YOU AIN'T NO ABBOTT MALCOLM
At last many of the Left Libs are questioning if they did the right thing by punting Abbott. Turnbull’s performance since the coup has been pathetic, lacking imagination, urgency and foresight. Abbott at least never gave Shorten the breathing room Turnbull has allowed him.
But how does he feel now that the two Party preferred vote is back to evens because Turnbull has squandered all the political capital that Abbott had safely banked for the next election.
Things are getting more and more strained between Morrison and Turnbull because Turnbull doesn’t want to spend any inherited popularity on remedial economic measures.
That’s why nothing has been done! And it has allowed Shorten to fill a gaping policy vacuum with stuff like a rehashed version of Keating’s negative gearing disaster.
Of course when you reduce the number of people eligible to negatively gear an established property, demand and therefore prices will fall. And when prices fall, especially while interest rates hover barely above zero, banks demand the home owner’s equity margin be increased. Naturally the home owner is not able to post another $100k to give the financing bank a greater level of comfort... the home owner is battling to pay the damned mortgage as agreed.
So, the banks happily foreclose on a falling market leaving the home owner homeless and penniless with renters under increased pressure in a rising rental market.
Within weeks Keating had seen the inevitable problem and immediately reversed the ill-conceived legislation.
It’s doubtful Shorten ever will.