Marielle Smith (SA, Australian Labor Party) Share this | Link to this | Hansard source

I am a millennial, and I know acutely that my generation has felt locked out and let down by the housing market. Those of us lucky enough to be in a position to buy before COVID may be able to live in the communities we grew up in, work in and have rented in. But too many of my peers have been left behind completely. My generation is facing the heart-wrenching reality that they aren't able to provide for their children the same opportunities that their parents provided them. They can't own a home, and, if they can, they are not able to buy in the same community. They can't provide the backyard. There's no room for a dog or a swing set like the one they grew up with. Their own children's childhood looks fundamentally different to their own. For the next generation, it feels even more grim, where the idea of homeownership feels completely out of reach.

If we are serious about our intergenerational responsibilities, it has to change. I believe in an Australia that delivers to generation upon generation improvements and opportunity. That means making our tax system fairer, and that's what this budget does—because, when you work hard and save, you should be able to buy your own home. Right now, first home buyers are being priced out by property investors with tax breaks on their side. We simply have to reform negative gearing and capital gains tax. We can also do this while recognising that working-age Australians need more support, with more tax cuts, an extra $250 off their tax bills permanently and a $1,000 instant tax deduction.

The system has been failing my generation. It's been failing the next generation coming through. If we don't do something now, we will fail our children and their children and their children. That's not acceptable to me, and that's why I support this budget in full.