Malcolm Turnbull (Wentworth, Liberal Party, Prime Minister) Share this | Hansard source

If honourable members opposite failed to understand what I said, let me make it crystal clear. The government will not be adopting Labor's proposal to reduce the CGT discount for individuals from 50 per cent to 25 per cent for new assets acquired from 1 July 2017. I note that the assertion that my remark yesterday applied to anything other than the capital gains tax discount for individuals defies the reality of the debate. Honourable members will be well aware that the exchange between the member for McMahon and myself was preceded by an answer in which I discussed precisely the proposal to cut the CGT discount from one half to a quarter for individuals.

Ms Macklin interjecting—

The member for McMahon, Member for Jagajaga, rose and said, 'I refer the Prime Minister to his previous answer,' and then asked whether we proposed to make any changes to capital gains tax. So we were discussing capital gains tax for individuals and I responded accordingly. I understand—I cannot remember the member's seat—Mr Chalmers, Jim Chalmers—

Opposition members interjecting—

Yes, the member for Rankin—there he is. I thank the member for Rankin for this splendid bit of gotcha politics. He used to work for the member for Lilley and, of course, the member for Lilley was famous, he was a legend—

Opposition members interjecting—

The member for Lilley would take three words out of one paragraph of a statement, put in some dots, connect them to two words halfway down the page and put in some more dots and then connect them to four words on the next page and put in some more dots and then he would say, 'Aha; I've got you!' The member for Lilley is the master of taking things out of context and misrepresentation, and it is splendid to see that his protege, the member for Rankin, is following so assiduously in his footsteps.

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