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You can find the current article at its original source at https://www.theguardian.com/australia-news/live/2017/feb/16/reports-coalition-planning-cut-to-capital-gains-discount-to-fix-budget-politics-live
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| Question time under way as Turnbull pressed on capital gains – politics live | |
| (35 minutes later) | |
| 3.34am GMT | |
| 03:34 | |
| Foreign minister and WA member Julie Bishop is asked about energy security and prices. Cue the state election/ | |
| Shorten to Turnbull: Does the Prime Minister rule out changes to capital gains tax? | |
| The finance minister this morning was absolutely correct and the government has no intention or plan to change capital gains tax or negative gearing. | |
| 3.31am GMT | |
| 03:31 | |
| There is another protest in the public galleries. | |
| People are yelling: | |
| Land rights for mining rights! Land rights for mining rights! Land rights for mining rights! Land rights for mining rights! Land rights for mining rights! | |
| 3.30am GMT | |
| 03:30 | |
| Speaker Smith is getting frustrated. He started the day with a warning at 9.31am, a minute after parliament began. | |
| Now he warns again: | |
| If members are going to interject wildly, as I’ve said before, they leave me no option but to ask them to leave under 94A. They will choose how often they are in the chamber. Many have worked very hard to get in the chamber. It surprises me they then work so hard to get themselves out of it once they’re here. | |
| 3.27am GMT | |
| 03:27 | |
| Shorten to Turnbull: Today the Member for Bennelong repeated his call for reform of capital gains tax and negative gearing. And if the prime minister won’t listen to first homebuyers, will he at least listen to a member of his own backbench saying the system needs to be reformed, and why does the prime minister refuse to simply say whether he rules out changes to capital gains tax or not? | |
| Turnbull says the finance minister Mathias Cormann dealt with the issue this morning. Cormann said the story was wrong. | |
| 3.24am GMT | |
| 03:24 | |
| A government question to Barnaby Joyce: Will the minister outline to the house the effect that electricity prices will increase particularly in my electorate of Maranoa. How is the government protecting hard-working Australian families and businesses from unsustainable pressure on their hip pocket? | |
| This is a chance to whack Chris Bowen. | |
| 3.23am GMT | |
| 03:23 | |
| Cathy McGowan to energy minister Josh Frydenberg: The government tells us Australia should be able to achieve the policy trifecta of energy that is affordable, reliable and secure, and feedback from my electorate is that energy should be sustainable. Across Australia, there are more than 60 groups developing community energy projects and the most popular are community solar projects. In Indi alone, 24% of households have rooftops solar and the community initiative continues to drive amazing change at the grassroots level. My question, minister: What support can the minister and the government offer to communities in rural and regional Australia to help us move towards a community energy model? | |
| Frydenberg talks about the solar communities program, the Clean Energy Finance Corporation and ARENA (the latter two of which the government tried to dump in the last term). | |
| Government has been funding those programs and those programs have been funding community programs, he says. | |
| Updated | |
| at 3.34am GMT | |
| 3.19am GMT | |
| 03:19 | |
| Shorten to Turnbull: Today the prime minister has repeatedly refused to rule out changing capital gains tax. Is the prime minister aware that the finance minister has ruled out changing capital gains tax? | |
| Turnbull is careful again. | |
| The Labor Party went in with a daily double of an increase in capital gains tax and an outlawing, a banning of negative gearing, each of which was absolutely calculated and designed to undermine investment, undermine employment. We oppose those measures then and we oppose them today. | |
| 3.16am GMT | |
| 03:16 | |
| Turnbull gets another power question from his own side, in order to take the mickey out of Bowen again. | |
| 3.13am GMT | |
| 03:13 | |
| The first government question is to Turnbull on affordable power prices. | |
| Bowen to Morrison: In question time on 29 February last year the treasurer said any increase to capital gains tax would be, “One big fat tax on investment.” Given the Financial Review reports today the government will increase capital gains tax on property, how can this government provide any leadership when the treasurer constantly contradicts himself? | |
