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

The honourable member's inquiry is understandable, but he will have to wait until the budget to find out what is in it. Obviously the budget speculation bug will continue to infect the honourable members opposite, right up until budget night.

One thing we do not have to wait for is the Labor Party's self-described 'Positive plan to help housing affordability'. This proposes very significant changes to tax. Earlier, in an answer to a question from the member for Sydney, we were talking about tax on tobacco. One of the reasons tobacco is taxed is to make it more expensive, and the more you tax anything the less likely people are to use it because it is more expensive. That is the purpose of so-called sin taxes. Apparently, the Labor Party think investment is a sin, because they are increasing taxation on investment. They are going to increase capital gains tax by 50 per cent.

It is a signal example of the difference between the government's approach and the opposition's that tomorrow we will be introducing into this House legislation that will provide a tax incentive for people to invest in start-up companies and, if they hold the investment for a substantial period, they will get a capital gains tax exemption.

Ms Butler interjecting—

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