Former Labor leader Bill Shorten has called on the federal parliament to look at the “unfinished business” of property tax reform, dropping a bomb on his Labor colleagues as he exits the parliament.
The retiring Government Services Minister used his valedictory speech to highlight the battle young people face to purchase a home, suggesting controversial negative gearing reforms need to once again be looked at.
Shorten told the House of Representatives that, “our system still taxes property preferentially and lightly – and income heavily”.
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“As a result, young Australians carry a disproportionate share of the burden,” he said.
“Not only do they pay more tax than a generation ago. They pay more for their education than ever before.
“It is harder than ever for young Australians to save for a first home.
“Increasing supply is an essential part of solving this problem – that’s why our Government is building more homes.”
Earlier this year it was revealed the Treasury department had done modelling for the government on changes to negative gearing and capital gains tax.
After weeks of controversy and headlines, Treasurer Jim Chalmers shut down speculation by killing off the idea.
However, Shorten’s comments in his farewell speech could renew a fresh push for property tax reform, inside and outside the Labor Party, as next year’s federal election fast approaches.
Shorten leaves parliament to take up the role of Vice-Chancellor at the University of Canberra.