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Coalition pledges to repeal changes to capital gains tax and negative gearing
The Coalition said last night it would repeal changes to capital gains tax and negative gearing if elected as it tried to hit back at Labor’s budget measures.
The shadow treasurer, Tim Wilson, told Sky News the prime minister promised not to touch the incentives during last year’s election campaign and that therefore Labor did not have a mandate for the reforms.
Wilson said:
We’ll repeal these measures if necessary, but our objective is to defeat them and to make sure that they’re never legislated. Because this government doesn’t have licence from the Australian community [to] support these changes.
Wilson also says the $250 tax offset for workers will be eaten up within six months due to inflation. That offset will be given to workers after next year – so it’s still a while away.
Key events
The Climate Council came out of the blocks quickly to decry a “massive free kick” in the budget for fossil fuel multinationals while consumers are “left exposed” to global energy price spikes and climate harm.
The council said last night that by maintaining more than $19bn in annual fossil fuel subsidies and foregone gas tax revenue, the budget ignored “major opportunities to expand clean energy solutions that shield Australians from global fossil fuel chaos”.
YouGov polling showed most Australians want the government to invest in expanding renewable energy solutions over fossil fuels to secure our energy future, the council claimed.
Climate Council chief executive Amanda McKenzie said:
This budget maintains the $19bn gravy train for big fossil fuel corporations. That is $19bn in the wrong direction, keeping us tied to foreign oil, rather than supporting the expansion of renewable energy solutions that Australians want to deliver a safer, cleaner, more secure energy future.
Coalition pledges to repeal changes to capital gains tax and negative gearing
The Coalition said last night it would repeal changes to capital gains tax and negative gearing if elected as it tried to hit back at Labor’s budget measures.
The shadow treasurer, Tim Wilson, told Sky News the prime minister promised not to touch the incentives during last year’s election campaign and that therefore Labor did not have a mandate for the reforms.
Wilson said:
We’ll repeal these measures if necessary, but our objective is to defeat them and to make sure that they’re never legislated. Because this government doesn’t have licence from the Australian community [to] support these changes.
Wilson also says the $250 tax offset for workers will be eaten up within six months due to inflation. That offset will be given to workers after next year – so it’s still a while away.
Welcome
Good morning and welcome to our live news blog. I’m Martin Farrer with the top overnight stories and then it will be Krishani Dhanji with the main action.
There’s already plenty of reaction today after Jim Chalmers delivered his fifth budget as treasurer last night. Interest groups are lining up to give their verdict on their particular slice of the financial pie, welcoming some parts and criticising the lack of action on others.
And the shadow treasurer, Tim Wilson, has plainly put out the Coalition’s position on the biggest changes: to capital gains tax and negative gearing, which the government claims will help to redress intergenerational equity. He says they will try to block the changes, or repeal them when next in power.
Much more to come …
