this post was submitted on 16 Oct 2024
113 points (98.3% liked)

Australia

3605 readers
63 users here now

A place to discuss Australia and important Australian issues.

Before you post:

If you're posting anything related to:

If you're posting Australian News (not opinion or discussion pieces) post it to Australian News

Rules

This community is run under the rules of aussie.zone. In addition to those rules:

Banner Photo

Congratulations to @Tau@aussie.zone who had the most upvoted submission to our banner photo competition

Recommended and Related Communities

Be sure to check out and subscribe to our related communities on aussie.zone:

Plus other communities for sport and major cities.

https://aussie.zone/communities

Moderation

Since Kbin doesn't show Lemmy Moderators, I'll list them here. Also note that Kbin does not distinguish moderator comments.

Additionally, we have our instance admins: @lodion@aussie.zone and @Nath@aussie.zone

founded 1 year ago
MODERATORS
lodion@aussie.zone
Fluid@aussie.zone
bestusername@aussie.zone
eatham@aussie.zone
113
New data reveals thousands of Australians who own 10 rentals or more (www.abc.net.au)
submitted 4 weeks ago by Nath@aussie.zone to c/australia@aussie.zone
29 comments fedilink hide all child comments
 

And as the article says - this data is only from individual tax returns. It doesn't cover companies.

you are viewing a single comment's thread
view the rest of the comments
[–] dillekant@slrpnk.net 6 points 3 weeks ago

They're using "Mr Kumar" as an example here, but this story goes back a long way. Huge parts of the wealthy northern suburbs, and prime real estate near the most popular beaches in Sydney are held by a handful of people. They bought this property a long time ago, but the "newer" property investors are basically working off that template. You can actually walk around those suburbs and find a bunch of empty properties. They don't care about the rent, they prefer to show as little income as possible. They just want the capital gains when they sell. Often these people are retired and can get significant tax concessions.

The "newer" investors are doing this but with properties which are much cheaper. They do it like a job or a business. It's not healthy for the country either, but it's actually less of a rort than the institutional wealth in this country.