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Thursday, 16 February 2017
Page: 1342

Capital Gains Tax

Mr SHORTEN (MaribyrnongLeader of the Opposition) (14:14): My question is to the Prime Minister. Today the Prime Minister has repeatedly refused to rule out changing capital gains tax. Is the Prime Minister aware that the finance minister has ruled out changing capital gains tax?

Mr TURNBULL (WentworthPrime Minister) (14:15): The one thing we are all aware of is that the Leader of the Opposition is proposing to impose a 50 per cent renewable energy target on all Australians to shatter Australian business, destroy jobs and hurt households. When he has been asked—four times—for an answer, he cannot say—

The SPEAKER: The Prime Minister will resume his seat.

Mr Burke: Mr Speaker, a point of order.

The SPEAKER: I think I can predict the point of order. I will just get in first and say that the Prime Minister is entitled to a preamble. The Manager of Opposition Business jumped at the 15-second mark.

An opposition member interjecting

The SPEAKER: Whoever was interjecting then, you are lucky the Manager of Opposition Business was in your road. The Prime Minister is entitled to a preamble. I will ask the Manager of Opposition Business to resume his seat unless he was planning to raise a point of order other than on relevance. The Prime Minister well knows he will need to come to the substance of the question, which was on tax, but he is entitled to a preamble.

Mr TURNBULL: The opposition knows and the Australian people know that we are a party of lower taxation. We stand for encouraging investment, encouraging employment and supporting the Australian economy as it grows and delivers the opportunities Australians need.

At the last election the Labor Party went in with a daily double of an increase in capital gains tax and an outlawing—a banning—of negative gearing, each of which was absolutely calculated and designed to undermine investment and undermine employment. We opposed those measures then and we oppose them today.