker 2: And so that is the traditional model of home buying 78 00:04:03,640 --> 00:04:05,840 Speaker 2: here in Australia. It's how most of our parents generation 79 00:04:05,920 --> 00:04:08,560 Speaker 2: bought their first homes and so every time after Yeah, 80 00:04:08,680 --> 00:04:11,480 Speaker 2: but now it's obviously more expensive than ever before. 81 00:04:12,200 --> 00:04:14,320 Speaker 3: It is, and we've got the numbers to back it up. 82 00:04:14,400 --> 00:04:17,640 Speaker 3: So it's roughly two hundred thousand dollars more expensive on 83 00:04:17,760 --> 00:04:20,599 Speaker 3: average to buy a home now compared to before the 84 00:04:20,640 --> 00:04:22,000 Speaker 3: pandemic in twenty nine years. 85 00:04:22,040 --> 00:04:23,160 Speaker 2: Okay, so not that long ago. 86 00:04:23,240 --> 00:04:27,200 Speaker 3: Yeah, exactly, Like we talk about these intergenerational equality issues 87 00:04:27,200 --> 00:04:28,920 Speaker 3: of it was so much easier for our parents, or 88 00:04:28,960 --> 00:04:30,920 Speaker 3: it was so much harder, you know, whatever kind of 89 00:04:31,080 --> 00:04:33,600 Speaker 3: side of the debate you fall on. But even in 90 00:04:33,680 --> 00:04:36,240 Speaker 3: just the last couple of years, that is how much 91 00:04:36,279 --> 00:04:39,279 Speaker 3: housing has gone up, and we know more than ever 92 00:04:39,440 --> 00:04:42,200 Speaker 3: that people are struggling to crack into that market. And 93 00:04:42,279 --> 00:04:45,039 Speaker 3: so looking at this problem, and by way of a 94 00:04:45,080 --> 00:04:48,279 Speaker 3: solution to this problem, the government has proposed this scheme 95 00:04:48,320 --> 00:04:51,039 Speaker 3: where home buyers will need a much smaller deposit in 96 00:04:51,120 --> 00:04:54,360 Speaker 3: exchange for the government getting a stake in the properties. 97 00:04:54,480 --> 00:04:56,240 Speaker 2: And how much smaller are we talking. 98 00:04:56,080 --> 00:04:58,280 Speaker 3: Well, a potential buyer, we'd only need to put down 99 00:04:58,320 --> 00:05:01,520 Speaker 3: a minimum of two percent deposit for a home, or 100 00:05:01,600 --> 00:05:04,840 Speaker 3: the government would provide we'll call it equity with up 101 00:05:04,880 --> 00:05:07,720 Speaker 3: to thirty percent of the property's value or forty percent 102 00:05:07,800 --> 00:05:11,040 Speaker 3: for new builds. And equity there just essentially means that 103 00:05:11,080 --> 00:05:13,960 Speaker 3: the government would be a part owner of properties under 104 00:05:13,960 --> 00:05:16,680 Speaker 3: the scheme. You know, just like you and I raised 105 00:05:16,720 --> 00:05:19,720 Speaker 3: capital to start this business, and therefore we have investors 106 00:05:19,720 --> 00:05:22,479 Speaker 3: who have equity in our company. It wouldn't be investors, 107 00:05:22,560 --> 00:05:23,400 Speaker 3: it would be the government. 108 00:05:23,480 --> 00:05:26,040 Speaker 2: Right, So then when the house sells at the end, 109 00:05:26,120 --> 00:05:28,200 Speaker 2: the government gets some of that upside as well. 110 00:05:28,480 --> 00:05:31,200 Speaker 3: Yeah, so the government would be entitled to up to 111 00:05:31,240 --> 00:05:33,880 Speaker 3: forty percent of a property's value when it's sold, and 112 00:05:34,160 --> 00:05:36,479 Speaker 3: that also means that you'd have a lower mortgage because 113 00:05:36,480 --> 00:05:39,400 Speaker 3: the government has effectively already paid off a large part 114 00:05:39,560 --> 00:05:40,720 Speaker 3: of what the home is worth. 115 00:05:40,920 --> 00:05:43,040 Speaker 2: So obviously, at the moment, it's still a proposal. It's 116 00:05:43,120 --> 00:05:46,520 Speaker 2: not something that we can just apply for online straight away. 117 00:05:46,560 --> 00:05:48,400 Speaker 2: But could anyone get onto. 118 00:05:48,240 --> 00:05:50,479 Speaker 4: This No, and this is important. 