Debate continues to rage over the newly proposed property tax changes, with one of its most vocal critics once again making headlines.
Christopher Joye, known for his commentary in The Australian Financial Review, launched a scathing critique of the Prime Minister and Treasurer Jim Chalmers in a lengthy post on the platform X.
Joye pointed out that the primary beneficiary of the latest budget is the “tax-free owner-occupied home,” suggesting this is where people will choose to invest their funds.
What began as a seemingly positive observation quickly transformed into a fiery critique directed at the government’s policies.
“The government’s policies will (1) push up owner-occupied house prices, (2) push up rents, and (3) reduce the capital available for investing in any small, medium or large-sized business that is driving employment, innovation, growth and productivity/prosperity,” Joye said.
“Investors will go to other countries where they pay half the capital gains tax, or less.
“Since these pollies have never worked a day of their lives in the private sector, it is no surprise that when they decide to completely and unilaterally rewrite the entire tax system for all investors and businesses … that they would blow the entire Aussie economy up.
“Your best bet will be to buy a house, live in it, and hope they keep dropping 500,000 new people into the country every year to pump-up prices.”