Penny Wong (SA, Australian Labor Party, Minister for Foreign Affairs) Share this | Hansard source

What I would say to Anthony is this: the government is serious about dealing with the challenge of intergenerational equity, and if you read budget paper No. 1 it is very clear that we are risking that great Australian contract, that great Australian undertaking that we will, as a generation that is in government, make sure that those who come after us have a similar capacity to fulfil the aspiration for that great Australian dream. And what I would say to Anthony is that the tax changes that we have put in place will ensure, along with the other measures in the budget, not only additional housing supply but also more owner occupiers coming into the housing market.

I would also say to Anthony that negative gearing is still available for new builds. We have not abolished it. What we have done is focus on ensuring that we have additional supply. I would also note that, under this government, unlike if Mr Taylor was delivering the budget on Tuesday night, Anthony will see lower taxes, not higher taxes, as would have been the case under a Taylor government.