How far further can it be killed, Noel? Well,

it is.

It is terrible.

It's the biggest own goals I've ever seen.

I mean, they tried to make housing more affordable by making it less attractive to buy it.

You go to the media now and everything you read, house prices are falling.

Well, who in their right mind would buy a house if all around you it's telling you that it'll be cheaper in a few months? So it stopped all the buyers.

So what does government do? What do we do now in this country to get ourselves back on track? Government stops spending money, but what does that mean, Noel Whittaker?

How far further can it be killed, Noel? Well,

it is.

It is terrible.

It's the biggest own goals I've ever seen.

I mean, they tried to make housing more affordable by making it less attractive to buy it.

You go to the media now and everything you read, house prices are falling.

Well, who in their right mind would buy a house if all around you it's telling you that it'll be cheaper in a few months? So it stopped all the buyers.

So what does government do? What do we do now in this country to get ourselves back on track? Government stopped spending money, but what does that mean, Noel Whittaker?

How much could that be?

20 grand usually for the average first home buyer.

The aim is to protect the lender, not the home buyer.

But there's three mortgage insurers.

So Billy and Mary have a loan with NAB on their property and they're paid mortgage insurance, the mortgage insurance.

If they want to transfer that loan to Commonwealth Bank, say...

The mortgage insurance isn't transferable.

Just tell us that little story about when you went to buy some choccies.

So you tell me what happened to you, mate.

Okay, I've been a St George Bank customer for 40 years.

I suddenly get a thing to identify myself in an envelope with a reply paid envelope.

So my wife and I, the first question is, how did you get your net worth? You know, what a stupid answer, because if you're a criminal, you're not going to tell them.

Yes.

Second question, what do you want a bank account for? Which should be obvious.

Yes.

Tell me why they must do that.

Mm.

Now, all these ones have gone broke, and New South Wales Land Tax say, "Right, if you, if you own the mortgage, you gotta pay the land tax." So I won't just lose my capital, if it was me.

Thank God it wasn't.

But I'll, uh, but I'll be up for the land tax bill.

It's frightening.

So you've actually got to disclose where you've got the money from to buy the house.

To the agent, yes.

And if you go to a lawyer to get the conveyancing done, even though, like me, you'd been a client for 30 years, they've gotta ID you again and ask, ask where the w- where the money's going.

Hmm.

Now, all these ones have gone broke.

And New South Wales land tax, they write, "If you, if you own the mortgage, you gotta pay the land tax." So I won't just lose my capital, if it was me.

Thank God it wasn't.

But I'll, uh, but I'll be up for the land tax bill.

It's frightening

So you've actually got to disclose where you've got the money from to buy the house.

To the agent, yes.

Could you elaborate for those who haven't read your article?

Well, look, the world bond market is bigger than the world's share markets.

The bonds control the money.

A bond is simply an IOU where you lend money to the government.

So the government will issue a bond and you buy it.

Now, if times are getting tough...

You want more money in the way of an interest rate on your bond to make you want to come to the party.

Noel, apart from your very well-renowned articles in the popular press, it's sometimes very hard to know what to believe and what not to believe.

Please explain.

That was front page Australian, yes.

Well, just after the budget, Two of the top tax people in the country contacted me and said, Noel, you've got to help us.

This budget is so bad, it's so dangerous, and all the submissions from our bodies like the CPAs are ignored.

You've got to help us.

And I've been on the publicity trail ever since.

Right.

And there's more of us as we trundle along,

We're having our wealth depleted by taxation to feed the beast, which is government in the country.

Well, I spoke to Matthew Cranston, who wrote the article.

He said, I said to Treasury, it's got to be a mistake.

And they said, no, it's not.

And that's why I'm in the paper this morning saying, well, if it's intentional, it's an attack on self-managed funds.

Otherwise, it's another example of treasury incompetence.

They just don't understand what they're doing.

But it's our money going offshore to get that kind of return because there's something fundamentally wrong in the way we're gearing Australia.

We're having our wealth depleted by taxation to feed the beast, which is government in the country.

Well, I spoke to Matthew Cranston, who wrote the article.

He said, I said to Treasury, it's got to be a mistake.

And they said, no, it's not.

And that's why I'm in the paper this morning saying, well, if it's intentional, it's an attack on self-managed funds.

Otherwise, it's another example of treasury incompetence.

They just don't understand what they're doing.

But it's our money going offshore to get that kind of return because there's something fundamentally wrong in the way we're gearing Australia.

And so you have to go and set up family trusts and whatever else people might want to do to try and find a way of offsetting the stupidity in the system, to mitigate between a connected partnership, if you like, the tax you pay.

