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

The previous Labor Party policy on capital gains tax which, of course, was introduced by Paul Keating, was to index capital gains for inflation so that the real gain—the real after-inflation gain—was always taxed at the marginal rate. What Labor is proposing here is a radical change that will provide an extraordinary disincentive to investment. We know that they have a fixation on property and that they want to drive down property prices—we understand that. But what they are proposing would apply to every asset: a new farming enterprise, a new technology enterprise, a cafe or a business—anything you like would be smashed by this dramatically-highest-in-the-comparable-world capital gains tax.

Ms Owens interjecting—

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