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

I thank the member for Chisholm for her question and for her passionate work in the suburbs of Melbourne, campaigning very strongly to give young people a fair crack at a better future. The truth is that the housing system is broken. That is the truth. Young Australians know it. Their parents and grandparents know it. They know that the housing system is not working in the interests of Australians. Young people simply can't get a fair crack if they're turning up at auctions and they're competing with people who have the taxpayer as a partner where, if the taxpayer has to bid that extra $20,000 or $30,000 in order to be successful, then they can, because they know it will lead to a reduction in their tax. That is why this has been called for—the reform—by so many, including the shadow Treasurer. It's why it was acknowledged by the member for Canning as well. It's why, in his valedictory in 2015, Joe Hockey said:

… negative gearing should be skewed towards new housing so that there is an incentive to add to the housing stock rather than an incentive to speculate on existing property.

I've got a lot of time for Joe Hockey. Joe Hockey yesterday was asked about this comment at the National Press Club, and he doubled down. He said this:

… if you don't like it, tough … I stick by what I said in my valedictory speech.

The difference between what my friend Joe Hockey did and what this government has done is that we're actually doing something about it. We're not giving a speech on the way out; we're doing something about it to make a difference. That's why the legislation that we will introduce tomorrow is pro-aspiration, to give young people a crack, and pro-supply because people will still be able to invest in negative gearing and receive the existing capital gains tax discount, but, in order to do that, they not only will be investing in their future wealth and their future assets, they'll be investing in the future wealth and assets of the nation as well. We are doing this because we want aspiration for all, not just for some. That is what we on this side of the chamber stand for—introducing legislation to improve housing supply, to improve aspiration and the opportunity for people to get into their first home at the same time as we are decreasing taxes for them through our working Australians tax offset and the $1,000 automatic tax deduction. All of this chamber should take the opportunity to vote for it.

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