Andrew Willcox (Dawson, Liberal National Party, Shadow Assistant Minister for Manufacturing and Sovereign Capability) Share this | Hansard source

Before I start highlighting the litany of promises broken by the Albanese Labor government, I would like to offer my big thanks to the member for Herbert, Phillip Thompson, for standing up for the veterans. This budget would be the cruellest budget that I've ever seen. Those opposite want to cap veterans allied health at $5,000. It's an absolute disgrace. These fine men and women have put their bodies on the line. They put their lives on the line. They put their minds on the line for this country so we can enjoy the fantastic life that we have. These freedoms and liberties, they've been hard-fought for by our Defence Force personnel. The very least that those opposite can do is support these veterans when they come home. I'm concerned. I'm very concerned that, if some of these veterans have got to make a choice between physiotherapy, podiatry and potentially psychology—I don't want to see one more veteran suicide. That would be an absolute disgrace.

When I first got elected in 2022, one of my election commitments was to get a wellness centre, an RSL in Mackay. Mackay is home to about 4,000 people, and they do not have one. Fortunately, the Labor government got elected, and that was quashed. To make it worse, The Oasis in Townsville, another place in my electorate that was looking after veterans, has had their funding cut.

But let's just look at the promises. 'No new taxes' was taken to the election. But this Labor government's budget has just brought down a list of broken promises. This budget is a high taxing, high spending budget only a Labor government could be proud of. The broken promises include the promise was no change to negative gearing, capital gains tax and trusts, but here we are. When the government, when Mr Albanese himself, our prime minister, the Prime Minister of this great country, was asked are there going to be any changes, he said, 'How hard is it' 50 times. Well, I can tell you, it is very hard and people are doing it tough.

The whole budget is anti-aspiration. It's an assault on young people. For negative gearing, when changes are made, an investor can't then claim the interest as a tax deduction. They've got to get their money somewhere else, so they'll put their rent up. That is going to make it harder for the young people then to afford, once they pay their rent, the deposit. It's ridiculous. The capital gains tax discount again—younger people who can't get into the housing market and who are trying to save for a house deposit are buying shares and other investment streams. Now the capital gains tax discount is going to be taken away from them. It's going to be harder for them. That's just the cold reality of investing and how it is. The Albanese Labor government is taking away all the wealth creation tools that are being used by my generation. It's an assault on the youth.

And in this budget, mining investment falls to zero by 2028. Mining is our biggest export. Iron ore!

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