George Brandis (Queensland, Liberal Party, Attorney-General) Share this | Hansard source

I can absolutely confirm the accuracy of what the Prime Minister said yesterday. I can confirm to the chamber that the government will not implement anything as rushed, distorting and potentially destructive as the Labor Party's anti-investment capital gains tax plans. There will be no change to the 50 per cent CGT discount for individuals. The government is still carefully considering some other changes. That is how tax policy—

Senator Wong interjecting—

Aha! Come in spinner, Senator Wong! Of course, that is the way that tax policy is developed—not the way in which it was developed during that unlamented period when you were the minister for finance, Senator Wong. Remember the Henry tax review, in which every proposal but one was abandoned and the one that was chosen was a tax that raised no revenue? The government is developing tax policy the way it ought to be developed: carefully, methodically, paying due attention to the complexities of the system. The Labor Party in government commissioned a major review, the Henry tax review. It abandoned every single recommendation of the Henry tax review except one. It selected one recommendation from some 150, and that was the worst recommendation—the recommendation for a mining tax. So that is not the way that we are going to go about reform of the tax system. We are considering some changes, but those changes will not include a change to the 50 per cent discount for individuals.