"But property prices are going to drop regardless and this type of move will just make it faster than normal."
If that's how it goes down, our government bodies really will have outdone themselves. Announced the super profit tax at precisely the wrong time (to the day), when global markets began a massive correction, thus making the government appear responsible for the drop in markets and 10% drop in AUD$. Now should property start trending down just as they finally do something to increase supply, they will be seen as responsible for killing the property market.
I'm all for them increasing the tax take on mining, and working to keep housing prices affordable, but I wish they wouldn't surprise the market so much. Why can't they just phase things in gently, ramping up over five years. I guess it's difficult when you leave things so late.
