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

We understand, even if the Leader of the Opposition doesn't—he's been interjecting about ladders—that not everybody's born at the top of the income ladder. Not everybody inherits their opportunity in this country. We have to make sure that more people who work hard can get ahead in our economy and in our society. There's not much point having a ladder if the first couple of rungs are missing, and that's the situation that those opposite want to defend when they talk about the ladder.

Our changes to tax policy have been broadly supported by a lot of people who know what they're talking about. Richard Holden said, 'I think the negative gearing changes are a step in the right direction to level the playing field between owner-occupiers and investors.' Westpac said: 'Measures to boost housing supply and level the playing field are meaningful, particularly on tax settings. This does so in a way that still encourages new construction.' Bob Breunig from the ANU said, 'Australia's most ambitious budget in decades deserves support.' The Grattan Institute said: 'The budget does actually take major strides towards dealing with something that's been in the too-hard basket. It's a budget we've been waiting for for some time.'

But perhaps my favourite supporter of the steps that we've taken in the budget is the shadow treasurer. We've heard what he's had to say in his book and in the parliament, and I've got another instalment. This is what he said to the parliament:

We need to make sure … that we don't create a system that entrenches privilege and vested interests and a system where people are able to earn more from the income from and the growth of their assets than from their labour. That is one of the most fundamental principles of a truly liberal society.

… when you actually entrench interests through law, particularly through a rigged tax system that favours the few at the expense of the many, what you do is turn around to the next generation of Australians and say: 'We will, at your expense, protect those who came before you …'

He'd want to be careful. If he keeps this up, he might find himself on the front of the Daily Telegraph with a little hammer and sickle near his face. He's saying a lot of things which we have been saying when it comes to the reform of the tax system. (Time expired)

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