A warning from NZ on housing tax changes
When Jim Chalmers stood up on budget night and announced the end of negative gearing on established properties, he assured Australians it was worth breaking a promise for “right and justifiable reasons.” Grant Robertson, New Zealand’s finance minister, said something remarkably similar in March 2021 when he broke his own promise not to extend the bright-line test on property. Robertson called his earlier commitment “too definitive.” A New Zealand Herald columnist observed that this sounded a lot like “too honest.” New Zealanders know how this story ends. Read more