And now the government could make things worse by abolishing negative gearing. That could mean Robert has to scale back the reno on his holiday house in Noosa. Or face the shame of having to postpone this week’s booking at Rockpool. No upper-middle-class property investor should ever have to feel like this.
Without assistance, people like Robert will struggle to make the repayments on their Porsche Cayenne. Even everyday basics like this year’s ski-trip to Europe could be out of reach.
Distressingly, some days even putting food on the table can be a battle, for Robert. Since that yachting accident, his household staff insist on doing it for him.
The effects of poverty are not just physical. It can exact a mental toll too. Imagine being the only one at the golf club who can’t afford the Chateau Petrus Grand Cru. Or being excluded from conversations about the upcoming Sotheby’s auction because you can’t afford the artwork. It’s demeaning. The type of thing that can scar you for days.
Sadly, Robert is not alone. Across the country there are thousands of people who rely on ordinary Australians to fund their tax breaks in order to maintain their extraordinary wealth. Without negative gearing, they may be forced to have just one home. They may even spiral into a situation where they are unable to reduce their taxable income to zero, leading to the unthinkable – having to pay tax themselves. It’s sickening to think that in a country as lucky as ours, there are some people who may not be able to afford to put a hundred roofs over their head.
Luckily, you can help. For just $250,000 a month you can help clear the obstacles for people like Robert, and give them the resources they need to get back on their feet (on that tricky run in St Moritz).
Please, dig deep to help those more fortunate than you, and change a life for the better.
