Andrew Hastie (Canning, Liberal Party, Shadow Minister for Industry and Sovereign Capability) | Link to this | Hansard source

My question is to the Prime Minister. On 26 May, the Prime Minister said, 'We are also changing the capital gains tax regime to go back to 1999.' Today, at Senate estimates, Secretary to the Treasury Jenny Wilkinson rejected the Prime Minister's assertion by confirming a minimum 30 per cent tax rate was not part of the pre-1999 system. Will the Prime Minister correct the Hansard and admit his assault on hardworking Australians is much more punitive than the pre-1999 system?

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

I thank the member for Canning for his question. I also thank him for his support, because on 23 March he said, 'I want to fight for my generation and the generations below'. They see the housing market, particularly, as rigged against them, so there's a policy debate to be had. But the politics has already bolted. Young Australians—

Just listen to him! Listen to him behind you.

Honourable members interjecting—

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

The member for Canning on a point of order?

Andrew Hastie (Canning, Liberal Party, Shadow Minister for Industry and Sovereign Capability) | Link to this | Hansard source

It was a forensic question. I ask that you bring the Prime Minister back. And, while we're at it, can I please table the Hansard from 26 May and today?

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

Order! Resume your seat. The Hansard is available. People are entitled to table anything. The Prime Minister was talking about the person that had asked him the question. He won't be able to do that for the remainder of the question, but he's 40 seconds in.

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

Yes, I'm speaking about the member for Canning and what he said about capital gains and negative gearing changes. That is what he said. He said this:

Young Australians want to tear down the system because it doesn't work for them, and if we're not responsive to that as a party, we may well become extinct…

Perhaps that explains the return of the great dinosaur, Tony Abbott. Perhaps there's a link there.

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

The Manager of Opposition Business, on a point of order? We've already had one point of order on relevance.

Dan Tehan (Wannon, Liberal Party, Shadow Minister for Energy and Emissions Reduction) | Link to this | Hansard source

I just want to help you, Speaker. The Prime Minister is defying your ruling.

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

Yes, and, as I said to the Prime Minister, he won't be able to continue on with that. I'll ask him to move on from the member for Canning. He's asked that question.

An opposition member interjecting—

Order! Can everyone just show some self-control? The Prime Minister will continue and be directly relevant.

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

I'm talking about capital gains. I'm talking about the view held not just by me and those on this side but helpfully by the member for Canning that the system is broken and that there needed to be change. What we've moved from is a discount of 50 per cent to the discount system that was in place prior to 1999, which was a discount system based upon real gains. That was what was in place. That is the fundamental difference between the two.

Angus Taylor (Hume, Liberal Party, Leader of the Opposition) | Link to this | Hansard source

Just levy the Australian people!

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

He yabbers away non-stop. Even if he won't listen to people on this side of the House, he can listen to the people behind him. Soon enough, you might have to.

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

I'll ask the Leader of the Opposition to take a break so I can hear from the honourable member for Richmond.

Justine Elliot (Richmond, Australian Labor Party) | Link to this | Hansard source

My question is to the Minister for Infrastructure, Transport, Regional Development and Local Government. How is the Albanese Labor government ensuring that young people in regional communities can get into the housing market and own a home of their own, and what's standing in the way?

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

I give the call to the Minister for Infrastructure, Transport—

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

Speak to young people!

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

The member for Moncrieff, I've been pretty clear about interjecting while I'm calling a minister. I'm going to warn you and make sure there are no more interjections. I'll call the minister again. That's not respectful or the way the House should work in my opinion. I give the call to the Minister for Infrastructure, Transport, Regional Development and Local Government.

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

Can I thank the member for Richmond for her question. Like many of us who live in regional areas, her community in the New South Wales North Coast and mine in western Victoria are feeling the effects of a broken housing system. As housing has got more expensive in the capital cities, many city investors have looked to the regions for investment. We welcome that investment, but, as a result, young people trying to buy their first home are being pushed to the back of the queue in our regional areas—young people that want to stay in their hometowns of Ballina or Ballarat but found that they could no longer afford to do so. Since coming into government, we have been working hard to fix this.

Already, under the five per cent deposit scheme introduced by this government, more than 250,000 Australians have bought their own home. That includes 1,600 in my own hometown of Ballarat. Our new $2 billion Local Infrastructure Fund introduced in this budget will support local councils to unlock much needed housing development. This fund will be open to local government and state utility companies to apply for and will build the critical last-mile infrastructure like water, power and sewerage needed to support housing developments. We're upskilling regional Australians through free TAFE.

Today we have taken that next step to reform our tax system and make it easier to get first home buyers into the housing market. The legislation that has just passed this House will help more than 75,000 Australians into their first home. The problem we face in the housing market in the cities and in the regions has been decades in the making. For too long, first home buyers have had a housing system stacked against them. On this side, we are making those vital investments and introducing important reforms to get young people in the cities and particularly in our regions into homes. We are already seeing that change.

A home in North Ballarat a couple of weekends ago sold to a first home buyer in his early 30s and every other single registered bidder at that auction was an owner-occupier. That has not been happening in our regions for a long, long time. This was one of the first homes under the hammer since we announced these reforms, and already the difference is noticeable at auctions in our regions. But, over there, they call these changes absolutely a gimmick.

There's a reason they didn't have a housing minister when they were in government. There's a reason that they did not back these reforms and voted against them. Fundamentally, they believe we should just leave things as they are and that everything is going perfectly okay and we should make no changes at all, help no young people, let the problem just rot and get worse. The grand coalition of inaction would only deepen Australia's housing crisis, particularly for young people in our regions.

Pat Conaghan (Cowper, National Party, Shadow Assistant Treasurer) | Link to this | Hansard source

My question is to the Treasurer. Experts are warning that the government's broken promises will give the Treasurer sweeping, extraordinary powers, including the power to scrap the tax offset. After repeatedly assuring Australians these tax changes were not on the table, why would small businesses and farming families trust the Treasurer with sweeping, extraordinary powers?

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

If the honourable member knew anything about tax legislation, he would know that these are not extraordinary powers, and the legislative instruments that are used to determine definitions in the tax system are disallowable by the parliament in the usual way. I don't remember hearing any of this from any of those opposite when governments of the opposite political persuasion had exactly the same kind of system.

Now, if any of those opposite knew anything about tax legislation, they would know that big tax reform is done in tranches of legislation and that the definitions are settled in legislative instruments, which can be disallowed by the parliament. The problem that the member opposite asking the question has is just because you can get someone to write this rubbish doesn't make it true. It doesn't make it true. There is nothing extraordinary about treasurers of either political persuasion settling definitions in this manner. I've finished my answer.