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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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From: Elroy Jetson	3/20/2005 2:59:03 AM
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Call for crackdown on welfare for well-off Sydney Morning Herald - March 20, 2005 smh.com.au A key welfare group today urged the Government to broaden the tax base by cracking down on negative gearing and welfare for the well off. Michael Raper, president of the national Welfare Rights Network, said the welfare lobby had identified at least $10 billion worth of tax loopholes. "There is a lot of well-off welfare and that is right up the top of the list," Mr Raper said. "It's not limited, it keeps getting higher and it is providing benefits to high income earners and it is a major distortion as well," he told the Ten Network. Mr Raper said negative gearing remained a political problem but the Reserve Bank and the Productivity Commission had both called for a review. "It is causing a distortion in investment so that we don't have the investment in the infrastructure that we need and we are getting these bottlenecks," he said. "Secondly it is forcing up housing prices. It is what has really distorted the whole investment market and housing prices have gone up. "We have had a drop in first home ownership of some 35 per cent over the last couple of years. "People can no longer afford to get into the housing market particularly in Sydney but also in other capital cities." AAP

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