Cameron Caldwell (Fadden, Liberal National Party, Shadow Assistant Minister for Housing) Share this | Link to this | Hansard source

In this place 16 days ago, Labor delivered a budget of broken promises, higher taxes, lower living standards and fewer homes. And it reminded me of a phrase: 'sweet 16 never been kissed'. Can I tell you, in the last 16 days, this budget is loveless amongst Australians. No-one likes it. I can say that Australians don't just want tweaks. They don't want carve outs. They want these taxes axed. The Labor Party has shown its true form here, reverting to its actual type—high taxing, high spending.

In contrast, the coalition are the only people in this place who will deliver lower taxes for Australians. This budget kills aspiration. Just ask Keryn Spriggs and Scott Cumming from Aquamarine Services in my electorate who wrote to me on Monday this week. This is what they said.

We are working harder and harder in the boating industry on the Gold Coast and our costs are just increasing year on year.

We do not support the proposed changes to Capital Gains Tax proposed by the government or negative gearing changes.

This is the true story of how this budget is hitting real Australians. Now, today, Labor is pushing tax hikes on millions of Australians through these new laws. We as a coalition will stand united and oppose them. We will fight Labor's taxes, and, when we are elected, we will axe them.

Luke Gosling (Solomon, Australian Labor Party) Share this | Link to this | Hansard source

This is a budget for aspiration. If you are a young Australian trying to get into a home, this is a budget for you. We know that housing prices have risen more than twice as fast as average incomes have. A lot of young people now need to go to the bank of mum and dad to buy a home, and obviously that's not available to everyone. But, even then, homeownership for young Territorians is in decline. The federal government's tax changes to negative gearing and capital gains tax will help more Australians get into the housing market. These changes are prospective. They'll support more first home buyers to enter the housing market over time. We are exempting new builds. These changes are part of a package of reforms that also include the Last Mile infrastructure for roads, water and power that will support increased housing supply. That's combined with the federal Labor government's five per cent deposit scheme for first home buyers, which has helped 1,350 young people in the electorate of Solomon. That's young people in Darwin and Palmerston, first home buyers, 1,350, helped to purchase a home with that five per cent home deposit scheme. We're also helping with more tax cuts—two more tax cuts—a $250 Working Australians tax offset combined with an automatic $1,000 tax deduction. We're supporting Territorians and Australians.

Julian Leeser (Berowra, Liberal Party, Shadow Minister for Indigenous Australians) Share this | Link to this | Hansard source

Labor is pushing tax hikes on millions of Australians, and we will oppose them. We'll axe Labor's toxic taxes and deliver far bigger tax cuts for all income earners. Nearly 2,000 Berowra residents have responded to my survey on Labor's tax changes, and the message is loud and clear. The vast majority know these measures will worsen Australia's economy and make it harder for families to invest, save and get ahead. Labor's policy was rejected by Australians in 2019. It shifts the goalposts for families and makes it harder for the next generation to accumulate wealth and afford a home. By its own admission, Labor's policy will result in 35,000 fewer homes. Labor's changes add massive complexity, creating a bonanza for accountants and lawyers, and place another heavy regulatory burden on small business.

Berowra has the third-highest rates of negative gearing in Australia. Labor's changes hurt those people. It drives up rents. It penalises young investors who are building wealth through shares and other assets, and it discourages businesses risk taking and succession planning. We will oppose Labor's taxes in the parliament and repeal them in government. In the past three days, the comments have been flying in. Jyotsna warned that the trust changes feel like 'double tax'. Jocelyn added:

I'm very worried about the direction Australia is heading in and it is NOT the wonderful prosperous country that I grew up in.

Mike told us:

Nowhere in the world has a government managed to tax its way to prosperity.

Menny warned:

Don't change the rules halfway through the game.

And Evan said:

Never trust a leftie.

Berowra has spoken. It's time to axe the tax.

