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

Today it's time to be honest: the tax system is screwing over young Australians. Instead, it favours well-off, established interests against those trying to get ahead. The federal budget is more than $500 billion in debt, and just about any attempt to fix it has been opposed. It could have been worse; without our saving measures it could have been as bad as $1 trillion. The young and working will have to pay it off. With income tax responsible for half of the federal revenue, it will fall mostly on young and working Australians. Meanwhile, people who can predominantly live off of income from their assets can pay very little tax and get discounts on capital gains from increases in asset values. Sometimes the highest tax they may pay is GST, at 10 per cent. In short: if you work hard to get ahead, you get hit hard; if you live off assets, you don't. Not that tax is alone—opposition to our National Energy Guarantee, which would actually cut greenhouse gas emissions, keep prices down and drive investment into new, awesome technologies, is also opposed. Much like a frog in boiling water, as our debt grows and public spending increases towards an ageing population, it may be many years before young Australians stand up to ask the question, 'Why is the system rigged against us?' Honestly, it's about as subtle as a brain freeze from a frose. Now is the time to stand up. Young Australians need to demand a fairer tax system, where they aren't the only ones carrying the burden to cover the cost of Australia.