Expert, MP, fear Labor's 'anti-Sunshine Coast' policies
RENOWNED investment expert and self-proclaimed financial guru Noel Whittaker has warned of what he fears will be drastic lifestyle changes if Labor's financial policies are implemented.
Speaking to a crowd at Maroochy Surf Club on Tuesday Mr Whittaker said he was concerned many were unaware how significantly the changes would affect them.
"The family trusts can have a massive effect on small business,” he said.
He said negative gearing could lower house values and capital gains tax changes had the ability to "create a boom followed by a bust”.
"One of the biggest (concerns) is the removal of franking credits,” Mr Whittaker said.
"A lot of retirees will lose a major part of their income and that's a major issue for them.”
Mr Whittaker said any measures which targeted self-funded retirees were a problem.
"They're the people we need, we need less people on the pension, not more,” he said.
The former banker, who shifted into real estate and then ran a successful financial planning business, said increasing pressures on the pension through people living longer meant it was vital to keep as many off welfare as possible.
"What we think will happen is that Labor's changes will scare investors,” he said.
"When you scare investors it means less property buyers, which normally means property will fall and less property means less properties to rent, which could well cause rents to go up.”
He said Master Builders research had indicated as many as 80,000 construction jobs could be at risk if a housing downturn struck.
"It's got a massive flow-on effect,” Mr Whittaker said.
Fairfax MP Ted O'Brien labelled Labor's proposed changes "anti-Sunshine Coast”.
Mr O'Brien said every family would be affected.
"There will not be one small business in this economy that will not be hit,” he said.
He said regional areas with less diverse economies would be hardest hit.