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

What these measures do, when it comes to capital gains tax, the negative gearing changes, the income tax reductions, the automatic tax deduction that we introduced today—quite the opposite of what the member for Page has suggested—is to enhance opportunity and aspiration rather than entrench privilege. We want every Australian to have the opportunity to own their own home, not just some, because we understand that Australians want not just a better life for themselves; importantly, they want a better life for their children and their grandchildren.

That is why the Howard government got rid of the averaging provisions. They said, 'It was used by a section of the asset-holding community to reduce capital gains taxation to zero, or near to zero, while others, who are not in a position to engineer the same benefit, carry the burden of taxation at close to their full marginal rate.' That is the whole point. People can still invest in housing and use negative gearing and use the existing capital gains tax discount, but, in order to do so, they'll have to invest in a new home. What that will do, importantly—

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