119 00:05:50,560 --> 00:05:53,640 Speaker 3: So it's a very targeted program with a very limited 120 00:05:53,720 --> 00:05:56,440 Speaker 3: number of spots. And we'll get into soon why that 121 00:05:56,480 --> 00:05:59,480 Speaker 3: matters so much. But essentially, the government's laid out a 122 00:05:59,560 --> 00:06:02,200 Speaker 3: number of we'll call it prerequisites to make sure that 123 00:06:02,240 --> 00:06:04,840 Speaker 3: it's only helping prospective home buyers. 124 00:06:04,520 --> 00:06:07,159 Speaker 4: On low and middle incomes. They don't want this to 125 00:06:07,200 --> 00:06:07,960 Speaker 4: be a free for all. 126 00:06:08,000 --> 00:06:10,279 Speaker 3: They want it to be a really targeted assistance to 127 00:06:10,360 --> 00:06:14,360 Speaker 3: a certain group of Australians. So the criteria for being 128 00:06:14,400 --> 00:06:17,479 Speaker 3: able to access this scheme, or this proposed scheme rather, 129 00:06:17,960 --> 00:06:20,040 Speaker 3: is that the person has to be a first home buyer. 130 00:06:20,200 --> 00:06:23,480 Speaker 4: They're not looking for people who are downsizing or upsizing. 131 00:06:23,000 --> 00:06:24,840 Speaker 2: Or any size, second or third. 132 00:06:25,080 --> 00:06:28,360 Speaker 3: No, first home buyer. They can't earn more than ninety 133 00:06:28,440 --> 00:06:31,599 Speaker 3: thousand dollars a year as a single person, and for 134 00:06:31,640 --> 00:06:34,520 Speaker 3: an eligible couple, their collective income can't be above one 135 00:06:34,600 --> 00:06:37,279 Speaker 3: hundred and twenty thousand dollars a year. And then to 136 00:06:37,320 --> 00:06:40,640 Speaker 3: the properties themselves. Those properties need to be capped at 137 00:06:40,680 --> 00:06:43,800 Speaker 3: certain prices based on where you're buying the home. So 138 00:06:44,040 --> 00:06:46,680 Speaker 3: in Sydney, for instance, you can't buy a property under 139 00:06:46,680 --> 00:06:48,880 Speaker 3: this scheme that's worth more than nine hundred and fifty 140 00:06:48,920 --> 00:06:52,440 Speaker 3: thousand dollars and in some way cheaper like Regional Queensland, 141 00:06:52,480 --> 00:06:55,040 Speaker 3: the property price is capped at about five hundred and 142 00:06:55,080 --> 00:06:58,640 Speaker 3: fifty thousand dollars and that's just obviously reflecting fluctuations in 143 00:06:58,680 --> 00:07:02,000 Speaker 3: the market wherever you might be. The government has said 144 00:07:02,080 --> 00:07:05,479 Speaker 3: it'll help fund forty thousand homes over four years, which 145 00:07:05,560 --> 00:07:07,680 Speaker 3: is ten thousand a year, and I think that that 146 00:07:07,839 --> 00:07:10,960 Speaker 3: cap is important to note because it's the way that 147 00:07:11,000 --> 00:07:13,680 Speaker 3: the government is ensuring that there isn't this massive surge 148 00:07:13,720 --> 00:07:14,880 Speaker 3: in demand for housing. 149 00:07:15,040 --> 00:07:15,960 Speaker 4: Right that's been quite a. 150 00:07:15,960 --> 00:07:19,240 Speaker 3: Bit of the criticism of if you enable a whole 151 00:07:19,240 --> 00:07:22,040 Speaker 3: lot of people to access the market and to buy homes, 152 00:07:22,480 --> 00:07:25,040 Speaker 3: then demand will surge and in turn we'll see prices 153 00:07:25,080 --> 00:07:27,480 Speaker 3: go up. And the government's response to that is no 154 00:07:27,680 --> 00:07:30,040 Speaker 3: we're only allowing a specific few people to do it, 155 00:07:30,080 --> 00:07:32,520 Speaker 3: and therefore it won't have this huge impact on the 156 00:07:32,520 --> 00:07:33,400 Speaker 3: market itself. 157 00:07:33,600 --> 00:07:35,720 Speaker 2: So let's say that I am one of those forty 158 00:07:35,720 --> 00:07:38,640 Speaker 2: thousand that get into the scheme. I get a home 159 00:07:38,760 --> 00:07:41,440 Speaker 2: under this scheme, I've paid my deposit, I've entered into 160 00:07:41,480 --> 00:07:44,960 Speaker 2: a mortgage with a bank. The government would still own 161 00:07:45,000 --> 00:07:46,760 Speaker 2: forty percent of the property. Right. 