The problem is not with NG, it is with the CGT system. If money is borrowed for an income producing asset/business, then there is no rational reason to differentiate between different asset classes.
If you do , you just introduce distortions in the way capital and labour is used in the economy.
I would like to see a return to the pre 50% discount days, ie tax the real increase[adjust for inflation] in capital gains, with a broadening of the CGT rollover relief system.
And not because of some "hit the rich", or raising more taxation agenda, as I think the money they plan to get from these changes will prove to be illusory.
I'm more interested in our country having a tax system which encourages efficient allocation of investment to productive enterprise, rather than one which, in my view ,favours asset speculation.
Labor's changes only go partially towards this, and I dislike the "new building" clause, but better at achieving the aims I'm after , than the dissappointing , do nothing approach ,from the libs.
Will I vote Labor?
If I only I could be less afraid they will stuff up the implementation, or allow their union affiliations to have an adverse effect on their policies.
As well, a Turnbull defeat would open the door for a quick return of the right wing crazies to power in the Libs ,if they do stuff it up. So probably not.
Disclosure: I'm a libertarian ,centrist, free market marketeer.
Which just means, that pretty much everbody hates me.
