BB is spot on. The very premise of NG was to increase construction of new properties. This was the purpose of NG and it hasn't worked. The evidence tells us it hasn't, rather it has been used to bid up existing housing stock. The question is then why are we keeping it in place if it isn't doing what the job it was implemented for???
NG should be totally scrapped for existing stock and only apply to NEW housing stock. They should also do away with Costello's change to CGT as it encourages speculation rather than long term investing, as UT rightly pointed out.