162 00:07:47,360 --> 00:07:50,240 Speaker 3: Yeah, and the government isn't a bank, but that doesn't 163 00:07:50,280 --> 00:07:52,400 Speaker 3: mean that they don't want their money back eventually. 164 00:07:52,440 --> 00:07:54,080 Speaker 4: That needs to be an upside here. 165 00:07:54,520 --> 00:07:56,800 Speaker 3: Basically, the idea is that if you sell the property, 166 00:07:56,920 --> 00:07:59,400 Speaker 3: the government will get thirty to forty percent of what 167 00:07:59,440 --> 00:08:02,200 Speaker 3: you sell it for, regardless of if that's higher or 168 00:08:02,280 --> 00:08:04,720 Speaker 3: lower than how much you actually bought it for. So 169 00:08:04,760 --> 00:08:06,600 Speaker 3: they're taking, i mean a risk. 170 00:08:06,680 --> 00:08:08,440 Speaker 2: They're also taking the same risk that we all take 171 00:08:08,480 --> 00:08:11,080 Speaker 2: by buying a home. But you'd think over time that 172 00:08:11,080 --> 00:08:11,600 Speaker 2: that goes up. 173 00:08:11,760 --> 00:08:13,040 Speaker 4: Yeah, and there are options. 174 00:08:13,160 --> 00:08:15,600 Speaker 3: Once you've paid off your mortgage and if you want 175 00:08:15,640 --> 00:08:17,680 Speaker 3: to buy out the government's stake in the property, then 176 00:08:17,720 --> 00:08:20,640 Speaker 3: that's something that can be arranged. But I will say 177 00:08:20,640 --> 00:08:22,520 Speaker 3: at this point that the details are still a bit 178 00:08:22,600 --> 00:08:25,120 Speaker 3: unclear about how much exactly. 179 00:08:24,840 --> 00:08:25,880 Speaker 4: You'd pay back. 180 00:08:26,480 --> 00:08:30,040 Speaker 2: Okay, So I understand how this scheme could operate, but 181 00:08:30,080 --> 00:08:32,520 Speaker 2: it's not in place already, and that hypothetical of me 182 00:08:32,559 --> 00:08:35,160 Speaker 2: being a participant was hypothetical. 183 00:08:34,559 --> 00:08:38,080 Speaker 3: Right, Yeah, So at the moment, this is still just 184 00:08:38,240 --> 00:08:42,240 Speaker 3: an idea from the government. No legislation has passed Parliament, 185 00:08:42,320 --> 00:08:45,520 Speaker 3: and the reason for that is that we have spoken 186 00:08:45,520 --> 00:08:48,320 Speaker 3: before about the fact that the government can easily pass. 187 00:08:48,080 --> 00:08:49,560 Speaker 4: The legislation through the lower house. 188 00:08:49,559 --> 00:08:51,880 Speaker 3: They've got the numbers there to easily pass the legislation, 189 00:08:52,360 --> 00:08:54,000 Speaker 3: but when it comes to the upper House, it's a 190 00:08:54,000 --> 00:08:55,920 Speaker 3: bit more of a battle. They need to get people 191 00:08:56,080 --> 00:08:59,280 Speaker 3: outside of their party to support any given legislation. So 192 00:08:59,320 --> 00:09:01,719 Speaker 3: that's the crossband, yeah, which means that they need to 193 00:09:01,720 --> 00:09:04,360 Speaker 3: get support from people outside of the Labor Party in 194 00:09:04,480 --> 00:09:08,280 Speaker 3: order to pass something. Now that can take many forms. 195 00:09:08,320 --> 00:09:11,080 Speaker 3: It can be the coalition, the opposition. They can support 196 00:09:11,080 --> 00:09:13,560 Speaker 3: a bill and therefore the government would have the numbers 197 00:09:13,600 --> 00:09:17,280 Speaker 3: to pass it. In this situation, that's not going to happen. 198 00:09:17,480 --> 00:09:20,000 Speaker 3: The opposition has been very clear that they will not 199 00:09:20,080 --> 00:09:22,840 Speaker 3: support the bill, so that's off the table. So then 200 00:09:22,840 --> 00:09:25,280 Speaker 3: the government is left with fewer options of who they 201 00:09:25,280 --> 00:09:28,640 Speaker 3: can turn to. There are some independent cross benches, but 202 00:09:28,800 --> 00:09:31,960 Speaker 3: the biggest voting block is the Greens in the upper House. 