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The Forum > Article Comments > Senator Day calls out land bankers > Comments

Senator Day calls out land bankers : Comments

By Karl Fitzgerald, published 4/8/2014

In what other industry are holders of crucial natural resources allowed to drip feed these building blocks of life to the market in order to push prices ever higher?

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In some countries I think this is called corruption.
Posted by Wolly B, Monday, 4 August 2014 9:31:57 AM
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Yes and the only way to deal with it, is;
1# Put an end negative gearing!
2# Put a 30% unavoidable capital gains tax on all land banks held for more than twelve months, which could then double, with every year of non development? Rezoned land needs to be developed as soon as possible after rezoning, if only to return affordability to the market!
3# And when the tax debt grew higher than the value of the land, the land could be seized and sold at bargain basement/fire sale prices, to debt free developers; able to give a rock solid commitment, to develop it for urban housing, by basically building housing on it; inside the twelve month maximum, time commitment.
5# Doing just that inside a mandatory twelve months, should also allow huge tax write offs, as the only way of gaining some tax relief via the housing market?
6# penalizing state governments, who place(d) road blocks and or stamp duties in the way!
7# By having double that amount of GST withheld, as the only sane response, to this quite risible empire building, at the expense of the common man, or affordable housing! I mean, and come-on, they promised to repeal stamp duties in return for a share of the GST! They must be held to account, on that legal commitment!
[Unaffordable housing is the only real outcome, of staged or limited land release. And done, ostensibly, just to quite massively increase the stamp duty component!]
8# A different idea, would be to just crack on with rapid rail projects, and the following sale of some on the resumed and rezoned urban land.
9# Which if done on a sufficiently large scale, would not only completely pay for the rapid rail projects, but put huge downward pressure on house prices; as would locking out non resident foreigners by decree, out of our residential/commercial real estate market!
Rhrosty
Posted by Rhrosty, Monday, 4 August 2014 5:44:56 PM
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For God's sake!

If you bring 200,000 plus immigrants into Australia, pus thousands of 457 visa holders, backpackers, 'refuges" and visa overstayers, you are going to have a housing crisis. Especially, if you allow foreign investors to buy up Australian residential property in the certain knowledge that housing availability is forever going to be in short supply.

Drastically reduce immigration and reduce the pressure on housing and infrastructure needs. Watch the housing prices drop, rents drop, and watch the foreign carpetbaggers sell their holding and flee.
Posted by LEGO, Tuesday, 5 August 2014 4:19:51 AM
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Imagine hiding your shares in trusts, a company or better still a private company.
Posted by Wolly B, Tuesday, 5 August 2014 1:24:03 PM
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