Tim Wilson (Goldstein, Liberal Party) Share this | Hansard source

Liberals believe in a free society, but we also believe in a just one. Intergenerational justice is crucial, because Liberals believe each generation should be free to choose their own future. We don't believe the young should be burdened by a debt of their forebears. We don't believe the young should subsidise those who have accumulated wealth. We don't believe the decisions of today should deny young Australians opportunity tomorrow. That's why we take the national debt seriously, despite the obstruction of the Labor opposition. Today's debt is tomorrow's taxes, and nearly three-quarters of all federal taxes disproportionally hit the pay packets of young Australians, yet an ageing population—the pension, aged care, the Pharmaceutical Benefits Scheme and health care at the most expensive time of life—is driving spending up. Our current tax system delivers a wealth transfer from those who haven't had their fair go to those who have.

Taxes should be paid across all stages of life and should not unfairly hurt and hit the young. Taxes should be simple, not complex; they should be consistent, not overtaxing young Australians. And reforms should deliver low, simple and consistent taxes across all stages of life. But that isn't what the opposition leader, Bill Shorten, wants. He wants to narrow the GST meaning we will become more dependent on the taxes young Australians pay. He wants to scrap negative gearing, which will do nothing to increase housing stock; it will only increase rents. He wants to scrap dividend imputation credits, which means more investors will go into the property market. Shifty Shorten's plan will hit young Australians worst. (Time expired)

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