Tim Wilson (Goldstein, Liberal Party, Shadow Treasurer) Share this | Link to this | Hansard source

My question is to the Prime Minister. It's now been two weeks since the budget, so the Prime Minister should be across the detail of his toxic taxes. Can the Prime Minister confirm whether capital gains for small-business owners will be averaged over five years, as in the pre-1999 system, to prevent some of the most hardworking Australians from being pushed into the top bracket?

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

In a quote from the Ralph review of 1999, which was commissioned by the then coalition government, they said this, which is why it was changed:

Australia's averaging provisions … are used by a section of the asset-holding community to reduce capital gains tax 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. This results in considerable inequity.

John Howard got rid of it. It's not the only way in which the current coalition have moved even further right than John Howard, because he didn't give One Nation preferences either.

Matt Smith (Leichhardt, Australian Labor Party) Share this | Link to this | Hansard source

My question is to the Minister for Regional Development, Local Government and Territories. How is the Albanese Labor government's budget making it easier for Australians to live and thrive in the regions? How does this compare with alternative approaches?

Kristy McBain (Eden-Monaro, Australian Labor Party, Minister for Regional Development, Local Government and Territories) Share this | Link to this | Hansard source

I want to thank the member for Leichhardt. Not only is he a great advocate for regional Australia, but he's a passionate Queenslander. Chin up, big fella, there are still two more games to go. It's also good to see the member for Kennedy return to the bandwagon.

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

Order! The minister will return to the question.

Kristy McBain (Eden-Monaro, Australian Labor Party, Minister for Regional Development, Local Government and Territories) Share this | Link to this | Hansard source

Thank you very much, Mr Speaker. It's great to be able to rise again today to speak about the Albanese Labor government's support for regional Australia—the best part of the country. This is a budget that has placed housing front and centre. Housing supply, affordability and enabling infrastructure in our regions are key to ensuring kids in the bush get to get their own home and raise a family in the town that they love. We have a $47 billion Homes for Australia plan to build more homes, to help first home buyers and to support renters. Regional Australians are a priority across our major housing initiatives. Programs such as our five per cent deposit scheme have already helped 83,000 people buy their own home in our regions. Now, our expanded five per cent deposit scheme and Help to Buy scheme are helping more regional Australians to own their own home.

Through the Housing Australia Future Fund, we're supporting the development of more than 2,900 social and affordable homes in regional and remote areas, with more to come in round 3. Initiatives like $12.4 million for the Cooma housing project in my own electorate will turn 12.6 hectares of unused land into new community, with 140 new residential lots with a mix of social, affordable and private housing options tailored to the local community and the $2 billion social housing accelerator payment to deliver almost 1,400 social homes in regional Australia.

We know that, in order to build new homes, we need the enabling infrastructure to get them done—the power, the roads and the drainage. Last term, we created the Housing Support Program with $1.5 billion, and we've heard from local government the need for more enabling infrastructure, which is why, in this budget, we've committed another $2 billion, with $500 million directed to regional Australia. The government has already invested over $6.3 billion in housing enabling infrastructure.

Opposition members interjecting—

I hear them complaining, but that is 50 times more than those opposite did when they were in government. Our $47 billion investment in housing is 10 times what the coalition invested when they were in last. I guess we ask where their regional infrastructure funding went? It went to the North Sydney regional pool, $11 a pop. There's a gelato bar if you want to go and help yourself next time you're in Sydney visiting regional communities. We want to make it easier for first home buyers to get in their home. We're putting our money where our mouth is, unlike those opposite who, for nine years, gave the regions nothing. (Time expired)

Kevin Hogan (Page, National Party, Deputy Manager of Opposition Business in the House) Share this | Link to this | Hansard source

My question is to the Prime Minister. Prime Minister, it has now been two weeks since the budget, so the Prime Minister should be across the details of his toxic taxes. Can the Prime Minister confirm that, unlike the pre-1999 system, capital gains will now be taxed at a minimum 30 per cent, which would hit those on the lowest incomes the hardest?

Hon. Members:

Honourable members interjecting—

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

Order! The question's been asked.

Honourable members interjecting—

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

When he's finished, Mr Speaker.

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

The Leader of the Opposition and the Treasurer—the Prime Minister hasn't begun answering. Just cool it.

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

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

The question was regarding which of the lowest incomes will be hit hardest, and the Prime Minister is being directly relevant to that part of the question. But I'll hear from the member for Page.

Kevin Hogan (Page, National Party, Deputy Manager of Opposition Business in the House) Share this | Link to this | Hansard source

The question related to capital gains tax, not negative gearing. I think the Prime Minister's confused.

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

Well, to be fair to the member for Page, the question began with, 'It's been two weeks since the budget, and the Prime Minister might be across the details.' You've made an allegation. The Prime Minister is answering that part of the question, and then he's talking about—

Honourable members interjecting—

Order! I'll make sure he's being directly relevant, and so far he is. He won't be able to stray too much further, because he wasn't asked about anything else, but he is being directly relevant.

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

I'm talking about why, in 1999, the Howard government got rid of and changed the capital gains tax measures—because they were inequitable. The question went to the issue of low-income earners and fairness. The truth is that what we are doing is fairer. Indeed, when it comes to—

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

What's fair about lying to Australians?

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

The Leader of the Nationals is going to leave the chamber under 94(a). I've already counselled him.

The member for Gippsland then left the chamber.

Ms Catherine King (Ballarat, Australian Labor Party, Minister for Infrastructure, Transport, Regional Development and Local Government) Share this | Link to this | Hansard source

Canavan's gone.

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

The Leader of the Nationals in the House of Representatives.

Honourable members interjecting—

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

They've lost the Leader of the Nationals in the House of Representatives, and now they're fighting over who'll take that spot, over there. This is what the coalition, once one of the parties of government in Australia, have been reduced to.

We introduced legislation this morning that will make our tax system fairer, that will enhance the opportunity for people to own their own home. (Time expired)