Yeah, well, there are tax family trusts, which most small businesses use.

The only way out of that, and there is a way, as long as the beneficiaries each have a wage of $45,000 minimum, you aren't affected by it.

Okay.

But the worst thing was the tax on testamentary trusts.

Like there's plenty of people you don't want to leave your money to.

Sure.

Not an issue unless you're in a forced position that you've actually got to sell that asset.

And so you have to go and set up family trusts and whatever else people might want to do to try and find a way of offsetting the stupidity in the system, to mitigate between a connected partnership, if you like, the tax you pay.

Yeah, well, there are tax family trusts, which most small businesses use.

The only way out of that, and there is a way, as long as the beneficiaries each have a wage of $45,000 minimum, you aren't affected by it.

Okay.

But the worst thing was the tax on testamentary trusts.

Like there's plenty of people you don't want to leave your money to.

Sure.

Not an issue unless you're in a forced position that you've actually got to sell that asset.

I've got a question here, Noel, that I don't know if you can answer, but John has asked, he said, please, Noel, if we're heading towards a perfect storm, so to speak, what are the consequences? What exactly are we facing? I suppose it's just increased cost of everything, isn't it?

Paul Keating said to me years ago that he'd hate to see a society where the haves, where the have-nots were knocking down the gates of the haves.

We're moving to a society of haves and have-nots.

If you could have the bank of mum and dad and you've got wealthy parents or parents who can help, You can get a board.

But if you're just an ordinary couple earning, say, 85 grand a year each, you've got no chance of getting anywhere.

And I think people are getting frustrated.

This is the point.

That language is pretty inflammatory, I would have thought.

That language is pretty inflammatory, I would have thought.

I know Paul Keating very, very well.

National Super was his dream.

In his office is a massive table covered in thank you cards from people whose lives have been changed.

He said to me, I wanted a country where all workers retire with a guaranteed capital sum.

It will be taken from their wages and professionally invested and they'll have something.

Now, I often get emails from normally a female around 65 to 70.

Mm-hmm.

Yep.

House price in Sydney were travelling along nicely in 2007.

And they're paying mortgage rates of 9%, you know, then.

9%.

Yep.

2007.

Then the GFC hit.

How much is this an issue and how worried are you about it?

Yep.

House price in Sydney were travelling along nicely in 2007.

And they're paying mortgage rates of 9%, you know, then.

9%.

Yep.

2007.

Then the GFC hit.

How much is this an issue and how worried are you about it?

Mm.

So if I work through a company, the company tax is 30%.

That's 30% being paid.

If I then distribute the money to myself, that's another 30% tax, 60%.

This is really scary.

Plus, also, as from July 1, this new payroll system, which is madness.

where every staff member, you've got to have a special system where when they get paid, they pay the super at the same time and bank the super and stuff.

Could you explain what they are and what has happened?

Now, so apart from the fanboys coming up with your books, what other questions did they ask you? Were there any general thoughts specifically to Tasmania or Australia generally?

Given it's a retirees tend to be my audience, I say, look, you've got to understand that at some stage, if you're a couple, one of you may be caring for the other.

Therefore, your first question now is, where will I be living in 10 years' time? Is the house I've got capable of it or not? If your house can't be adapted, if one of you needs care, you need to think of your options.

That means downsizing, possibly.

Then your choices are, really, you move to another house or an apartment or a retirement village.

I spoke about the three choices.

And the four basics of a happy and healthy retirement are exercise and diet and a sense of purpose and a social network.

Should people be doing something about what they might be doing, reselling assets?

Now, our investment portfolios, how's it looking for 26th?

Well, the market did 9% for this year.

I mean, they say it did 6%, but there's income as well.

The All Ordinaries has averaged 9% per annum for 120 years.

I'm just sticking with the good old All Ordinaries.

Now, I know at the moment we're suffering gold fever.

I did a broadcast on the ABC last week and there was me and there was a bullion dealer and a prospector.

Now, you've got a step-by-step guide on noelwhittaker.com.au, do you not?

Tell me more.

This was the start of an eight-week saga.

Now, I've been an Aussie broadband client for years.

I love Aussie broadband.

They're great to deal with.

Yep.

Email says, we are sorry to see you go.

Now, before I let you go to superannuation, always a very important one for all of us in our age.

When the Turnbull

government wanted to increase the taxes on super, they invented the transfer balance cap.

I think it was 2017, I think.

And that meant that everyone had to pause on 30 June then.

And then if you wanted to get in pension mode, you had to then transfer X dollars into pension mode.

So your whole fund went back to accumulation, really.

And the limit then was $1.6 million.

Hmm.