TED O’BRIEN MP
DEPUTY LEADER OF THE OPPOSITION
SHADOW TREASURER
MEMBER FOR FAIRFAX
Reports today indicate that Labor is walking away from its super big, super bad super tax after the Prime Minister has been forced to pull rank on his Treasurer.
The Treasurer has ignored warnings from Labor luminaries like Paul Keating, Bill Kelty and Peter Beattie, along with leading economists, who all condemned this unfair tax. But now even Anthony Albanese has read the political tea leaves and stepped in.
Labor's unfair tax on unrealised capital gains would see Australians taxed on money they never received crosses a red line in tax law and would sets a dangerous precedent.
This whole saga shows a Treasurer addicted to spending and secret taxes, and a Prime Minister who is forever playing catch up. When Labor run out of money, they always come after yours.
The Coalition will continue to fight this every step of the way.
Whether Labor pauses, tweaks, or tries to sneak it through later, we will keep calling it out for what it is: an attack on aspiration, an attack on opportunity, and a dangerous precedent for taxing paper profits.