Labor’s Deputy Leader has admitted that Anthony Albanese will evict Australians from their ‘Help to Buy’ scheme if their wages increase above $90,000 a year.
Richard Marles has also admitted Anthony Albanese will force children to sell their parents’ home when they pass away if they do not meet eligibility criteria and slug them with a 40% tax.
In a television interview this morning Marles said:
“…if during the course of their life, they acquire wealth, which means they themselves no longer qualify for the scheme, well, then in that circumstance, they would need to be buying out the government.”
“The proposition here is that if the home um, if the child qualifies, the home gets passed on.”
Richard Marles’ admission that Anthony Albanese’s housing scheme will introduce a tax on families passing on their home to their children is deeply disturbing.
We also have confirmation that Labor’s policy for wages under this scheme is to keep them below $90,000 for singles or $120,000 for a couple if you want to keep your home. This is Labor’s answer to aspirational Australians.
Will the ATO be auditing people’s incomes to ensure that they don’t earn a cent over $90,000? When your income goes up, Albanese will be ready and waiting with an eviction notice and a for sale sign on your front lawn.
Labor’s ‘signature’ election launch policy on housing is crumbling already. There are significant issues to implementation and practicality of the policy, with numerous questions remaining about the financial risk Labor is exposing Australians to.
If house prices fall and you’re behind on mortgage payments – will the Government force you to sell your house for less than you paid for it? How much will the Government lose? Will the Government cough up if the house decreases in value? Will you have to send an invoice to the Commonwealth for repairs and maintenance such as a leaky roof?
Most importantly, there are no answers on how many billions and billions of dollars are required for the capital injection under this policy. Labor is not being upfront about the massive cost of this failure of an idea.
What we do know is this - every time somebody sells their home under the scheme they face a 40% housing tax as the Government takes its share.
It was bad enough having Albanese at your kitchen table – now he will be sitting there at the reading of the will, waiting for his cut of your family’s home.
Mr Albanese is not someone you can trust with Australia’s $2.1 trillion economy, let alone with your most important asset, the family home.
Under the Coalition’s policies, you own your own home. Under the Labor Party, Anthony Albanese is your landlord.