Jamie Chaffey (Parkes, National Party, Shadow Assistant Minister for Agriculture) | Hansard source

In its usual type of attack on the Australian people, by stealth, the Labor government has wrapped these two small sweeteners in with what is otherwise a rotten bundle. There is another worm at its core: the power allocated to the minister of the day—a popular theme within this Labor government. This bill notes: 'The minister may, by legislative instrument, determine a method for apportioning capital gains and losses between realisation events and earlier deemed CGT events'. The bill also states:

The Minister may, by legislative instrument, determine one or more kinds of *CGT assets to be covered by subsection (2).

To what extent do we want the minister to be doing the sums on our families' personal assets? Here, again, is legislation by stealth from the Labor government.

Once again, I refer to the values we treasure as Australians: honesty and integrity. It is lost here in this legislation and the promise that came before: bravery and hard work. Where is the incentive to take the brave leap to start a new business? Where is the reward of decades of hard work and mateship? This is not the work of a mate. This is not the work of a leader. Australians cannot rest easy at the end of a long day with tax reform changes such as these ones hanging over their heads. You are taxed when you make your first dollar, when you invest, when you buy your first home or maybe your second home, or when you invest for your children. You're taxed on your superannuation you have earnt, despite being taxed all the way through your life, and you're even taxed now when you die. What will be left for our children at the end of the day?

The coalition has a plan—a solid way forward, a tax-back guarantee. From the 2028-29 financial year, a coalition government will index the bottom two income tax thresholds to inflation, protecting around 85 per cent of income earners and delivering relief of around $250 in the first year. This will grow to be more than $1,000 a year by year 4, and, from 2031-32, the top two thresholds will also be indexed, protecting all taxpayers. This can be done if you stop the cycle of inflation at its source.

These taxes were an attack by stealth at a time when Australians can least afford it. We had values once that were supported by a government of this country. It is time once again that our legislation supports what it means to be an Australian.

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