Will Hamilton

I think there's that.

And so we will go down that US route where you've got multi-family housing.

That's one of the big things there.

And yeah, or build to rent as it's called here.

And I think that is definitely the path that where we will be heading down.

It all depends on the projected return.

So yes, they're looking at this as a means to finance the building of new properties.

I understand that because it all depends on the return.

And if the projected return is not going to be there, well, then people aren't going to buy them, these properties.

So I think it's dangerous the path they're going down and the

Paul Keating tried this when he was treasurer, but he didn't try both.

He tried one, which was the negative gearing side, and he had to reverse it because of the effect it had on the ripple pool.

That's my understanding.

Absolutely.

Yes.

Well, I look at total return, and I think you've got to focus the total after-tax return.

And I think to complicate this, you've got the domestic side where you've got franking credits on income, but you've also got the fact that when you look at our market from the lows during the Iran conflict to...

our market where it is now versus the US market, you've got to look at growth opportunities and offshore and offshore markets don't pay dividends.

And for an Australian taxpayer, they're not franked because there's no franking credits attached.

So I do think just by buying something based on yield versus I think in the equity markets versus growth and trying to split that up, I always think that's a dangerous game.