Vince Scully

or less, as the case may be, investing in shares or ETFs or whatever it is that floats your boat.

And that hasn't really changed that the,

Increasing interest rates have probably helped the benefits of debt recycling.

It's made the hurdle for gearing a little bit higher.

The fact there's no change really in the tax rates or the thresholds.

deductibility hasn't really changed.

So, the only thing that's really changed is what happens to the taxation of my capital gain post July 2027.

When and if you sell.

And so, you know, the benefit investing for capital growth is that you don't pay tax on it till you sell.

Whereas if you invest for income, you pay tax on it in the year you get it.

So that time value of money and the fact that you've got more money working for you for longer is still a good thing.

Whether you'll end up paying more or less tax on your capital gain-

That's right.

So the old rule of get invested, stay invested, and then invest some more still holds.

All that's changing is that

Relatively at the margins, the amount of tax you'll pay on your capital gain will change.

It could change for the better or it could change for the worse.

If you'd held VDHG since it listed, you will pay less tax under the new regime than under the old regime.

I think that's right.

And people do get a bit hung up because we've had such a number of great years back to back.