Anthony Albanese (Grayndler, Australian Labor Party, Prime Minister) Share this | Hansard source

Thanks very much, Mr Speaker. The shadow treasurer had this to say:

… it's time to be honest: the tax system is screwing over young Australians. Instead, it favours well-off, established interests against those trying to get ahead. … In short: if you work hard to get ahead, you get hit hard; if you live off assets, you don't.

But it's not just ancient history. The member for Groom said this:

I think there are some real issues we need to address. I'm open to a discussion on CGT …

The former member for Menzies said this:

Housing supply matters most—

Opposition members interjecting—

Listen to the former member for Menzies, because he's not here anymore. He's not here anymore, so he can't speak for himself, but I can speak on his behalf. He said this:

Housing supply matters most, but supply alone will not solve the problem.

…   …   …

Current tax settings tilt incentives toward investors, particularly in existing stock. They reward bidding rather than building.

…   …   …

The Liberal Party should lead with this: cap negative gearing for established dwellings at one property per investor, while allowing the deduction for up to five newly constructed homes.

Those opposite had a committee to look at these issues. Australians will see a budget tonight that acts in their interests. (Time expired)

See this speech in context