Jim Chalmers (Rankin, Australian Labor Party, Treasurer) | Hansard source

Thank you, Speaker; I withdraw. Comparing tax rates on real and nominal gains is deliberately disingenuous from those opposite. What they don't understand or don't concede is that there will still be a discount for capital gains, but it will be a fair reflection of inflation rather than the Howard approach, which has distorted investment in our economy for a quarter of a century now. The exact discount will vary, but history suggests that in many cases it would be in the range of 30 to 50 per cent or even more. The Treasury estimates that under our changes the average tax rate on gross capital gains will increase from 19.3 per cent to 21.4 per cent at the end of the medium term, when the policy will be close to maturity. If you use those reasonable assumptions—

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