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

I thank the member for his question. Indeed, we have in the budget $3½ billion of support for small business in additional initiatives that we have taken. We've said very clearly that on Thursday we'll introduce legislation. It will have the core elements of tax cuts that will particularly benefit young Australians, the standard deduction that will particularly benefit young Australians as well as the framework for the changes to capital gains tax and negative gearing. We've said that in addition to that we will have implementation legislation, and, as part of that process, we're consulting tech companies, startups as well as the groups that you'd expect us to consult that have already been involved. The council of Australian small business, the National Farmers' Federation and ACCI have all been involved in roundtables and have all been involved in the process, which is the normal way that you have tax reform.

This is a reform that is necessary—as it was called for by your shadow treasurer, for those very reasons. I want to point out that, indeed, the Treasurer isn't the only one who's read the book of the shadow treasurer. In fact, it's good reading. It's good reading because it puts the case for reform of capital gains tax and negative gearing very eloquently, and primarily it puts it in the context of intergenerational equity and the fact that young people are, to use the words of the shadow treasurer, 'getting screwed by the system'. That is what he has said.

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