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Bunn-Wackett

22,605 Posts.

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27/05/23

20:51

Post #: 67997302
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Originally posted by Lapdog: ↑

@Cowboyinvestor; re your unsubstantiated opinionated commentary which included "... Only the naïve think this won’t raise rents".

WRONG again!

“We’re talking about a tax that’s going to raise a billion dollars a year in a world where renters in Victoria [collectively] pay $58 billion in rents,” he [ie, Brendan Coates] said. “Most of it will get absorbed by the landowner. The impact on rents is going to be somewhere between zero and a number so small you’ll barely see it.”
The premier also found some support. Tim Helm, director of research and policy at think tank Prosper Australia, said his remarks were “correct and justified”.
“Rents are set in the market by the balance of demand for properties and the supply that’s available,” he said. “The tax just does not change that balance.”
University of NSW senior research fellow Dr Chris Martin agreed.
“Landlords will do what most landlords will do and charge market rent,” he said. “If they try to charge more than the market rent, they will have a vacant property.” ..."

https://www.theage.com.au/politics/victoria/land-tax-changes-won-t-be-paid-by-renters-says-premier-20230524-p5dav3.html

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you’re showing a complete lack of understanding as to how markets work… well, that’s understandable as you’ve spent your entire life in front of a blackboard.

costs WILL be passed on to renters

end of story
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