203 00:09:32,000 --> 00:09:34,480 Speaker 3: They have quite a few seats and so the government 204 00:09:34,480 --> 00:09:37,840 Speaker 3: has naturally entered into this kind of negotiation phase with 205 00:09:37,960 --> 00:09:40,080 Speaker 3: the Greens to see if there is a way for 206 00:09:40,160 --> 00:09:44,240 Speaker 3: them to work together to support this legislation. And what's 207 00:09:44,280 --> 00:09:48,360 Speaker 3: emerged is that the Greens are hesitant to support the 208 00:09:48,440 --> 00:09:51,320 Speaker 3: legislation as it stands. They say that the scheme is 209 00:09:51,640 --> 00:09:54,280 Speaker 3: a housing lottery, they say that it only works for 210 00:09:54,280 --> 00:09:57,040 Speaker 3: a lucky few, and they're not really too keen on 211 00:09:57,080 --> 00:10:00,719 Speaker 3: supporting it as is. Instead, they're trying to use these 212 00:10:00,760 --> 00:10:04,320 Speaker 3: negotiations to urge the government to make changes to negative 213 00:10:04,320 --> 00:10:07,920 Speaker 3: gearing and capital gains tax discounts, and they're saying if 214 00:10:07,960 --> 00:10:10,559 Speaker 3: those two things happen, then in turn they would support 215 00:10:10,600 --> 00:10:11,720 Speaker 3: this help to buy scheme. 216 00:10:11,880 --> 00:10:14,160 Speaker 2: Let's sit on those two requests for a second. So 217 00:10:14,200 --> 00:10:16,920 Speaker 2: the first one negative gearing, What exactly do they want there? 218 00:10:17,440 --> 00:10:23,679 Speaker 3: Yeah, negative gearing, we love to explain. So essentially, as 219 00:10:23,760 --> 00:10:27,320 Speaker 3: these who own multiple properties can lease them out, this 220 00:10:27,440 --> 00:10:29,760 Speaker 3: is just the basic premise of negative gearing. And if 221 00:10:29,800 --> 00:10:32,600 Speaker 3: an owner is spending more on mortgage repayments than they 222 00:10:32,640 --> 00:10:36,079 Speaker 3: are making from rental income on a property, they may 223 00:10:36,120 --> 00:10:37,920 Speaker 3: be eligible for this tax relief. 224 00:10:37,960 --> 00:10:40,360 Speaker 4: That's called negative gearing. And I'll use an example here. 225 00:10:40,800 --> 00:10:43,440 Speaker 3: If the landlord is paid, say twenty thousand dollars in 226 00:10:43,480 --> 00:10:46,600 Speaker 3: rental income per year for a property with a mortgage 227 00:10:46,640 --> 00:10:49,760 Speaker 3: that costs them twenty five thousand dollars per year, they'll 228 00:10:49,800 --> 00:10:53,720 Speaker 3: record a loss of five thousand dollars. That loss can 229 00:10:53,760 --> 00:10:57,000 Speaker 3: be taken off the property owner's taxable income, meaning they 230 00:10:57,040 --> 00:11:01,720 Speaker 3: could end up paying less tax. So that's negative capital gains. 231 00:11:01,760 --> 00:11:04,000 Speaker 3: Tax is when you have an asset. So take a 232 00:11:04,080 --> 00:11:06,079 Speaker 3: house and you sell it for more than what you 233 00:11:06,200 --> 00:11:09,160 Speaker 3: bought it for. You've made what's called a capital gain, 234 00:11:09,679 --> 00:11:11,959 Speaker 3: but you have to pay tax on that gain. If 235 00:11:11,960 --> 00:11:14,400 Speaker 3: you live in Australia, However, the tax rate is halved 236 00:11:14,440 --> 00:11:16,040 Speaker 3: when you've owned that asset for. 237 00:11:15,960 --> 00:11:17,079 Speaker 4: At least a year. 238 00:11:17,520 --> 00:11:20,160 Speaker 2: Okay, So when the government is going to negotiate with 239 00:11:20,200 --> 00:11:23,120 Speaker 2: the Greens on these two specific policies, will they get 240 00:11:23,200 --> 00:11:24,840 Speaker 2: rid of those tax discounts. 