Thank you, Mr Speaker. The Prime Minister and this Government have no mandate to raise taxes.

Did they take these tax increases, these toxic taxes, to the last election?

No, they didn’t.

Of course he didn’t because the Prime Minister didn’t have the guts, Mr Speaker.

He did not have the guts.

He knew millions of Australians would have voted against higher taxes had he done so, Mr Speaker.

He knew that millions of Australians would have given this Government the boot if he had done so.

So instead, he misled Australians. Prior to the last election, this Prime Minister ruled out any changes to negative gearing and capital gains tax, in his own words – 50 times – in his own words, Mr Speaker.

He ruled out changes and now this Prime Minister is imposing these toxic taxes on Australians against their will.

I tell you what, it’s arrogant. It’s arrogant, Mr Speaker, and Australians use colourful terms, adjectives next to arrogant.

It’s illiberal.

It’s a broken promise.

And this Prime Minister stands condemned.

This Government stands condemned too, Mr Speaker.

And I say to this to the Prime Minister. I say this to him: call an election, call an election.

Let the Australian people decide whether or not they want to see these tax increases, Mr Speaker.

I know they don’t.

And if you don’t have the courage to call an election now, we will make the next election a referendum on these tax increases.

Mr Speaker, one way or another, hardworking Australians will have their voices heard and we will ensure that is the case.

Now, time and time again, this Prime Minister and this Government have broken faith with Australians.

Time and time again, they’ve betrayed Australians.

He promised Australians that they would be better off under his leadership.

They’re not.

Under Labor, Australia has experienced the biggest collapse in living standards of any developed country in the world, Mr Speaker.

He promised Australians that their power bills would go down by $275.

Not even close. We’ve seen them soar by 40 per cent, Mr Speaker.

He promised Australians they would have cheaper mortgages.

No way, no way.

A typical mortgagee in this country paying an extra $30,000 more in after tax income.

Increasing taxes, of course, under this Government after tax income that they didn’t have to find before Labor came to power.

And now he’s pushing ahead with his toxic taxes and he has broken the mother of all promises he made, in his own words – 50 times.

Now, Labor’s Budget reminds Australians that this Prime Minister’s word is never his bond.

It is never his bond. He leads a Government that misleads and deceives on a daily basis, Mr Speaker.

It’s a government that’s tricky and sneaky. A Government that says one thing and does another.

This is a Prime Minister who has no reverence, no respect for the truth and certainly no respect for hard working Australians.

Mr Speaker, he is an oath breaker and Australians know it.

Now, Labor treats Australians like mugs and at the recent Victorian Labor Party Conference, the Prime Minister had the gall to describe his budget as “pro-aspiration” and “pro-supply”.

Now, I can understand that those behind me believe that this is some kind of a joke, but the Government thinks it can get away with portraying its toxic tax grab as addressing inter-generational equity.

But Australians aren’t falling for Labor’s ruse.

They’re not falling for it, Deputy Speaker.

They know that beneath Labor’s weasel words is a Budget that is a massive con job, a Budget that’s a massive con job.

Let’s first consider Labor’s changes to negative gearing.

The Government’s own Budget papers show its changes will reduce housing supply by 35,000. Page 158 snuck through, snuck through the 400 staffers those opposite have.

Because in the end the Australian people will work out the truth – that these negative gearing changes will reduce supply of housing in this country and it betrays a very simple truth that if you tax something more, you get less of it.

Deputy Speaker, it’s pretty simple.

This is a toxic tax on housing and there will be fewer houses available for young Australians as a result of this tax.

Now, beyond the Budget papers, we now have independent modelling that verifies the ramifications of this Budget and I thank the Master Builders, Property Council, Real Estate Institute – for the work that they’ve done, that they released last Friday.

Here’s what it says:

Over a four-year period, new housing supply will fall by 8,700, construction jobs by more than 3,800. Rents will increase by $500 a year, Deputy Speaker.

Now, the Treasury Secretary has also been surprisingly upfront – I would expect that of an honest public servant – about how the Government’s Budget will reduce housing supply.

Ms Jenny Wilkinson was speaking last week at an Australian Business Economists forum.

She said the changes were, and I quote:

“… more about changing the distribution of housing ownership, rather than addressing sort of an overarching sense, supply.”

She was honest. She was honest about what was in the Budget papers – page 158.

It’s going to reduce supply and increase rents.

The Government’s own budget papers say this.

But only in this Government’s world of Orwellian doublespeak can housing scarcity be dressed up – as have attempted to do – as “pro supply.”

Orwellian doublespeak, Deputy Speaker.

So, let’s also consider the capital gains tax changes, the scrapping of the 50 per cent discount.

This is again, a toxic tax, pure and simple.

A tax on savings, a tax on taking risks, a tax on having a go, a tax on some of the very hardest working Australians, Deputy Speaker.

A tax on Australians who are already doing it incredibly tough, who are working more hours for less as a result of an economy that is not working for some of the hardest working Australians.

It’s also a tax on every asset class – shares, crypto, ETF, small businesses, farms and more, Deputy Speaker.

And who’s being whacked by Labor’s taxes? Young Australians – whacked.

Australians trying to build a nest egg – whacked

Australian small business and family businesses – whacked.

Australian start-ups – whacked.

Australian farmers – whacked.

Tax. Tax. Tax.

Deputy Speaker, that’s what this government believes in.

They are going after Australians money and some of the hardest working Australians who are putting that money aside for the future.

Investing in their businesses, their communities and their future.

Now, Deputy Speaker, the Government’s CGT changes will shut down growth enabling investment.

They will obliterate opportunity and they will kneecap so many Australians.

It’s no wonder that we see Australians expressing their frustration.

Some are doing it in satirical ways and every day there’s new AI memes depicting the Prime Minister as a business co-owner – a co-founder – who never puts his shoulder to the wheel, never puts his shoulder to the wheel.

Deputy Speaker, asleep at the desk.

Of course, the Prime Minister dismisses these memes as misinformation and disinformation.

Deputy Speaker, he and his Government dismiss Australians concerns because they are clueless about the impact of these toxic taxes.

Because they haven’t worked in small businesses, Deputy Speaker.

They don’t understand how it works. They haven’t got a clue.

And that’s because so many in Labor’s ranks are simply – not only have they not worked in small business – they don’t like it, they don’t like it.

And there’s a simple reason for that is they can’t unionise it, Deputy Speaker.

Now, Labor’s toxic taxes are a war on aspiration.

An assault on aspiration.

A war on the very essence of being Australian.

A war on the soul of our nation.

They’re an attack on the wealth creation that benefits all of us.

And they will crush reward for hard work and the spirit of reward for hard work that underpins our nation’s success.

And do you know what? Labor knows its Budget is an aspiration killer, and that’s why it’s caving to carve outs.

That’s why it’s toying with compromises.

And since the Budget, there’s been talk of a carve outs for tech start ups.

But what about for other businesses?

Deputy Speaker, what about hairdressers, tradies, fitness instructors?

Does the Government consider such businesses unworthy of a carve out?

Deputy Speaker, with all this talk of compromises the Government has unleashed absolute confusion, absolute confusion.

And we don’t have any information on where the Government might go with this, just as it did with the Voice referendum.

The Government is avoiding the details because the details really matter on...

Liberal Party of Australia

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