Here is my personal opinion: What needs to happen is for negative gearing on vacant or rental properties to be abolished. Our housing market is artificially inflated - not by immigration; not by a lack of land release, but by making unprofitable real estate a tax benefit. Releasing land or re-purposing buildings simply hands revenue to developers and REITs, or lands in the hands of unsophisticated investors as rental property, thus fuelling the problem. People want and need an investment channel, and redirecting negative gearing benefits from the housing market to industry R&D, patent ownership and other IP development streams will stagnate or decrease the ridiculous housing market in Australia, but would also foster the stagnant manufacturing and technology sector that is sitting dormant waiting for stimulus. Let's think bigger about this problem, and turn it into a benefit! Discuss:
Affordable housing is a complex problem, exploring how capacity in our office and retail sectors could be re-purposed makes sense. Certainly, if 15% of office space at Macquarie Park is vacant we're obliged to consider alternate uses. #nswgovernment
Mechanical Engineer
11moAbsolutely agree James.