Katy Gallagher (ACT, Australian Labor Party, Minister for the Public Service) | Hansard source

I thank Senator Cox for that supplementary question. This budget had young people at its heart, helping 75,000 homeowners get into the market and delivering tax cuts to help young workers get ahead. Treasury analysis finds that around 90 per cent of Australians would have been better off by the age of 30 had these tax reforms been in place from 2000, before factoring in housing affordability. We know that most young people get most of their income from work. Eighty-four per cent of young people earn 90 per cent or more of their taxable income from working, only around four per cent of tax filers under the age of 35 have a capital gain each year and just four per cent of the benefit of the CGT discount goes to those aged under 35. Compared to that, 32 per cent of the discount goes to those aged 65 and older. That's why it's important that we are rebalancing the tax system to lower the taxes on workers and make housing more affordable for young people.