6 years ago
JOHN ‘YES/NO ON NEGATIVE GEARING REFORM’ SYMOND
CHRIS BOWEN MP
There isn’t a position on negative gearing that John Symond hasn’t occupied, so today’s pronouncements that reforming negative gearing is a “hand grenade”, an “atomic bomb” and will lead to a recession are no surprise.
Mr Symond was against reform, then he was for reform and now he’s against it again.
If Mr Symond wants to make interventions in the political debate, he needs to be held account for his many and different views on negative gearing.
There have been times where Mr Symond, just like Scott Morrison, has argued there were ‘excesses’ with negative gearing.
Federal Labor will remain consistent – it’s actually what the Australian people are looking for.
Labor wants to level the playing field so all Australians can aspire and realise the dream of owning their own home.
We’ll take the advice John Symond first gave on negative gearing back in 2013, before Labor took up reforms to negative gearing and the capital gains tax discount.
THE MANY, MANY MUSING OF AUSSIE JOHN ON REFORMING NEGATIVE GEARING
(After an election) 11 November 2013 – ABC Q&A - Negative gearing does need to be looked at
This is what John Symonds said on ABC Q&A on 11 November 2013, well away from the partisan rancour of an election campaign:
TONY JONES: But, John, I’m going to bring you up because that question was about a different sort of - in fact tax relief that’s being given to investors?
JOHN SYMOND: Well, I’m getting to that. Absolutely. I come back to overhauling the tax system. Negative gearing wasn't designed for people who can afford to go and buy $1 million, $2 million, $3 million houses or apartments for negative gearing to offset the bulk of their interest payment off their tax. So negative gearing does need to be looked at in the tax system because I don't think it is fair at the moment. I think it leans very heavily to the high income earners and that needs to be brought into line, as is hundreds of other aspects of the tax system.
TONY JONES: Right. Let’s hear brief answers from our panel on this? Carol?
CAROL SCHWARTZ: Well, affordable housing is a huge issue globally and, however, negative gearing in this country, I believe, is an absolute political hot potato and no government is going to touch it.
TONY JONES: Yes, but should they?
JOHN SYMOND: Yes.
(After an election) 11 January 2014 – AFR – ‘Business calls for negative gearing review’
Aussie Home Loan founder John Symond told AFR Weekend the tax break favoured investors and was distorting the property market.
“Negative gearing is a great tax break, but it needs a total overhaul to make it fairer. First home buyers have no hope of getting into home ownership these days unless they’re helped by their families," Mr Symond said.
https://www.afr.com/news/business-calls-for-negative-gearing-review-20140110-iyak5
(Before an election) 24 February 2016 - Aussie John Symond expects values to drop 20 percent under Labor
Ross Greenwood suggested that he was surprised by the Labor's strategy of only allowing negative gearing on new homes, which was met accord from John Symond.
"Ross, can you imagine?"
"Let's say they introduce that legislation - only new housing - the day you exchange contracts on a new home, it immediately becomes an old home and guess what, it will drop by at least 20 percent in value, and who's going to walk in to that one?"
https://www.propertyobserver.com.au/forward-planning/investment-strategy/politics-and-policy/50850-aussie-john-symonds-expects-values-to-drop-20-percent-under-labor-negative-gearing.html
(After an election) 2 March 2017 – AFR – ‘Negative gearing can improve: “Aussie” John Symond”
Property industry heavyweight 'Aussie' John Symond has cautiously backed change to negative gearing, arguing any reform to the tax break on property investment should be part of wider changes.
Responding to Stockland boss Mark Steinert's argument for negative gearing changes as part of a wider reform of property-related taxes, Mr Symond on Thursday agreed that other taxes distorting prices also needed to be tackled to improve housing affordability.
"Negative gearing is a very popular topic," Mr Symond told The Australian Financial Review on Thursday.
"You can very easily say 'Can it be improved?' Yes, it can be.”
Mr Symond was against reform, then he was for reform and now he’s against it again.
If Mr Symond wants to make interventions in the political debate, he needs to be held account for his many and different views on negative gearing.
There have been times where Mr Symond, just like Scott Morrison, has argued there were ‘excesses’ with negative gearing.
Federal Labor will remain consistent – it’s actually what the Australian people are looking for.
Labor wants to level the playing field so all Australians can aspire and realise the dream of owning their own home.
We’ll take the advice John Symond first gave on negative gearing back in 2013, before Labor took up reforms to negative gearing and the capital gains tax discount.
THE MANY, MANY MUSING OF AUSSIE JOHN ON REFORMING NEGATIVE GEARING
(After an election) 11 November 2013 – ABC Q&A - Negative gearing does need to be looked at
This is what John Symonds said on ABC Q&A on 11 November 2013, well away from the partisan rancour of an election campaign:
TONY JONES: But, John, I’m going to bring you up because that question was about a different sort of - in fact tax relief that’s being given to investors?
JOHN SYMOND: Well, I’m getting to that. Absolutely. I come back to overhauling the tax system. Negative gearing wasn't designed for people who can afford to go and buy $1 million, $2 million, $3 million houses or apartments for negative gearing to offset the bulk of their interest payment off their tax. So negative gearing does need to be looked at in the tax system because I don't think it is fair at the moment. I think it leans very heavily to the high income earners and that needs to be brought into line, as is hundreds of other aspects of the tax system.
TONY JONES: Right. Let’s hear brief answers from our panel on this? Carol?
CAROL SCHWARTZ: Well, affordable housing is a huge issue globally and, however, negative gearing in this country, I believe, is an absolute political hot potato and no government is going to touch it.
TONY JONES: Yes, but should they?
JOHN SYMOND: Yes.
(After an election) 11 January 2014 – AFR – ‘Business calls for negative gearing review’
Aussie Home Loan founder John Symond told AFR Weekend the tax break favoured investors and was distorting the property market.
“Negative gearing is a great tax break, but it needs a total overhaul to make it fairer. First home buyers have no hope of getting into home ownership these days unless they’re helped by their families," Mr Symond said.
https://www.afr.com/news/business-calls-for-negative-gearing-review-20140110-iyak5
(Before an election) 24 February 2016 - Aussie John Symond expects values to drop 20 percent under Labor
Ross Greenwood suggested that he was surprised by the Labor's strategy of only allowing negative gearing on new homes, which was met accord from John Symond.
"Ross, can you imagine?"
"Let's say they introduce that legislation - only new housing - the day you exchange contracts on a new home, it immediately becomes an old home and guess what, it will drop by at least 20 percent in value, and who's going to walk in to that one?"
https://www.propertyobserver.com.au/forward-planning/investment-strategy/politics-and-policy/50850-aussie-john-symonds-expects-values-to-drop-20-percent-under-labor-negative-gearing.html
(After an election) 2 March 2017 – AFR – ‘Negative gearing can improve: “Aussie” John Symond”
Property industry heavyweight 'Aussie' John Symond has cautiously backed change to negative gearing, arguing any reform to the tax break on property investment should be part of wider changes.
Responding to Stockland boss Mark Steinert's argument for negative gearing changes as part of a wider reform of property-related taxes, Mr Symond on Thursday agreed that other taxes distorting prices also needed to be tackled to improve housing affordability.
"Negative gearing is a very popular topic," Mr Symond told The Australian Financial Review on Thursday.
"You can very easily say 'Can it be improved?' Yes, it can be.”