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You can find the current article at its original source at http://www.theguardian.com/australia-news/live/2016/feb/23/the-coalition-floats-halving-the-capital-gains-discount-for-super-funds-politics-live
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Labor accuses Malcolm Turnbull of misleading parliament – politics live | Labor accuses Malcolm Turnbull of misleading parliament – politics live |
(35 minutes later) | |
4.13am GMT | |
04:13 | |
Mere mortals don't understand the extent of the Wentworth genius .. | |
Shorten, continuing. | |
Now, I feel a little bit of a pang for poor old Member for Warringah (Tony Abbott). He got undermined by Malcolm Turnbull for making captain’s calls, but as soon as Mr Turnbull is up there, the captain’s call! | |
We know what this leader of the government said. He said there would be no changes to capital gains tax whatsoever. So today we ask him to back in his words and there are really three options the PM could have picked: tell the truth or indeed tell us what was happening with capital gains tax or he could have just said: “Everyone else is wrong.” | |
We are lucky enough to have an infallible prime minister in this country, we are very lucky to know that we are led by the smartest man in Australia, self-declared – that even when he gets it wrong, he is still right, us mere mortals just don’t understand the extent of Wentworth genius. | |
4.09am GMT | |
04:09 | |
This is the second censure order of the day against the prime minister for misleading the House. | |
Bill Shorten: | |
Either this prime minister is dishonest or he is incompetent, he cannot be both. The prime minister needs to rule out increasing capital gains tax on the superannuation accounts of millions of people. | |
What is it about this prime minister that makes him so out of touch that he will defend to the last drop of Liberal blood, reducing the 50% capital gains discount to 25%, when it comes to defending the capital gains tax discount of millions of Australians and their superannuation - well, he is out of town for that. | |
The prime minister is so arrogant that he thinks he can say unsay words and make them miraculously disappear, but the problem for him is this: every journalist in the press gallery heard exactly what he said, every newspaper in Australia showed that he was ruling out tackling capital gains tax, and what does he do? | |
No, they are all wrong. | |
4.04am GMT | |
04:04 | |
Rightio, here comes the suspension of the standing orders. | |
4.03am GMT | |
04:03 | |
Turnbull is persisting with his argument that he was taken out of context yesterday on CGT. | |
It is perfectly obvious that - perfectly clear that I was talking about Labor’s proposal to increase capital gains tax on individuals, and it was perfectly obvious that that’s what the Member for McMahon (Chris Bowen) was talking about. | |
(Nope, nope, nope.) | |
Malcolm Turnbull: | |
When you are in a tax hole, stop digging. | |
(Quite universal, that advice, I reckon.) | |
3.59am GMT | |
03:59 | |
We are proceeding. | |
Malcolm Turnbull: | |
I think what the opposition is doing here demeans this House. It demonstrates a desperation that really insults the intelligence of the Australian people. | |
3.57am GMT | |
03:57 | |
Bill Shorten. | |
Q: Will the prime minister acknowledge that he misled the parliament? | |
Manager of government business Christopher Pyne has had enough. | |
Speaker Smith is deliberating. | |
3.53am GMT | |
03:53 | |
Malcolm Turnbull: | |
Every single home owner in every single electorate represented in this House will be poorer if the Labor party is elected to government. | |
3.50am GMT | |
03:50 | |
Labor, persisting on the mislead of the House. | |
Q: Does the prime minister stand by the following statement: “Increasing capital gains tax is no part of our thinking whatsoever?” | |
The prime minister is glad to have this question he says, because it gives him an opportunity to note that Labor wants house prices to come down. Massive shock. Everyone will be poorer if Labor wins the election. Lower house values, a poorer Australia, less investors, less confidence. | |
3.47am GMT | |
03:47 | |
Vote Labor and be poorer! | |
The prime minister, digging in here on negative gearing and CGT. | |
3.42am GMT | |
03:42 | |
After the foreign minister Julie Bishop informs the House of all the benefits associated with the China Australia free trade agreement, Bowen rolls back to CGT. | |
Q: Will the prime minister today rule out cutting the capital gains tax discount for millions of Australians’ superannuation accounts? | |
Turnbull says the government is looking at superannuation across the board. | |
