STATEMENTS BY MEMBERS

Ms COFFEY (Griffith) (13:46): What a day to be a member of this parliament. Today, this House has passed the tax reform bills, delivering tax cuts for every worker and a fair go for first home buyers. Across Griffith, I meet young Australians working hard, saving carefully and hoping for a home where they can put down roots.

But, for too many, that hope is moving too far away. Since the capital gains discount was introduced in 1999, house prices have risen by more than 400 per cent, more than twice the rate of the average full-time earnings. It will always be harder for a young Australian to buy their first home when the tax system makes it easier for someone else to buy their 10th.

This is the unfairness these reforms address. A first home buyer saving from their wages is paying rent while trying to build a deposit, but they are competing at inspections and auctions with investors who already have property equity and tax concessions on their side. There is nothing wrong with investing or owning property, but a tax system should not make the front door of homeownership harder to open for the next generation.

From 2027-28, negative gearing for future residential investment will be directed towards building of new homes that we desperately need, while existing investments are protected. And, from 27 July, the 50 per cent capital gains tax discount will be replaced with inflation adjusted indexation, so investors are taxed on real gains, not inflations. It would be easier to do nothing, but Australians deserve a government that acts.

Labor is backing work, building homes and giving younger Australians a better opportunity to secure homeownership in the communities that they call home.