Australia politics live: Albanese denies tax reforms aimed at courting votes from growing gen Z cohort
Summary
Australian Prime Minister Anthony Albanese said the recent changes to negative gearing and capital gains tax in the federal budget were made based on policy merits, not to attract new Gen Z voters. He explained that these tax changes aim to benefit young Australians and promote fairness between income from work and income from assets.Key Facts
- The government is adding 700,000 new Gen Z voters to the electoral roll before the next federal election.
- Albanese stated these new voters did not influence the decision on tax changes.
- Changes include restricting negative gearing but still allowing it for new property builds.
- Negative gearing usually lasts about five years before property investors sell or the investment becomes profitable.
- Existing property investors keep their current tax arrangements ("grandfathered").
- The government wants fair treatment between income earned by working and income from owning assets.
- Albanese expects the tax changes to improve economic productivity by shifting investment focus from housing to stocks.
- He promised to consult with investors about the new tax policies and address concerns.
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