| Morrison doesn’t answer the question but throws it back on Bowen and his interview yesterday regarding Labor’s renewable energy target of 23.5% by 2020 and 50% renewable energy goal of 50% by 2030. | |
| We saw that fog of uncertainty and that fog of ideology clouding the mind of the shadow treasurer, and what worries me about the shadow treasurer, Mr Speaker, is he is supposed to be the voice of economic sense and credibility on that side of the house. | |
| Updated | |
| at 3.31am GMT | |
| 3.07am GMT | |
| 03:07 | |
| Shorten to Turnbull: In Question Time on 22 February last year, the prime minister ruled out increasing capital gains tax saying, and I quote, “Increasing capital gains tax is no part of our thinking whatsoever.” Given that Mr Phillip Coorey in the Financial Review reports today that the government is planning to increase capital gains tax on property, can the prime minister confirm once and for all is the government going to make changes to capital gains tax? | |
| Malcolm Turnbull: | |
| The only party that is committed to increasing capital gains tax is the one opposite ... The honourable member calls out for a bit more clarity. Well, it would be nice to see that from the members of the Opposition, one bumbling interview after the other. | |
| Turnbull says Chris Bowen tried to clear up the policy later in the day. | |
| Turnbull quoted Bowen: | |
| The, the, the, trading scheme post, you know, it, it, it, where some people – where some, um... It cancels each other out, so yes.” That’s the answer. | |
| Mr Speaker, in this age of cyber warfare, had a malevolent hacker intercepted the shadow treasurer’s NEURAL circuits. What’s going on? Is it in code? We have some of the finest in the world. Will they be able to crack it? Mr Speaker, the extraordinary thing is, he is often very coherent. As he said in his book, Hearts and Minds, ‘It is a Labor thing, because it promotes investment, creates jobs and drives growth.’ | |
| Updated | |
| at 3.29am GMT | |
| 2.56am GMT | 2.56am GMT |
| 02:56 | 02:56 |
| Guess who? | Guess who? |
| 2.45am GMT | 2.45am GMT |
| 02:45 | 02:45 |
| Lunchtime politics | Lunchtime politics |
| Australian politics, a lunchtime wrap. | Australian politics, a lunchtime wrap. |
| A quite detailed report appeared suggesting the Coalition was considering winding back the capital gains discount. This was particularly controversial because Labor had suggested it two years ago and the Coalition had been bagging it ever since. Finance minister Mathias Cormann said the story was wrong. In contrast, the prime minister said he would not be following Labor policy. The budget is in May, so let’s watch this rabbit run. | A quite detailed report appeared suggesting the Coalition was considering winding back the capital gains discount. This was particularly controversial because Labor had suggested it two years ago and the Coalition had been bagging it ever since. Finance minister Mathias Cormann said the story was wrong. In contrast, the prime minister said he would not be following Labor policy. The budget is in May, so let’s watch this rabbit run. |
| The native title bill which will address the recent federal court decision relating to Indigenous Land Use Agreements was rushed through the lower house, only to sit in a queue for the Senate. Labor noted it was important, voted against it in protest that it was being rammed through, and now a senate committee will inquire into the details for reporting on 17 March. | The native title bill which will address the recent federal court decision relating to Indigenous Land Use Agreements was rushed through the lower house, only to sit in a queue for the Senate. Labor noted it was important, voted against it in protest that it was being rammed through, and now a senate committee will inquire into the details for reporting on 17 March. |
| The senate has debated parliamentary entitlements, with the Greens, Cory Bernardi, LNP senator Ian Macdonald and Pauline Hanson seeking to amend to remove free travel from prime ministers so that no one is eligible for free travel. Bernardi wants to go a step further and make sure no one accesses pensions until they are 60. | The senate has debated parliamentary entitlements, with the Greens, Cory Bernardi, LNP senator Ian Macdonald and Pauline Hanson seeking to amend to remove free travel from prime ministers so that no one is eligible for free travel. Bernardi wants to go a step further and make sure no one accesses pensions until they are 60. |
