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THIS WEEKS STORIES: Luxury is…Elizabeth Taylor’s Homes; the Great Australian Tax Grab; Phone Box Furniture; The Blind Leading The Blind; London Luxury Home Prices Falling; Loofah Homes; and more…


The 2008 Nobel Peace Prize has been awarded to former Finnish President and international peace envoy, Martti Ahtisaari.  He has been instrumental in bringing peace, or at least calmer days, to historically troubled parts of the world such as Aceh and Kosovo.  He has recently brought together parties from all sides in Iraq, giving them “first-hand” contact to individuals they could both relate to and whom appreciate the hurdles, such as former opponents in Northern Island – perhaps proof that anything is possible with hope, hard work and tenacity.  Fortune can always be on your side.

Please enjoy this week’s e-magazine (and SUBSCRIBE if you haven’t already), or as always stay here and read the MTLH blog.

Regards

Michael Marquette & Simon Turner

THOUGHT OF THE WEEK

You must not lose faith in humanity. Humanity is an ocean; if a few drops of the ocean are dirty, the ocean does not become dirty. Gandhi

How’s this for short-sightedness: The New South Wales Government’s infinite wisdom to increase taxes by $3.6 billion AUD to compensate for their years of inept mismanagement of states coffers will have a huge impact on the property sector at a time when it can least afford it.

NSW Labor Premier Nathan Rees and Treasurer Eric Roozendaal plans to raise $680 million by increasing the land tax rate from 1.6% to 2% for properties over $2.25 million in land value, essentially a 25% increase, which will increase holding costs for land owners, discourage developments and lead to an increase in rental charges.

The flow on from this will lead to further job losses in the property industry, which is already shedding staff at more than one hundred per week.

We argue that this is not the time for tax hikes, but for the government to show some innovative thought, boost confidence and stimulate the economy. Or at least start spending NSW tax payers money wisely. But then again, given the churn of Premiers in the state and thus their lack of accountability, what do they care?

Simon Turner

FYI: Read more articles on the Credit Crunch; or the NSW Government; or Interest Rates

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