Libby Coker (Corangamite, Australian Labor Party) | Link to this | Hansard source

Today, the Albanese government has passed our tax reform bills, delivering tax cuts for every working Australian. It's about ensuring that our tax system better reflects modern Australia, and that means fairly taxing income, whether it comes from wages, shares or the sale of a property. This is practical reform from a reforming Albanese government. It will make a real difference to people right across our nation—to workers who are doing their best to get ahead, to raise a family and plan for the future.

But this reform is not just about tax settings; it is about what kind of country we are building together. It is about backing aspiration and making sure young Australians can see a path to homeownership in the communities they grew up in. It is about increasing housing supply, so we can build more homes, and so that more people can get a fair go at owning one. And it's about strengthening Medicare, investing in bulk-billing and urgent care clinics, like the one in Torquay in my electorate, and making sure health care is affordable and accessible no matter where you live. Unlike the coalition, who today voted against tax cuts, the Albanese government is delivering practical, real-world changes that respond to the pressures people are facing today while building for the long term.

Ben Small (Forrest, Liberal Party, Shadow Assistant Minister for Electoral Matters) | Link to this | Hansard source

Today, the Albanese Labor government had the chance to vote for our tax-back guarantee for bigger and better tax cuts for every working Australian. But, instead, every single member of the Labor Party decided to vote to take more tax from hardworking Australians. They promised no new taxes 50 times in the Prime Minister's own words, and now Australians are faced with more tax than ever before. Labor's broken promises include taxes on housing, small businesses and savings. They've raided Australians to tune of $80 billion, but their secret inflation tax will take more than $200 billion from Australians. Our tax-back guarantee is an automatic tax cut that gets bigger every year. It means that tax thresholds rise with inflation.

As much as this Prime Minister promises to give a little, he's taking a lot. We all know someone like this—someone who comes to a barbecue, brings a six pack, drinks 12 and takes a carton home. We won't stand for it. We are proposing a tax-back guarantee. Instead, this mob have voted for higher taxes on every Australian, every year. They should hang their heads in shame or perhaps turn on the comments on social media and see what Aussies really think of their sneaky taxes.

Renee Coffey (Griffith, Australian Labor Party) | Link to this | Hansard source

What a day to be a member of this parliament. Today, this House has passed the tax reform bills, delivering tax cuts for every worker and a fair go for first home buyers. Across Griffith, I meet young Australians working hard, saving carefully and hoping for a home where they can put down roots.

But, for too many, that hope is moving too far away. Since the capital gains discount was introduced in 1999, house prices have risen by more than 400 per cent, more than twice the rate of the average full-time earnings. It will always be harder for a young Australian to buy their first home when the tax system makes it easier for someone else to buy their 10th. This is the unfairness these reforms address. A first home buyer saving from their wages is paying rent while trying to build a deposit, but they are competing at inspections and auctions with investors who already have property equity and tax concessions on their side. There is nothing wrong with investing or owning property, but a tax system should not make the front door of homeownership harder to open for the next generation.

From 2027-28, negative gearing for future residential investment will be directed towards building of new homes that we desperately need, while existing investments are protected. And, from 27 July, the 50 per cent capital gains tax discount will be replaced with inflation adjusted indexation, so investors are taxed on real gains, not inflations.

It would be easier to do nothing, but Australians deserve a government that acts. Labor is backing work, building homes and giving younger Australians a better opportunity to secure homeownership in the communities that they call home.

Phillip Thompson (Herbert, Liberal National Party, Shadow Minister for Defence Industry) | Link to this | Hansard source

'No. How hard is it?' For the 50th time, that's what the Prime Minister said when he was asked if he was going to be bringing in any more taxes on homes. He also said, 'My word is my bond.' We now know that's another Labor mistruth.

This Labor government is obsessed with taxing everyday Australians. This Labor government is obsessed with punching down. We're going to see $80 billion in extra taxes under this Labor government. But is the money being spent where it should be? Everything's going up. Prices are going up everywhere—at the shopping centre and in your power bills.

But there's one group who continually gets punished by this Labor government, and that is the veteran community. A $5,000 cap on allied health services has been placed by this Labor government. How can you justify telling veterans that they can't get services that they need? We thank them for their service. Labor Party members run to the closest veteran on Anzac Day and get a photo with a veteran or a still-serving member with medals on their chest, and they post about it, but then they cut their services. Paul Warren, missing his leg due to his service in Afghanistan, told me that in two months he'd run out of that $5,000. How is he supposed to get the support that he deserves and needs? He fought for this country. We should fight for him.