Negative Gearing on existing Assets caused the Housing and stockmarket bubbles in Australia

This archaic rusty old tax system only encourages the over valuation of existing assets as the return is almost instant. Why reward investors for being lazy and getting instant gratification, we need the reward to be paid to the the investors that take the real risks and build new properties and business's. It is just an easy way for the wealthy to avoid paying taxes and increasing their capital without really contributing to the Gross domestic product of our Australian economy. We could possibly have not had the stock market collapse because there would not have been so many margin calls on stock bought with borrowed money. We could phase out the negative gearing over a 10 year period on old assets and only apply it to new endeavors from the up coming year. This would also help house affordability and young family's might be able to afford to buy in the areas they grow up in and feel comfortable with. As there would be fewer investors buying property for rental purposes in existing suburbs this would also improve the quality of life for people living in establish suburbs