Agree DD,The cgt discount is responsible for siphoning money...

Agree DD,
The cgt discount is responsible for siphoning money from productive investment, ie that which produces income, to strategies which tap into asset inflation.
Without it, "negative gearing" is a relatively minor issue.
Still useful for time shifting profits.

The Keating era CGT was pretty fair, CGT was levied on gains after inflation.
Could be made a bit more palatable for the property punters ,by allowing rollover relief into like assets.