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

Today is a dark day for Australia and for Australians because today Labor's toxic taxes were rushed through the parliament in a dirty, dangerous deal with the Greens. Not only that but I'm giving this speech now because the government decided to shut down the MPI so we couldn't hold them to account on these toxic taxes. Have no misapprehensions about these taxes. They are a tax on housing and, when you tax housing, you get fewer houses. They are a tax on every asset class—on shares, on crypto exchange-traded funds, on everything—and you get less investment if you tax investment. It's a tax on savings, on young Australians, on startups and on small and family businesses, which are the engine room of our local communities and our nation. It's a tax on farmers and a tax on Australians building a nest egg so they can buy a home. Then we learned in the last few days that it's a tax on widows too. Make no mistake about it: that legislation included in it a tax on widows, no matter what those opposite have to say.

There can be no doubt about what Labor is signalling with these taxes. They are signalling to Australians, particularly young Australians: 'Don't be aspirational. Don't be ambitious. Don't take risks and have a go. Don't chase your dreams. Don't work hard to get ahead. Don't seek a better life for you and your family.' These toxic taxes are an assault on aspiration and ambition in this country. They are a war on the Australian dream, and we will have none of it.

I say to Australians today what I've been saying since Labor's disastrous budget. We will axe Labor's toxic taxes, every single one of them. We want Australians to dream, to aspire, to strive and succeed, to take risks, to have a go and to get ahead. That is the Australian way. We will make the next election a referendum on these taxes. My promise to Australians is this: on winning the election, the coalition will repeal these toxic taxes with immediate effect.

This is not just a dark day for Australia and Australians. It's a dark day for the Labor Party because, prior to the election, the Prime Minister ruled out changes to capital gains tax and negative gearing not once, not twice, not three times and not even 20 times. It was 50 times. In his own words, he said it was for the 50th time. The other thing the Prime Minister said is that he doesn't do deals with the Greens. But he did a deal with the Greens. He does every single time. As I've said before, this is arrogant. I added another word to that, but I won't do that now. It's illiberal. It's the mother of all broken promises from a prime minister who's pretty good at broken promises. He said his word was his bond, but his word is worth absolutely nothing, because he and the modern Labor Party believe in wealth redistribution, not wealth creation. The Labor Party attacks aspiration instead of nurturing aspiration. It wants dependent citizens. It wants dependent Australians, not empowered Australians. It resents success instead of respecting success. I say their disdain and contempt for Australians owning assets and building their nest eggs is unmistakeably just socialism. They are back at their roots. That's what they believe in. There's no mistaking Labor's socialist vision for our country. That has never been the Australian way. It will never be the Australian way whilst we are fighting here and in government, and we will fight all the way to the next election to win that election on the back of Labor's toxic taxes.