Perhaps those people with shelters worth more than a million should be assessed as paying rent of say 2.5 percent per annum to be recouped from their estate when they die. Assuming they live for 20 years after retirement at age 70, that would still leave their airs 50 percent of the value of the property.
David

VK3AUU, why should those who have bought & paid for their homes with after tax money, [after paying to support the then current pensioners, & the increasing host of bludgers of today], have to pay "rent" to live in that house.

They are already paying ridiculously high rates to local government, & maintenance on private homes is not cheap. I would say it costs me at least 50% of what I could rent my home out for, to live in it.

We all make our bed during our lives. Those who chose not to accumulate wealth when they could, have have no right to claim others should make up for their own lack of wealth building in their later life.

When wealth is accumulated by way of negative gearing then no pension should be paid until that wealth is used up.

Judging by the number of replies to this topic is a clear indicator of the opportunist & entitlement mentality here !

What is this bee in your bonnet about negative gearing individual? All business can legitimately deduct the cost of borrowing from their net income, before paying tax on the remainder which is profit.

Paying interest on borrowings is a legitimate cost of business. With out this, there would be no mining in this country, where interest on borrowings to build the mine is a major cost of that business.

If you think seriously, negative gearing is actually a subsidy of renters. With out it there would be many less houses available to rent, & the rents required would be greatly increased.

hasbeen,
Negative gearing is nothing but welfare for business people ! The rorts that this system is open to is nothing short of criminal ! Businesses are deliberately run at a loss to avoid paying tax. Businesses can go bankrupt yet the managers can still enjoy the money they didn't have to pay in tax. Managers can actually plan for a business to go bankrupt & still enjoy the money they didn't pay the people they owed. Writing of luxury car leases, writing off fuel for pleasure craft, writing off literally everything not business related the normal wage earner is not allowed to do. It's costing jobs, it's causing unaffordable rentals. That's my beef with NG !