Prime Minister Anthony Albanese has defended Labor’s sweeping housing and tax reforms while accusing Opposition Leader Angus Taylor of “entrenching unfairness” and dividing Australians with anti-migrant rhetoric.
Speaking at the relaunch of the Chifley Research Centre in Canberra, Albanese said the government’s latest federal budget was aimed at building a “stronger, fairer, more productive economy” amid global instability caused by conflict in the Middle East and rising fuel prices.
The Prime Minister used the speech to strongly defend Labor’s controversial housing reforms, including limiting negative gearing concessions to newly built homes and changing capital gains tax arrangements to encourage more housing supply.
Albanese argued the current tax system unfairly favoured property investors over first-home buyers.
“Investors have an advantage because they know that if they have to kick in that extra tens of thousands of dollars in order to win the bidding process, that will be a deduction,” he said.
“But from now on their investment will also deliver a return for the country — by boosting housing supply.”
He said younger Australians were facing unprecedented barriers to home ownership, with house prices rising more than 400 per cent since capital gains tax changes introduced in 1999. “This generation are not imagining things,” Albanese said.
“It really has never been more difficult for young people to buy a home of their own.”
The Prime Minister also highlighted Labor’s broader economic agenda, including a $7.5 billion fuel and fertiliser security facility, a permanent government-owned fuel reserve, expanded tax cuts and incentives for small business and research investment.
Albanese accused the Coalition of opposing key housing initiatives including the Housing Australia Future Fund and Build to Rent program, claiming the opposition was campaigning against solutions to the housing crisis.
He also criticised Taylor over comments distinguishing between “Australians and migrants” during the budget debate.
“I was born here. I’m a proud Australian, but I also know that people who come here and build a life in business, in politics, in civil society, in communities right around this great country are proud Australians as well,” Albanese said.
“It’s a distinction that frankly diminishes Angus Taylor.”
The speech repeatedly invoked former Labor Prime Minister Ben Chifley, with Albanese framing Labor’s economic agenda as part of a long-term effort to strengthen national resilience, housing access and economic opportunity.
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