Scott Morrison’s 10-year old daughter today welcomed the federal government’s proposed relaxation of lending standards, saying she plans to use the equity in her first cubby house, built earlier this month, to build a second property.
While she acknowledged her lack of a job and savings, Ms Morrison said she was thinking of her long-term financial future. “I’m unemployed, and have only a few dollars left from birthday and Christmas gifts. But with these new looser restrictions, the equity from my first cubby house and the $25,000 Homebuilder grant, I should be able to scrape together enough for a deposit to build another one. And with the tax benefits from two cubby houses being negatively geared, I’m hoping I can sell the properties before I turn 18, and then retire.”
The Prime Minister’s youngest daughter also saw the broader economic effect of her plans, echoing her father’s fixation on tradespeople. “The looser lending rules will create more work for tradies, at a time when so many people are unemployed or underemployed due to the global pandemic. These changes will bolster the cubby house sector, create jobs and provide prosperity for people looking to invest in property”.
By Martin Welzel