STATEMENTS BY MEMBERS

Ms MASCARENHAS (Swan) (13:34): I am so thrilled, because the great Australian Labor Party is the party of tax cuts, and we are also the party of homeownership. I'm very conscious that we have some amazing students that are here watching the parliament live, and I want these students to know that what we are doing as the federal Australian Labor Party is trying to make the future better for your generation.

That is what we are doing, and I'm thrilled that you're seeing democracy happening in real time. Today we wanted to make homeownership fairer for your generation because, back in 1999 when the capital gains tax was changed, we basically saw the property investment market on steroids. It made it harder for people starting their first job to actually own a home of their own.

So I want you to know that we're doing this because we believe in a better Australia where people can actually own their own home. But also we want to back Australian workers. If you are contributing to our economy, then we want to back you when it comes to tax cuts.

Why should taxpayers be subsidising property investors? We've seen demonstrated tax distortions in the market that have simply been not fair. We are doing this for the next generation, and I'm very proud to be a part of the great Australian Labor Party.