Albanese government suffers ‘massive own goal’ with budget changes as rent soars

Pengana Capital CEO Russel Pillemer says the government’s budget changes were “too simplistic” as they failed to recognise “secondary impacts” which saw rent prices soar. “This has been a massive own goal. Basically, the government tried to do something that was way too simplistic, and it’s ended up coming back to hurt them,” Mr Pillemer told News24 host Sharri Markson. “The change in taxes was meant to cause investors to be less inclined to want to own residential properties. That would bring down the price of residential properties. “But what the government failed to appreciate was the secondary impacts of this. One of the key secondary impacts is on rentals and its caused rental prices to skyrocket.”