Malcolm Turnbull (Wentworth, Liberal Party, Prime Minister) Share this | Hansard source

As I was saying, the answer I gave to the member for Hindmarsh discussed the very negative consequences of Labor's proposal to increase capital gains tax so dramatically for individuals. I noted that, for example, on an asset that grew at six per cent over five or six years, it would amount to 20 per cent tax on the real gain. That was my answer. Then at 2:23, the member for McMahon rose and said, 'My question is to the Prime Minister and refers to his previous answer', all of which was devoted to talking about personal income tax and Labor's proposal to change the CGT discount. He asked me whether I ruled out announcing any changes to capital gains tax—referring to the previous answer—to which I said, 'I can say to the honourable member that increasing the capital gains tax is no part of our thinking.' I then went on to talk about negative gearing and the impact on housing and so forth from the proposed changes they made to capital gains tax.

It is perfectly clear that I was talking about Labor's proposal to increase capital gains tax on individuals and it was perfectly obvious that that was what the member for McMahon was talking about. But then those opposite want to waste the time of the House by pretending that my remarks addressed a topic that went utterly undiscussed in the whole debate yesterday.

Mr Mitchell interjecting—

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