| Barnaby Joyce marked his first year anniversary as leader of the National party. | Barnaby Joyce marked his first year anniversary as leader of the National party. |
| Question time coming up. | Question time coming up. |
| Updated | Updated |
| at 2.50am GMT | at 2.50am GMT |
| 2.26am GMT | 2.26am GMT |
| 02:26 | 02:26 |
| The now familiar problem of part-time employment | The now familiar problem of part-time employment |
| Gareth Hutchens | Gareth Hutchens |
| The latest monthly employment figures are out. | The latest monthly employment figures are out. |
| The Bureau of Statistics says the trend unemployment rate remained steady in January, at 5.7% – for the ninth consecutive month. | The Bureau of Statistics says the trend unemployment rate remained steady in January, at 5.7% – for the ninth consecutive month. |
| It says there were 13,500 new jobs created between December and January (seasonally adjusted), which sounds positive. | It says there were 13,500 new jobs created between December and January (seasonally adjusted), which sounds positive. |
| But all of those jobs were part-time positions. | But all of those jobs were part-time positions. |
| Part-time employment increased by 58,300 persons, while full-time employment decreased by 44,800 persons (the difference being 13,500). | Part-time employment increased by 58,300 persons, while full-time employment decreased by 44,800 persons (the difference being 13,500). |
| It means the now-familiar problem of new jobs being mostly part-time rather than full-time jobs has not gone away. | It means the now-familiar problem of new jobs being mostly part-time rather than full-time jobs has not gone away. |
| Paul Dales, the chief economist of Capital Economics, says the worrying theme of 2016 has therefore continued into 2017. | Paul Dales, the chief economist of Capital Economics, says the worrying theme of 2016 has therefore continued into 2017. |
| “The number of people working full-time is no higher now than it was in August 2015,” Dales has written in a note to clients. This is weighing on income as lots of people are working fewer hours and the excess supply of labour is keeping wage growth low. | “The number of people working full-time is no higher now than it was in August 2015,” Dales has written in a note to clients. This is weighing on income as lots of people are working fewer hours and the excess supply of labour is keeping wage growth low. |
| “Looking ahead, subdued economic growth will probably keep the unemployment rate close to 6% this year. But even if it fell, the high rate of part-time employment and associated rise in underemployment will keep a lid on growth and the underlying rate of consumer price index inflation.” | “Looking ahead, subdued economic growth will probably keep the unemployment rate close to 6% this year. But even if it fell, the high rate of part-time employment and associated rise in underemployment will keep a lid on growth and the underlying rate of consumer price index inflation.” |
| Updated | Updated |
| at 2.35am GMT | at 2.35am GMT |
| 2.06am GMT | 2.06am GMT |
| 02:06 | 02:06 |
| In the Senate, Cory Bernardi has just lobbed his previously announced bomb, attempting to amend the parliamentary entitlements bill so that retired politicians can only access their pension when they turn 60. He makes a good suggestion IMO, that the allowances should be built into a simple salary structure so everyone can see what politicians get. Then, if you want your kids or spouse to travel with you, pay for it out of that salary. | In the Senate, Cory Bernardi has just lobbed his previously announced bomb, attempting to amend the parliamentary entitlements bill so that retired politicians can only access their pension when they turn 60. He makes a good suggestion IMO, that the allowances should be built into a simple salary structure so everyone can see what politicians get. Then, if you want your kids or spouse to travel with you, pay for it out of that salary. |
| Updated | Updated |
| at 2.36am GMT | at 2.36am GMT |
| 2.02am GMT | 2.02am GMT |
| 02:02 | 02:02 |
| The government, unsurprisingly, wins the suspension. Now the lower house is voting to pass the native title bill. | The government, unsurprisingly, wins the suspension. Now the lower house is voting to pass the native title bill. |
| 1.59am GMT | 1.59am GMT |
| 01:59 | 01:59 |
| Someone is yawning very loudly in the chamber. Any MP reading this, feel free to let me know who it is. | Someone is yawning very loudly in the chamber. Any MP reading this, feel free to let me know who it is. |