The changes the Howard Government made in 1999 to Capital Gains Tax were supposed to boost investment in the share market.
Instead, they turbo-charged property as an investment vehicle.
And that fundamentally altered the equation for first home buyers – and for young Australians.
Since 1999, house prices have risen by over 400%. More than twice as fast as average incomes.
And in the same period, home ownership rates for Australians aged between 25 and 34 fell by 7% points.
It is no wonder that more and more young people – and indeed their parents and grandparents - have been worrying they will never own a home.
That feeling of having the deck stacked against you is only magnified when young Australians turn up to an auction and get outbid by property investors being given a leg up from the tax system.
Our reforms to negative gearing and capital gains tax remove these distortions.
Bringing more first home buyers back into the market.
Some just don't get it. Taxes pay for our services. Taxes support community programs. The LNP and ON would rather cut services like health and public education so they could give bigger tax cuts to their rich mates.
BREAKING: Our legislation to deliver more tax cuts for workers and a fair go for first homebuyers has just passed the House.
Labor's five different tax cuts will benefit the average worker by up to $2816.
This is the most significant reform of the tax system in over a quarter of a century, and it's all about helping more Australians get into homes and get ahead.
Australia’s government has just extended maternity leave to 6 months. Minimum wage earners have been given a 4.75 wage rise by the fair work commission after unions petitioned them.
Any party wishing to defeat The Labor government will have their work cut out for them.
Jill Biden says President Biden will live with cancer for the rest of his life, facing both good days and bad. I sincerely hope he gets as many good days as possible and is able to live the fullest, happiest life he can. 💙
@ElaineM11584892 My blood cancer medication was put on the PBS last September- blood cancer month. I would have had to pay 4,950 per month @ I qualified for it, so as a pensioner I pay 7.50/ mth, @ my weekly blood tests are bulk billed. Thank you labor party. Wouldn't happen under the LNP or ON.
BREAKING: New numbers show the economy is growing at its equal fastest annual pace in almost 3 years and private sector investment is booming.
Today’s National Accounts show the Australian economy grew 0.3% in the quarter, to be 2.5% higher through the year.
All of the growth in the March quarter came from the private sector.
This is very solid in the circumstances. It shows how resilient our economy is at a time of substantial global economic volatility.
Based on Pauline Hanson's conduct, her lack of attendance in parliament and her failure to carry out her duties as a Senator, the question to be asked is whether she is fit to do her current job.
This is great news for more than 3 million workers in Australia.
This means the minimum wage is $26.44 an hour or just over $1000 a week.
Unions are the tide that lifts all boats.
NEWS: One month until 14 million Australians get another tax cut.
Altogether Labor's five different tax cuts will benefit the average worker by up to $2816.
We're getting on with the job of cutting income taxes and making the tax system better and fairer.