Will Hamilton

Very well, James.

Thanks for having me.

It is.

It is the really big one.

And look, it materially increases the effect of tax paid

on long-term investments for Australians, particularly where returns are driven by capital growth rather than income.

I think the other thing that was surprising was pre-1985 assets are now going to be taxable for gains accrued from July 27 onwards as well.

So these are big changes and there's other implications in there as well.

Absolutely, it's the worst hit.

And it was the double benefits that a lot of people...

had an issue with, and you've got both going forward on negative gearing, which has been grandfathered, and you've got the CGT as well.

So I also think that the government's argument is that this is going to release properties onto the market.

And so first-home buyers will have an opportunity to, one, acquire, and two, it's going to reduce competition for those first-home buyers in particular, not having to compete against as many investors coming into the market.

I don't know if that's necessarily going to be the case as well.

Yeah, I think that...

One of the big things going forward, I don't think there won't be as many investors out there.

And the area that's going to get hit is those properties that have been purchased and then rented, provided into the rental pool.

And that's going to shrink.

And demand supply will tell you as well that rents will probably therefore go up because there will be less rental properties available.

So again, this is contrary to what the government's claiming.