Deputy Liberal Leader Jane Hume has launched a scathing attack on the Albanese government’s proposed changes to capital gains tax and negative gearing, labelling them “terrible, toxic taxes” and calling for the legislation to be completely scrapped.
As politicians return for a crucial winter fortnight sitting, Senator Hume accused Labor and Greens lawmakers of weaponising political hypocrisy to deny regular Australians the same wealth-building avenues they benefited from themselves.
“Negative gearing has been a way for people to create wealth for generations, and that includes plenty of politicians, particularly from Labor and from the Greens,” Senator Hume told Sky News.
“I think that people should be asking questions of both Labor politicians and Greens politicians whether they have ever used negative gearing to build wealth and to get ahead, because I’ll lay you odds that they have.”
She said it was an “extraordinary hypocrisy” that they are now trying to deny that ability from the next generation of Australians.
The small business toll
The Opposition has firmly rejected any compromise on the proposed legislative changes, which include winding back negative gearing incentives and adjusting capital gains tax exemptions.
Following the Coalition’s strict policy line, Senator Hume argued that the government’s approach is structurally flawed and fundamentally anti-success.
“There is only one solution here. Axe the tax,” she said.
“These are terrible, toxic taxes that are an assault on aspiration, and the carve outs simply make it worse. They’re not tax reform.
“Tax reform grows the economy, reduces the tax burden on ordinary Australians, and simplifies the tax system. These tax changes do none of those things.”
Instead, Senator Hume warned that the changes would deal a heavy blow to the engine room of the Australian economy – small businesses.
“They target the very people that we rely on to grow the economy, and particularly small businesses,” she said.
“How is it that Canberra can now be responsible for deciding which businesses are worthy of a carve out, which businesses are the ones that are innovating, which businesses and which Australians are going be allowed to get ahead. That’s entirely unfair, and Australians know it.”
The government’s legislative push comes amid tense negotiations with the Australian Greens, who are reportedly leveraging support for the property tax reforms in exchange for shifting timelines on a major National Disability Insurance Scheme (NDIS) inquiry.
Various reports indicate that delaying the implementation of the proposed NDIS changes by even one year could hit the federal budget by $17 billion over the four-year forward estimates period.
While Senator Hume acknowledged that “an extended inquiry is not a bad idea” for a program affecting hundreds of thousands of vulnerable Australians, she fiercely condemned the government for fast-tracking the sweeping tax reforms with minimal parliamentary oversight.
| Legislation | Population Affected | Inquiry Length |
| NDIS Reform Package | Hundreds of thousands | Extended Inquiry Proposed |
| Capital Gains / Negative Gearing Changes | Millions of Australians | Two-Day Inquiry |
“The tax changes are going to affect millions of Australians, millions of Australians, and somehow that’s only worthy of a two day inquiry,” she said.