Matt Burnell (Spence, Australian Labor Party) Share this | Hansard source

The budget handed down just a few weeks ago is focused on delivery for everyday Aussies. Whether you're moving from Mum and Dad's, you've been a lifelong renter or you've recently gone solo and need a new home to live in, we are delivering for you. Amendments to capital gains tax and negative gearing on existing homes means we are creating an environment where it is easy to get more people into their own home.

For those wanting to create wealth through the housing market, we are maintaining negative gearing concessions on new builds. This encourages the building of new homes across Australia by increasing supply and addressing the housing shortage issue of the last few decades. But this isn't the only way we're delivering for Australians. We're creating a tax system that is fairer, easier to navigate and better suited to the modern Australian economy, because Australians shouldn't feel like they are being punished for getting ahead or putting in the extra hours at work.

More than 13 million working Australians will benefit from the lower taxes we are delivering and will see greater relief in their household budgets. This is about building an economy that rewards effort, drives investment and gives Australians confidence in the future. I'd like to remind everyone that nothing worth fighting for comes easy, and these tax changes are worthwhile for each and every single young person and person who doesn't have a home across this country that's looking to enter the housing market. We have to change the status quo, and that's exactly what this side of the House is doing.

See this speech in context