MATTERS OF PUBLIC IMPORTANCE
Mr KENNEDY (Cook) (15:56): This is the highest taxing budget in Australia's history. And why? Because government spending is at a 40-year high outside of the pandemic.
Look, they're not spending it well enough for us to want to give them more. We see NDIS rorting, criminals stealing from the NDIS, and, instead of the government exposing it, it has to be two blokes on social media doorknocking in Western Sydney. We're spending $20 million on advertising on how people can pump up their tyres so they use less fuel.
These are the types of programs that are being funded out of higher taxes on wage earners through bracket creep, small businesses through CGT and property owners through negative gearing. The PM has never seen an aspiration that he didn't want to crush. Under this budget, you take the risk, and the Prime Minister takes the reward.
In this budget, if you earn an income, they tax you more; if you invest, they tax you more; if you build a business, they tax you more; and, if you're a young person, they'll tax you more. Under this budget, young people are far worse off. Mr Repacholi: How?
Mr KENNEDY: Young people and the next generation—I just got asked how. Young people today will pay more income tax than I have ever paid. They will pay more income.
Government members interjecting— Mr KENNEDY: It's not funny. Why do you think it's funny that young people will pay more income tax than I have ever paid? They will pay more capital gains tax than I have ever paid.
It has just been doubled. I can continue to negatively gear my place while no young person will ever be able to negatively gear their place. How is that funny?
How is that funny? Government members interjecting— The DEPUTY SPEAKER ( Ms Claydon ): Order! Member for— Mr KENNEDY: I would love to see you— The DEPUTY SPEAKER: Order!
Mr KENNEDY: They're interjecting. I have the call. The DEPUTY SPEAKER: Excuse me.
I've just called for order because it is outrageous, the interjections coming from this side. And, if you would try to refrain from inviting that interjection, it would be very helpful as well. Mr KENNEDY: If they didn't interject, Speaker, I wouldn't be responding to it.
The DEPUTY SPEAKER: Would you like to argue the toss a bit longer? Mr KENNEDY: No— The DEPUTY SPEAKER: Then let's get on with the debate. Mr KENNEDY: Good.
Young people—that is how they're worse off. They're paying higher income tax than I ever did. They're paying double the CGT that I ever did.
And they're never paying negative gearing— A government member interjecting— Mr KENNEDY: That is why they are. I would love to hear the next speaker, whoever it is, explain those three points and why they're wrong. Explain to the Australian people, explain to young people, why they are going to pay higher taxes than I have ever paid and then gaslight them that it's in their interest.
It's despicable how you can look young people in the face in your electorate when they're paying far higher taxes than you ever will. The DEPUTY SPEAKER: Direct your comments through the chair to depersonalise this debate please. Mr KENNEDY: It's despicable how these members look young people in the face in their electorate when they are paying higher taxes than they will ever pay.
With bracket creep every year, taxes are going up. CGT is doubled. Anyone with money in ETFs or saving for a deposit will pay double than I have ever paid.
It's not just young people; it's actually businesses as well. Businesses and young people will be worse off and taxed more. Why?
Because we've got $1 trillion in debt. It will be young people who have to repay that $1 trillion. Business woke up on Wednesday after the budget with a new cofounder owning 47 per cent of the business: the PM.
It set off meme after meme, and, the next day, the PM described those memes as 'flattering'. How out of touch do you have to be to describe those memes as 'flattering'? Read the room.
Guess what? Australia's capital gains tax is the highest in the world. We have 47 per cent CGT.
Do you know what it is in New Zealand? Zero per cent. Do you know what it is in Singapore?
Zero per cent. But here's something for my comrades across the aisle to get excited about: in China, it's only 20 per cent. You beat communist China by 27 per cent; well done.
In Soviet Russia, it was 11 to 23 per cent. You've beat Soviet Russia. We can't even find a communist nation with higher capital gains tax than us, and you guys think it's funny.
I'll tell you what, Australia's businessowners don't think it's funny. The DEPUTY SPEAKER: Please stop. Direct your comments through the chair.
I'm not going to ask you again. Mr KENNEDY: The members are interjecting and laughing, Deputy Speaker, and I find it very difficult, but they think it's funny. The DEPUTY SPEAKER: Member for Cook, resume your seat.
This is about the third time I've had to ask this in this five-minute debate. I do not want to hear more interjections from this side, I do not want to hear more interjections from this side, and I do not want to hear members deliberately provoking interjections in their commentary either. I asked you twice to refrain from doing that.
The point of me asking you to direct your comments through me as the chair is to prevent this kind of behaviour from happening. I don't think anybody sitting up in this chamber gallery watching this debate right now thinks that this is a good discussion, okay? Let's get this back on track.
I think you had about 10 seconds left. Mr KENNEDY: To those watching: I will fight for you, so you pay lower taxes. I will keep fighting, and I will not be deterred, because we need to hold this government to account.