It's a disgraceful rip off and frankly the assistant treasurer...

It's a disgraceful rip off and frankly the assistant treasurer lied to all Australias when he said it would bring us in line with other OECD countries. In fact it will bring us even further out of line.

Australians pay the most CGT of any nations in the world except Iran and the Congo. Countries like Singapore, China, Taiwan, Germany, South Korea and quite a few others pay no CGT at all. United Stupids pay 20%.

"Most other countries tax gains at rates no
higher than 20%, although require a minimum asset holding period."

http://www.asx.com.au/about/pdf/execsumm.pdf

Talk about spreading our legs and asking for it. It's rape and pillage time.

Sure enough it will attract a flood of foreign bucks and sps will rise initially (raising entry prices for Australian investors), yet once those big players have more control, they will also have increased power to destabilise our market and bring those prices down again, and then they will snap even more bargains. It will also increase foreign control on our body politic.