Angie Bell (Moncrieff, Liberal National Party, Shadow Minister for Youth) Share this | Link to this | Hansard source

My question is to the Prime Minister. Aaron has written in about how Labor's tax changes will affect him. He says: 'I'm 39 and am supporting a young family with two children. I've been carefully investing in various high-growth assets over the last 10 years so that we may one day afford the Australian dream—our own home. These tax changes will be a disaster for families that have been building on a set of rules that are now being rug pulled.' Prime Minister, why is Labor's budget of broken promises and higher taxes punishing Aaron and his family, who are just trying to get ahead?

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

I thank the member for her question. We want Aaron and his family to have a roof over their head. Aaron is 39 years old, so the chances are Aaron's been in the workforce for 20 years but has been unable to secure his own roof over his head. It is precisely because of the circumstances of people like Aaron that we want them to aspire and get ahead—not aspiration for some but aspiration for all. That's what we on this side of the chamber stand for.

Let me say this: someone who knows something about housing, a fellow called Harry Triguboff, last weekend identified positive proposed changes to the capital gains tax and negative gearing for brand new properties:

Buyers are pivoting from the share market back into property and this is a direct result of the budget. Brand-new apartments are now top of the list for investors—

So what is happening? What is happening is precisely what these reforms are aimed at. If you want to get ahead, you can still invest in negative gearing. You can still get a 50 per cent capital gains tax discount. But, as well as building your own assets and your own wealth, you'll be building the assets and the wealth of the nation. That is precisely what it's about.

Meanwhile, Aaron, who's been in the workforce for 20 years—if Aaron goes to the auction next Saturday, he won't be standing there competing against someone who is, because they are an investor, going for their 10th house or their 12th house. If they have to go that extra 20 kay or $50,000 in order to win at the auction, you know why they can do that? Because all the taxpayers, including Aaron, are paying for the benefit to them. That's why they can do it. Instead of that, as a first home buyer, which Aaron will be, he has a real shot. We're about helping people like Aaron. You're about keeping them down.

Hon. Members:

Honourable members interjecting—

Milton Dick (Speaker) Share this | Link to this | Hansard source

Order! The Minister for Pacific Island Affairs and Defence Industry will cease interjecting. I will just add a couple more people to the warnings list: that will be the member for Moncrieff, who had a good go, and the member for Casey. So the people on warnings are the member for Bowman, the minister for employment, the member for Petrie and the members for Moncrieff and Casey.