Sally Sitou (Reid, Australian Labor Party) Share this | Link to this | Hansard source

When my parents bought their first home 40 years ago, the dream of homeownership was within reach. A home cost about three times the average household income, and you could save for a deposit in just four years. When I bought my first home 15 years ago, it had already become twice as hard. Homes were six times the average income, and it took eight years to save a deposit. Today, for a young Australian, it's even harder. Homes cost around nine times a typical household income, and it takes close to 12 years to save a deposit. In less than three generations, we've made it three times harder to buy a home—three times longer to save, homes cost three times more, relative to income. And that's not just a statistic; it's a whole generation locked out of homeownership. We need to fix this, and we are. At every budget, we've invested in building more homes and helping first home buyers. In this budget, we've delivered the biggest tax reforms in over a decade. Changes to negative gearing and capital gains tax for property investment will help level the playing field so more Australians can get a fair shot at owning a home.

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

This government was elected on a very clear promise: no changes to capital gains tax, no changes to negative gearing. The Prime Minister didn't say it once; he said it more than 50 times. But now—'We've changed our position. We've changed our minds.' This is yet another grievous broken promise, and it's one among many. If the Prime Minister can break this promise, which he repeated more than 50 times before an election, why would Australians trust a single thing he says after it?

You've got no cred, Prime Minister; you can't lie straight in bed, Prime Minister. So what's next, we all must ask; tax our homes—take that to task. On their utes in the driveways, tradies will pay; tax the kids' piggy banks away. Ask yourselves, Australians, which promise will be conveniently reinterpreted next? Which goalposts will be shifted? Because with this government every promise comes with an expiry date, a 'what if', a question mark, a maybe.

Aussies are still waiting for that broken promise of $275 off their power bills, Prime Minister. Before the election he says one thing; after the election he does another. Look at what Labor do, not at what they say. Because when Labor run out of money they come after yours.

Matt Burnell (Spence, Australian Labor Party) Share this | Link to this | Hansard source

The budget handed down just a few weeks ago is focused on delivery for everyday Aussies. Whether you're moving from Mum and Dad's, you've been a lifelong renter or you've recently gone solo and need a new home to live in, we are delivering for you. Amendments to capital gains tax and negative gearing on existing homes means we are creating an environment where it is easy to get more people into their own home.

For those wanting to create wealth through the housing market, we are maintaining negative gearing concessions on new builds. This encourages the building of new homes across Australia by increasing supply and addressing the housing shortage issue of the last few decades. But this isn't the only way we're delivering for Australians. We're creating a tax system that is fairer, easier to navigate and better suited to the modern Australian economy, because Australians shouldn't feel like they are being punished for getting ahead or putting in the extra hours at work.

More than 13 million working Australians will benefit from the lower taxes we are delivering and will see greater relief in their household budgets. This is about building an economy that rewards effort, drives investment and gives Australians confidence in the future. I'd like to remind everyone that nothing worth fighting for comes easy, and these tax changes are worthwhile for each and every single young person and person who doesn't have a home across this country that's looking to enter the housing market. We have to change the status quo, and that's exactly what this side of the House is doing.

Darren Chester (Gippsland, National Party, Shadow Minister for Veterans’ Affairs) Share this | Link to this | Hansard source

This week the Prime Minister told parliament, 'It's time to be honest,' and every day this week we've asked him questions about his broken promises and higher taxes. We soon realised he can't answer any questions, because he doesn't even understand the budget. But we shouldn't be surprised, because it's not his budget. This is Bill Shorten's budget. This is the budget that Bill Shorten wanted to deliver in the lead-up to the 2019 election, and we all remember what happened then. Our friend the member for McMahon, like a beacon of truth in a sea of lies, said, 'If you don't like our policies, don't vote for us.' That was the only good advice he's ever given us.

There is a fundamental deceit behind this government, which was elected on deception and trickery. Not one of those opposite had the guts to tell the Australian people before the last election about their plans to change negative gearing, capital gains tax and trusts. They knew if they told the truth the Australian people wouldn't vote for them, so they misled. They obfuscated. They were loose with the truth. They fudged the facts and they told 'little white Albos' to avoid being honest with the Australian people. They all told these 'little white Albos' to avoid telling the truth. It's time for the Prime Minister to be honest. If you want to hit Australians with higher taxes, have the guts to take those changes to an election and let the people decide. (Time expired)

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

Because it's 90-second statements, I ask all members not to use those titles. Calling another member by their surname is not allowed under the standing orders. I'm going to be very clear about that. There are standards in this House.