COVID-19: who’s going full doomsday prep on this?

SummitFever

Likes Bikes and Dirt
Just read this article about a family in quarantine.

I set off on March 7 from our home in regional Victoria, embarking on a trip Chile and Peru for a family wedding with my partner and our four-year-old daughter.
Are you insane? Do you live in a cave? Apparently not:

Jarrod Whittaker is a journalist in the ABC's Gippsland newsroom.
Well done is all I can say. Now staying at the Intercontinental with harbour views.

 

Litenbror

Likes Bikes and Dirt
Just read this article about a family in quarantine.



Are you insane? Do you live in a cave? Apparently not:



Well done is all I can say. Now staying at the Intercontinental with harbour views.

Sigh, I wish I was surprised I really do.
 

Kerplunk

Likes Bikes and Dirt
It's not the assets that deliver the tax deductions, it's his liabilities...owning those houses is really risky business.
It will be riskier once we are through the health crisis part, no way negitive gearing and capital gains tax exemption will still be around when the stimulus bill has to be paid off.. Land tax to the moon..
 

downunderdallas

Likes Dirt
It will be riskier once we are through the health crisis part, no way negitive gearing and capital gains tax exemption will still be around when the stimulus bill has to be paid off.. Land tax to the moon..
Hmmm not sure that will happen, a lot of people on that bandwagon and although I think too much is made of it sometimes politically it would be near suicidal to crush the landlords, we'll need to recover economically... *I'm not an economist, I know people who are they are wrong often too :)
 

Kerplunk

Likes Bikes and Dirt
I agree that asset testing is needed.

Doesn't seem right that people with jobs, regardless of what they're earning aren't entitled whole those without work but sitting on huge wealth are eligible.

I've been stuck renting trying and trying to save a deposit, as a result I just pay and pay taxes and never get any relief... Now I'll probably pay higher taxes down the road...

I have no issues whatsoever supporting those that need it... but for people who could borrow from the bank against the equity in their ridiculously valuable houses, or sell a fancy car, I think that should be the first gauge... not your weekly income.

I'll never get ahead...
It is a pretty unfair situation I understand why you would be pissed off.. No asset test is irresponsible by gov.. I get why they aren’t testing the family home but everything else apart from the minimum should be fair game, ie second car, beach house, share portfolio etc..
You never know, we may just lucky and get the great reset our economy and society needs.
 

Sethius

Crashed out somewhere
It is a pretty unfair situation I understand why you would be pissed off.. No asset test is irresponsible by gov.. I get why they aren’t testing the family home but everything else apart from the minimum should be fair game, ie second car, beach house, share portfolio etc..
You never know, we may just lucky and get the great reset our economy and society needs.
Won't happen in this generation of politicians or the next.
 

mas2

Likes Dirt
I agree that asset testing is needed.

Doesn't seem right that people with jobs, regardless of what they're earning aren't entitled whole those without work but sitting on huge wealth are eligible.

I've been stuck renting trying and trying to save a deposit, as a result I just pay and pay taxes and never get any relief... Now I'll probably pay higher taxes down the road...

I have no issues whatsoever supporting those that need it... but for people who could borrow from the bank against the equity in their ridiculously valuable houses, or sell a fancy car, I think that should be the first gauge... not your weekly income.

I'll never get ahead...
We are the same. Unless we both worked full time and put kids in before and after school care and fly them to stay with grandparents during school holidays we wont get a deposit.
 

Kerplunk

Likes Bikes and Dirt
Hmmm not sure that will happen, a lot of people on that bandwagon and although I think too much is made of it sometimes politically it would be near suicidal to crush the landlords, we'll need to recover economically... *I'm not an economist, I know people who are they are wrong often too :)
Same I am no economist but both sides of politics have been trying to get rid of it for a long time now. It has been political poison, but now there will be an opportunity to reform without coping political backlash. It is a rort and only needs a tweak so asset losses can’t be claimed against payg income. Still can claim losses against the rent. They won’t remove it totally. But we must also remember ng won’t work if house prices aren’t rising, which they won’t be for a long stint..
 

ozzybmx

Likes Bikes and Dirt
Fucking morons every-where!
Went fishing with my mate today... we work together on the same emergency shift, live 800m away from each other, drink beers, ride bikes... whatever I've got, he will get it, vice-versa.

The beaches in Adelaide were empty, well done beach goers... then spotted a tinny with 9 people in it, 1 in the water on a knee board... don't know whether I was more concerned about CV19 or the fucking sharks.
 

pink poodle

Our man in Japan
It will be riskier once we are through the health crisis part, no way negitive gearing and capital gains tax exemption will still be around when the stimulus bill has to be paid off.. Land tax to the moon..
I think they'll be cautious with overtly taxing the aspirationals too hard. They and the upper echelon seem to represent a reasonable % of voters...just remember the franking credits.

Too big a change to the way property investments works may also trigger a rise in rent. This could be at a time when renters are vulnerable and it is difficult for them to resist the changes (low occupancy, difficulty buying a house, slow down in new dwellings, stagnant wages, workforce instability etc). It could trigger a rapid divestment and crash house prices, which in turn could give another big fuck you to super funds. Then the government might seek to stabilise the housing market with increased foreign investment.

Or not. Lots of other options exist.

Went fishing with my mate today... we work together on the same emergency shift, live 800m away from each other, drink beers, ride bikes... whatever I've got, he will get it, vice-versa.

The beaches in Adelaide were empty, well done beach goers... then spotted a tinny with 9 people in it, 1 in the water on a knee board... don't know whether I was more concerned about CV19 or the fucking sharks.
I'd be more worried about catching stupid. It seems to be very common
 

northvanguy

Likes Dirt
We are the same. Unless we both worked full time and put kids in before and after school care and fly them to stay with grandparents during school holidays we wont get a deposit.
I'm not complaining about stimulus and we have to do something... Think government is doing an decent job economically speaking.

My complaint is regardless of the asset, family home, or other... is we're essentially taking out debt as a collective group to help those that need it. And I'm happy to do, and I'm happy to lay back more than my share as a decent earner.

My issue is with asset rich people being bailed out when they're much much richer than me but don't currenly have an income. Government could easily leverage banks to allow cash to be taken out of homes, lent against cars, etc but that's not palatable as it's the "house, 2 cars, 2 kids" dream and you wouldn't dare touch that.

I'm not pleading hard done here for the records, just feel as though I fall into the bracket of never ever getting any help when people well above me often are... such is life I suppose
 

clockworked

Like an orange
Speaking of the rich, and of the sharks is a good comparison.
I suspect if we don't bail out the rich they will get their pound of flesh some other way.
You don't get 4 houses and a lambo by being a model citizen. The sharks will eat the weak if they're not fed.
 

Ultra Lord

Beanie Fitment Specialist
The first comment on the post was nice.

like anything, theres some good and bad. I’d be a pretty scummy dude to evict my tenants now if they’ve lost income because of a global health pandemic, and they should be protected from such landlords. If other landlords get a handout because they’ve lost their jobs and use that to continue servicing loans it’s not a bad thing, is it? Some will abuse the system because people are people, but I’m happy to wear that cost so others who do need it get that help.
 
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