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You can find the current article at its original source at http://www.theguardian.com/australia-news/2016/mar/10/malcolm-turnbull-labors-tax-plan-would-restrict-economic-freedom
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| Malcolm Turnbull: Labor's tax plan would 'restrict economic freedom' | Malcolm Turnbull: Labor's tax plan would 'restrict economic freedom' |
| (6 months later) | |
| Malcolm Turnbull has stepped up the government’s attack on Labor’s tax policies, saying limiting negative gearing would be an “extraordinary restriction on economic freedom”. | Malcolm Turnbull has stepped up the government’s attack on Labor’s tax policies, saying limiting negative gearing would be an “extraordinary restriction on economic freedom”. |
| Speaking in Adelaide on Thursday as the government struggles to turn around its polling in South Australia before a possible double dissolution election, the prime minister went on the attack and said Labor was making major policy announcements on the fly. | Speaking in Adelaide on Thursday as the government struggles to turn around its polling in South Australia before a possible double dissolution election, the prime minister went on the attack and said Labor was making major policy announcements on the fly. |
| “Under Labor, you effectively won’t be able to negative gear a new investment in established residential housing, or commercial property, or shares,” he said. “It’s an extraordinary restriction on economic freedom. | “Under Labor, you effectively won’t be able to negative gear a new investment in established residential housing, or commercial property, or shares,” he said. “It’s an extraordinary restriction on economic freedom. |
| “It’s not a housing affordability strategy – it’s an anti-investment strategy.” | “It’s not a housing affordability strategy – it’s an anti-investment strategy.” |
| Turnbull, whose government faces losing seats in South Australia, compared Labor’s promise to lower the capital gains tax discount from 50% to 25% to levies placed on smoking. | Turnbull, whose government faces losing seats in South Australia, compared Labor’s promise to lower the capital gains tax discount from 50% to 25% to levies placed on smoking. |
| “If you want people to do less of something you tax it. That’s why we tax tobacco heavily. If you want people to do more of something you lower the tax – that’s why we have capital gains tax exemptions for investing in early stage startup companies,” he told Business SA. | “If you want people to do less of something you tax it. That’s why we tax tobacco heavily. If you want people to do more of something you lower the tax – that’s why we have capital gains tax exemptions for investing in early stage startup companies,” he told Business SA. |
| “So when Labor increases the tax on capital gains by 50% it is acting clearly and with eyes wide open to discourage investment – they will substantially reduce the rewards for investment. And so there will be less of it.” | “So when Labor increases the tax on capital gains by 50% it is acting clearly and with eyes wide open to discourage investment – they will substantially reduce the rewards for investment. And so there will be less of it.” |
| Turnbull’s comments follow days of government attacks on Labor’s proposal, but little talk of the Coalition’s tax policies. | Turnbull’s comments follow days of government attacks on Labor’s proposal, but little talk of the Coalition’s tax policies. |
| The prime minister painted his government as a safe pair of hands, while the immigration minister, Peter Dutton, said Labor’s policies would be calamitous. | The prime minister painted his government as a safe pair of hands, while the immigration minister, Peter Dutton, said Labor’s policies would be calamitous. |
| “I think the economy will come to a shuddering halt and I think the stock market will crash and I think once people realise how dangerous Labor’s economic proposal is , I think they’ll be happy to see an election,” he told 2SM Radio on Wednesday. | “I think the economy will come to a shuddering halt and I think the stock market will crash and I think once people realise how dangerous Labor’s economic proposal is , I think they’ll be happy to see an election,” he told 2SM Radio on Wednesday. |
| On Thursday, Dutton had scaled his language back, instead using a phrase to describe Labor’s policy borrowed from former prime minister, Tony Abbott. | On Thursday, Dutton had scaled his language back, instead using a phrase to describe Labor’s policy borrowed from former prime minister, Tony Abbott. |
| “It’s a tax on people’s houses,” the immigration minister said of limiting negative gearing. “This will be one of the big issues of the election year.” | “It’s a tax on people’s houses,” the immigration minister said of limiting negative gearing. “This will be one of the big issues of the election year.” |
| The outgoing head of the Australian Chamber of Commerce and Industry, Kate Carnell, told Sky News she was “disappointed” at the level of debate around changing economic policies. | The outgoing head of the Australian Chamber of Commerce and Industry, Kate Carnell, told Sky News she was “disappointed” at the level of debate around changing economic policies. |
| “It shows just how hard it is to sell major reform,” she said. | “It shows just how hard it is to sell major reform,” she said. |
| Australia needs four-year fixed terms in order for ambitious changes to be enacted, Carnell argued. “There’s simply not time [under existing terms] for the federal government to promote major reform.” | Australia needs four-year fixed terms in order for ambitious changes to be enacted, Carnell argued. “There’s simply not time [under existing terms] for the federal government to promote major reform.” |
| Labor’s spokesman on higher education, Kim Carr, said voters would see a possible move to bring the federal budget forward in order to facilitate a double dissolution election as “sneaky”. | Labor’s spokesman on higher education, Kim Carr, said voters would see a possible move to bring the federal budget forward in order to facilitate a double dissolution election as “sneaky”. |
| “I think they’ve got a real problem particularly with what now amounts to a three-month election campaign. The election campaign to all intents and purposes has really started,” he told ABC TV on Thursday. | “I think they’ve got a real problem particularly with what now amounts to a three-month election campaign. The election campaign to all intents and purposes has really started,” he told ABC TV on Thursday. |
| Carr said the government was “stumbling into” the idea of a double dissolution without thinking about the implications of such a move. | Carr said the government was “stumbling into” the idea of a double dissolution without thinking about the implications of such a move. |
| “They thought this was a quick and easy way to secure control of the Senate. It won’t be that simple and it won’t be that easy,” he warned. | “They thought this was a quick and easy way to secure control of the Senate. It won’t be that simple and it won’t be that easy,” he warned. |
| The government has until 11 May to call a double dissolution election – an election in which both houses of parliament are dissolved and all members seek re-election. | The government has until 11 May to call a double dissolution election – an election in which both houses of parliament are dissolved and all members seek re-election. |
| The budget is currently scheduled for 10 May, giving the government little time to pass crucial supply bills before starting an election campaign. | The budget is currently scheduled for 10 May, giving the government little time to pass crucial supply bills before starting an election campaign. |