The Coalition has vowed to repeal Labor’s proposed changes to negative gearing and capital gains tax if they win power, setting up a major fight before the next election over the budget’s key tax reform measures.
The shadow treasurer, Tim Wilson, and the opposition leader, Angus Taylor, said a future Coalition government would reinstate more generous rules for property investors, as well as for Australians minimising their tax through trusts, pledging to fight the proposals in parliament in coming weeks.
Taylor said the Coalition would only support a new $250 tax offset for workers, and new hospitals funding announced on Tuesday night.
In this afternoon’s question time, the opposition stayed on theme, focusing on the government “lying” about taxing more, building fewer homes and stifling aspiration.
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In pictures: The richest benefit the most from capital gains tax and negative gearing. Illustration: Guardian Design.
What they said …
“Lying Jim” – Daily Telegraph. The voters of New South Wales woke up in a communist state on Wednesday – at least according to the Daily Telegraph, which claimed that “Lying Jim” Chalmers was cackling like the devil as he gouged them with big taxes in the federal budget.
Podcast
Decoding America: Trump takes tech bros to China – podcast On the eve of Donald Trump’s trip to Beijing, co-hosts Reged Ahmad and Jonathan Yerushalmy examine how the US president’s approach to relations with Xi Jinping has changed since he first ran for office, and what both leaders expect to get from the meeting. They also look at the tech CEOs travelling with Trump, including Tesla’s Elon Musk and Apple’s Tim Cook, and why trade will be such a focus of the visit.
Before bed read
The 2010 film Tomorrow, When the War Began has heart-throbs and a classic soundtrack, but the true resonance of this John Marsden adaptation is its portrayal of growing up in a world rapidly destroyed before your eyes.
Daily word game
Today’s starter word is: RAW. You have five goes to get the longest word including the starter word. Play Wordiply.
