Jessica Collins (NSW, Liberal Party) Share this | Link to this | Hansard source

We are in the land of broken promises. Last night Prime Minister Anthony Albanese broke some very serious contracts with the Australian people, but this is a man very comfortable with breaking promises. First it was $275 off your power bill. We all know that was a dismal failure an absolute lie. Last year the PM told us emphatically, 'The only tax policy we are implementing is the one we took to the election.' He said changes to capital gains tax and negative gearing were off the table, and in his own words he said that at least 50 times. Still, last night Anthony Albanese and his Treasurer Jim Chalmers dropped their new taxes on housing. They axed negative gearing, they increased capital gains tax and they made a new tax on discretionary trusts. It is absolutely crystal clear to the Australian people that Anthony Albanese has run out of money and he's coming after yours.

But that's not the most egregious bit of all. While the good people of Australia bear the brunt of this cheap money grab, foreign residents disposing of renewables get a CGT exemption until 2030. Anthony Albanese's net zero obsession has come at a cost to Australian people, because guess how much that is going to cost the rest of us taxpayers—$425 million. It's absolutely outrageous, Labor. You are—

Matt O'Sullivan (WA, Liberal Party, Shadow Minister for Choice in Childcare and Early Learning) Share this | Link to this | Hansard source

Senator Collins, resume your seat for one moment.

Jenny McAllister (NSW, Australian Labor Party, Minister for the National Disability Insurance Scheme) Share this | Link to this | Hansard source

A point of order. Reluctant as I am to interrupt the Senator, she does need to refer to members in the other place by their correct titles.

Matt O'Sullivan (WA, Liberal Party, Shadow Minister for Choice in Childcare and Early Learning) Share this | Link to this | Hansard source

Yes, I did remind Senator Thorpe of that point before. I did wait until the end of her speech so I didn't interrupt her, but I will remind Senator Collins that she does need to refer to others in the other place by their correct titles. Senator Collins, you may resume.

Jessica Collins (NSW, Liberal Party) Share this | Link to this | Hansard source

I'm terribly sorry, Prime Minister Albanese. This is absolutely outrageous, Labor. You are no longer for the people. You are not here for families. You have lost control of your budget and you have lost control of your sense. With this big-spending, big-taxing government, you, your children and your grandchildren will be paying for the debt long after Prime Minister Albanese has retired to his beach house in Copacabana. Just remember, Labor are running out of money and now they are coming after yours.

Tony Sheldon (NSW, Australian Labor Party) Share this | Link to this | Hansard source

Last night we saw the Treasurer deliver one of the most ambitious budgets in recent history, one focused on cost-of-living relief and giving the next generation a fair go. We are rolling out more tax cuts, making free urgent care clinics a permanent part of Medicare, and building more homes. Our reforms to negative gearing and capital gains tax will help 75,000 homeowners get into the market over the next decade. You'd think that giving our kids a future is something everyone would get behind, but no. Instead, we saw members of the Liberals and Nationals, along with their friends in One Nation, opposing this budget before the details were even announced. In fact, this uniparty of the right has always voted against cost-of-living relief—in December 2022 on energy price relief, in December 2023 on closing loopholes— (Time expired)