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

In the legislation that the Treasurer introduced this morning, it proposes to change the tax system to give young people a fair crack at a first home as well as to build more homes. That is what the legislation does. It also changes the way that capital gains tax is treated so that there's more fair treatment of income earned from working, which is how most Australians get their income and pay their bills and buy their food. Income earned from assets is something that is different from earning from working, and there's nothing wrong with that. But why is it that, for so long, so many have commentated that there's a disadvantage in income earned from working compared with income earned from assets?

In addition to that, there are two further changes. One is the thousand-dollar automatic tax deduction, something that will assist, particularly, low- and middle-income earners. The other change, of course, is our latest income tax reduction. We have introduced reduction after reduction after reduction after reduction after reduction—five lots of income tax reduction.

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