What we are looking at is the entire superannuation system, as you would expect, in any responsible review of taxation, unlike the Labor party, we are not rushing into snap decisions, to reckless decisions which are going to undermine property prices. | |
3.39am GMT | 3.39am GMT |
03:39 | 03:39 |
3.36am GMT | 3.36am GMT |
03:36 | 03:36 |
Chris Bowen is back. | Chris Bowen is back. |
Q: Prime minister, why is halving the general capital gains tax discount a terrible thing, but halving the capital gains tax discount for millions of superannuation accounts a good idea? | Q: Prime minister, why is halving the general capital gains tax discount a terrible thing, but halving the capital gains tax discount for millions of superannuation accounts a good idea? |
Malcolm Turnbull is kicking off on Labor’s CGT policy. He says Labor’s proposal amounts to a radical change that will provide an extraordinary disincentive to investment. | Malcolm Turnbull is kicking off on Labor’s CGT policy. He says Labor’s proposal amounts to a radical change that will provide an extraordinary disincentive to investment. |
We are back to the very vulnerable property market. | We are back to the very vulnerable property market. |
In this very vulnerable property market where prices are forecast in some cities to decline, in others to increase by maybe 1 or 2% – that is in that moment they are proposing the biggest shock to the most important asset for all Australian families. | In this very vulnerable property market where prices are forecast in some cities to decline, in others to increase by maybe 1 or 2% – that is in that moment they are proposing the biggest shock to the most important asset for all Australian families. |
3.30am GMT | 3.30am GMT |
03:30 | 03:30 |
The prime minister’s self described wing man, the deputy prime minister Barnaby Joyce, is deep in cherries and irrigation. And dams. Damnation. | The prime minister’s self described wing man, the deputy prime minister Barnaby Joyce, is deep in cherries and irrigation. And dams. Damnation. |
3.27am GMT | 3.27am GMT |
03:27 | 03:27 |
Shadow treasurer, Chris Bowen. | Shadow treasurer, Chris Bowen. |
Q: My question is to the treasurer and refers to his answer just then on implementing the recommendations of the Murray inquiry into financial systems. Is the treasurer aware that the Murray inquiry found in relation to negative gearing and capital gains tax discount and I quote: “Reducing these concessions would lead to a more efficient allocation of funding in the question?” | Q: My question is to the treasurer and refers to his answer just then on implementing the recommendations of the Murray inquiry into financial systems. Is the treasurer aware that the Murray inquiry found in relation to negative gearing and capital gains tax discount and I quote: “Reducing these concessions would lead to a more efficient allocation of funding in the question?” |
Treasurer Scott Morrison says the government has no interest in being in a race to raise taxes to fund more spending. He says Labor just wants to rip away investment opportunities from ordinary people. | Treasurer Scott Morrison says the government has no interest in being in a race to raise taxes to fund more spending. He says Labor just wants to rip away investment opportunities from ordinary people. |
3.24am GMT | 3.24am GMT |
03:24 | 03:24 |
Independent Andrew Wilkie is worried about CSIRO job cuts and the recent decision to exit climate research. The innovation minister Christopher Pyne hints there are some announcements coming up in Tasmania that should please Wilkie. | Independent Andrew Wilkie is worried about CSIRO job cuts and the recent decision to exit climate research. The innovation minister Christopher Pyne hints there are some announcements coming up in Tasmania that should please Wilkie. |
Christopher Pyne: | Christopher Pyne: |
I think there will be some announcements in the next few days specifically about the Antarctic and Ocean Division that the Member for Denison has been particularly concerned about, and I understand that the work that is being done is to ensure that the essential services provided around the measuring of temperatures will be able to be continued through the CSIRO or through any of the other national institutions that do this kind of work. | I think there will be some announcements in the next few days specifically about the Antarctic and Ocean Division that the Member for Denison has been particularly concerned about, and I understand that the work that is being done is to ensure that the essential services provided around the measuring of temperatures will be able to be continued through the CSIRO or through any of the other national institutions that do this kind of work. |