Real Estate Dodged a Bullet

21 May 2019| Posted by: Geoff Baldwin

The LNP retaining government on Saturday the 18th of May ensured Australia avoided what could have been one of the most destructive periods in our country’s economic history according to RE/MAX real estate MD Geoff Baldwin.  

Bill Shortens planned attacks on negative gearing, capital gains tax, family trusts and franking credits would have almost certainly combined to stymy an already stagnant marketplace taking away any motivation for people to aspire to property ownership or personal financial security, he said.

The good news is that the voting public were awake to the dire consequences and the “Quiet Australians” as PM Scott Morrison termed them, ensured that Labor were unsuccessful.

Of course, the Labor defeat didn’t come only  from self-funded retirees or owners of negative geared properties however by attacking them Labor stirred a much larger bee hive.

What Labor forgot was that every Grandma and Grandpa has kids often of voting age who, when asked by their parents to protect the family nest egg and look after their seniors are bound to put that before any philosophical or political vision including climate change as important as that may be.

Although young people make up their own minds, when the financial well being of their seniors not to mention their inheritance are put at risk they are bound to take that into serious account and so it was on voting day.

The wealth of our wonderful nation is intrinsically tied to property and any action by government that threatens our real estate market needs to be considered with a wide view on likely repercussions today and into the future, Geoff Baldwin said.