Jim Chalmers (Rankin, Australian Labor Party, Treasurer) Share this | Hansard source

The member for Wannon might not think the shadow Treasurer's views are relevant, but I do, and they're very relevant to Jack and the example that we provided in the budget papers, because this is what the shadow Treasurer said:

… capital gains from appreciation of holding assets is taxed at half the applied rate, effectively entrenching the benefit of having the holding assets which can only exist if you're established … There's no intergenerational justice in such preferential arrangements …

That was the shadow Treasurer. Also relevant to Jack is what the shadow Treasurer said in the parliament. This is what he said:

Today 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 … people who can predominantly live off of income from their assets can pay very little tax and get discounts on capital gains from increases in asset values.

This is what he said. I'm quoting:

Young Australians need to demand a fairer tax system, where they aren't the only ones carrying the burden to cover the cost of Australia.

Well said!

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