241 00:11:25,280 --> 00:11:28,880 Speaker 3: I think anyone with a memory of the twenty nineteen 242 00:11:28,960 --> 00:11:34,120 Speaker 3: federal election will know that labor is very sensitive when 243 00:11:34,120 --> 00:11:37,720 Speaker 3: it comes to these issues, because they took a negative 244 00:11:37,760 --> 00:11:41,880 Speaker 3: gearing policy to that election, and they emphatically lost that election, 245 00:11:42,240 --> 00:11:45,439 Speaker 3: so they dropped that as a policy platform for the party, 246 00:11:45,920 --> 00:11:48,760 Speaker 3: and I think it would be extremely unlikely that they 247 00:11:48,800 --> 00:11:52,080 Speaker 3: would revisit it, given how unpopular it appeared at the 248 00:11:52,080 --> 00:11:55,920 Speaker 3: ballot box at that time. That said, the government will 249 00:11:56,000 --> 00:11:59,199 Speaker 3: need this legislation to get through Parliament and they'll need 250 00:11:59,240 --> 00:12:01,800 Speaker 3: to find the numbers somewhere, so it'll be interesting to 251 00:12:01,800 --> 00:12:03,600 Speaker 3: see if they do find a middle ground with the 252 00:12:03,640 --> 00:12:06,199 Speaker 3: Greens and if the Greens do end up supporting the legislation. 253 00:12:06,720 --> 00:12:09,400 Speaker 3: We saw it last year that there was another housing 254 00:12:09,440 --> 00:12:11,360 Speaker 3: bill that required a lot of to and fro with 255 00:12:11,400 --> 00:12:14,040 Speaker 3: the Greens and eventually they ended somewhere in the middle 256 00:12:14,400 --> 00:12:18,520 Speaker 3: and that legislation passed. So something like that could happen again. 257 00:12:18,800 --> 00:12:21,200 Speaker 3: But we'll have to wait and see what concessions the 258 00:12:21,240 --> 00:12:23,559 Speaker 3: government will make to the Greens or if they can 259 00:12:23,559 --> 00:12:24,880 Speaker 3: find their support from elsewhere. 260 00:12:25,120 --> 00:12:27,559 Speaker 2: We'll definitely keep you updated on all of that. Thanks 261 00:12:27,559 --> 00:12:29,520 Speaker 2: for listening to the Daily Ods. And that's actually the 262 00:12:29,640 --> 00:12:32,360 Speaker 2: last episode for me for a little while. I'm getting 263 00:12:32,400 --> 00:12:34,599 Speaker 2: married on the weekend some and take a week and 264 00:12:34,600 --> 00:12:37,000 Speaker 2: a half off the pod to go and focus on 265 00:12:37,040 --> 00:12:39,640 Speaker 2: that and enjoy that little chapter of my life. But 266 00:12:39,679 --> 00:12:42,640 Speaker 2: I would love a wedding present from everybody listening. What 267 00:12:42,840 --> 00:12:46,000 Speaker 2: is it? It's to answer our podcast survey. So we 268 00:12:46,040 --> 00:12:46,640 Speaker 2: really want to. 269 00:12:46,600 --> 00:12:48,760 Speaker 4: See your wife to be as stoked by that answer. 270 00:12:49,080 --> 00:12:51,800 Speaker 2: It's something that we're going to keep in our kitchen forever, 271 00:12:52,240 --> 00:12:55,240 Speaker 2: framed the results if they're good. If the results are good, 272 00:12:55,440 --> 00:12:56,960 Speaker 2: so we'd love you to answer it. I've put the 273 00:12:57,000 --> 00:12:59,280 Speaker 2: link in today's show notes. It's just to help us 274 00:12:59,280 --> 00:13:01,520 Speaker 2: get and understand of however one feels about the pod, 275 00:13:01,760 --> 00:13:04,400 Speaker 2: what we could be doing better and what's working. So 276 00:13:04,559 --> 00:13:06,360 Speaker 2: with that, I'll be speaking to you in a few weeks, 277 00:13:06,440 --> 00:13:09,000 Speaker 2: but Zarah and the team will be back again tomorrow morning. 278 00:13:11,720 --> 00:13:14,040 Speaker 1: My name is Lily Maddon and I'm a proud Arunda 279 00:13:14,280 --> 00:13:19,080 Speaker 1: Bungelung Calcuttin woman from Gadighl Country. The Daily oz acknowledges 280 00:13:19,160 --> 00:13:21,280 Speaker 1: that this podcast is recorded on the lands of the 281 00:13:21,320 --> 00:13:24,880 Speaker 1: Gadighl people and pays respect to all Aboriginal and Torres 282 00:13:24,920 --> 00:13:27,679 Speaker 1: s right island and nations. We pay our respects to 283 00:13:27,720 --> 00:13:30,640 Speaker 1: the first peoples of these countries, both past and present.