Tax and legal advice

Scott Morrison on neg gearing scandal: “The Treasurer is going to have his view”

By Sasha Karen
Scott Morrison

The Treasurer has spoken out on his opposition regarding the potential implementation of Labor’s policy to remove negative gearing, claiming his decisions are made based on his own experiences and not always on the advice of Treasury.

Speaking at a doorstop interview in Canberra, Treasurer Scott Morrison has said the decision to contradict advice from his own department was due to his time as an economist and that his decision was, as he was quoted saying: “based on my own experience and understanding of these issues”.

Previously, public comments from the Turnbull government described Labor’s policy as a sledgehammer to the economy back in 2016, while the advice from Treasury was only made public in January this year after a Freedom of Information request by the ABC.

When asked why he was contradicting the Treasury, Mr Morrison stated outright that he did not agree with the advice.

"I didn’t agree with them. That’s why,” Mr Morrison said.

“My first job was as a research economist in the property sector. At the time that advice was provided, house price growth was running at around 13 per cent in Sydney.

“Today, it’s growing at just over 1 per cent. So, there’s a big difference between then and now.”

Mr Morrison said that house price growth has slowed from 17 per cent to over 1 per cent over nine months, which he claims is due to APRA limiting interest-only loans and investor credit growth

“We did that because we knew we had to deal with the investor heat that was in particular markets, which was a result of a fact that there was undersupply in those markets,” he explained.

“So, the reason prices were going up was because of undersupply and then we saw that the growth in credit for investors – in particular, interest-only loans – exacerbating that problem so we took a very careful, calibrated policy response.”

He continued, stating that the point of Labor’s negative gearing policy was not for housing affordability “unless they actually want to cause a housing price crash”.

“Treasury’s advice is their advice, but it wasn’t based on any economic modelling or anything of that – there’s been no economic modelling on Labor’s policy,” Mr Morrison said.

“Only the BIS report has done that which Labor don’t accept but that says rents will go up and prices will fall.

“So, if Labor wants to take away the asset values of Australian mums and dads, well, they need to explain why to the Australian people. I’m not going to do that for them.”

Despite contradicting the Treasury’s advice, Mr Morrison said he still respects their advice.

“I take advice from my officials, but I’ll make my own decisions and based on my experience and based on consulting widely, I think that’s what people would expect of ministers, so I absolutely respect the Treasury and I think John Fraser’s done an outstanding job as secretary,” Mr Morrison said.

“They’re a fantastic organisation, I love working with them but from time to time, the Treasurer is going to have his view and I’ll have my reasons for that which are based on my own experience and understanding of these issues.”

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  string(46) "A property investment plan years in the making"
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  ["introtext"]=>
  string(334) "

Will Magee has had ambitions to enter into the Australian property market for quite some time, but it has been more than just finances holding him back.  Having been granted permanent residency just two weeks ago, Will is wasting no time and is now in the process of signing papers and finding his first investment property.

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In this episode of the Smart Property Investment Show, Will joins host Phil Tarrant to share why he is purchasing his first property in partnership with his brother, discuss the complications that can arise from such a strategy, and unpack the ongoing plan for building a joint property portfolio with his brother.

Will will also share how they approached saving for their first property, why he is taking out the mortgage in his name exclusively, and share their savings plan for the year ahead.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

RELATED AREAS OF INTEREST:

From property in Australia to a ski lodge in Japan
Mortgage Trusts, an alternative first step for property investors
Should a real estate title be in one person’s name only?

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A property investment plan years in the making
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Median house prices in regional Victoria outperformed that of Melbourne in the June quarter, the latest REIV figures reveal. 

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Median house prices in the regions rose 4.0 per cent to $419,500 but in Melbourne they dipped by 0.6 of a percentage point to $840,000.

The result in Melbourne was due to a 0.8 of a percentage point fall in prices achieved at auction; this was despite a lift of 2.3 per cent in private sales.

Inner Melbourne suffered due to auction prices, where median prices fell by 4.9 per cent to $1,459,000 but it was middle Melbourne that was hardest hit, with a 5.4 per cent drop to $974,500.

Outer Melbourne had a good quarter with the median rising by 0.5 of a percentage point to $681,000.

Apartment prices in regional Victoria grew by 3.7 per cent to $304,500 while the metro media was up by 0.5 of a percentage point to $604,000.

REIV President Richard Simpson said that despite fewer sales, many sectors of the market were performing well.

“2017 was a bumper year and while the trendline has flattened, despite the fall in median house prices in the June quarter, median prices are still up this calendar year for both houses and units, in Melbourne and in the regions,” Mr Simpson said. 

In particular there was been strong growth in regional centres which is probably due to the first-home buyers’ concessions said Mr Simpsons.

“The first-home buyers’ concession has been a boon for regional areas. A new entrant to the property market buying a house at the regional median will pay no stamp duty, while a first home buyer of an apartment in Melbourne at the median price would pay stamp duty of nearly $25,000,” he said.

Mr Simpson said that more prospective buyers are looking towards regional Victoria which is also having an effect in Melbourne.

“Melbourne’s outer perimeter continues to grow. Small increases in the June quarter mean that the median prices for both houses and units have risen over 10.5 per cent from a year ago.

Mr Simpson said moving forward that vendors need more realistic expectations as the highs of 2017 are now over.

“Negative chatter about the future of the sector coupled with stronger lending controls by financial institutions has created some uncertainty and vendors need to be realistic with their price expectations,” Mr Simpson said.

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Regional Victoria showing up Melbourne in price performance, new data finds
object(stdClass)#1201 (52) {
  ["id"]=>
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  ["title"]=>
  string(38) "From pirouettes to property investment"
  ["alias"]=>
  string(38) "from-pirouettes-to-property-investment"
  ["introtext"]=>
  string(381) "

If Mark Hodge’s face looks familiar to you it could be because of his time working as a professional entertainer which saw him working with the Australian ballet, appearing on multiple seasons of Dancing with the Stars and touring in musical theatre for 17 years. What you may not know is that Mark is also heavily involved in the short-term property rental marketspace.

" ["fulltext"]=> string(2718) "

Mark joins host Phil Tarrant to discuss his transition from entertainer to investor, a journey pushed forward by dance related injuries and even a hit and run which saw him needing to find alternate methods to bring in an income. Mark shares how bad long-term tenants and a gang member guided him to the short-term rental market, and how this pushed him into helping others to realise the same benefits.

Mark will also address the common concerns, discuss what his company Maisonnets specialise in and unpack how they are making the process of filling short term rentals easier for investors.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

RELATED AREAS OF INTEREST:

The hard-to-swallow truth: The prickly points of the Airbnb reforms
Airbnb reforms unpacked for property investors
Airbnb leasing: What are a landlord’s rights and responsibilities? 


AREAS MENTIONED:

Melbourne
Sydney
Rushcutters Bay
Maroubra
Potts Point

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From pirouettes to property investment

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