Page 2489 - Week 08 - Thursday, 30 August 2007
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The family home is now a tax-free haven, according to Minister Barr—
than its inherent value as a home.
I think most Canberrans would appreciate the value of their home for being exactly what it is—a home. They do not see it as a tax-free haven.
Mr Barr: Read the next sentence.
MR SMYTH: I am going to read the next bit, because it is quite interesting. He went on to say:
These tax exemptions undoubtedly favour the majority of home owners, especially those who are older or wealthier.
So the envy of age and wealth comes on from the young Mr Barr. He went on:
But in my view they are pricing younger people out of the market, thereby contributing substantially to the fall in overall home ownership for younger Canberrans.
The reality is he was right in his first statement. It is the cost of land. I spoke to a gentleman at Bunnings the other day, and he said, “When I moved here in 1970, I bought a block of land for $1,000 and paid $14,000 for the house.” Now it is fifty-fifty. We have gone from a ratio of 14 to one to fifty-fifty. Who has done it—Jon Stanhope and his high-taxing, land-squeezing, squeeze them till they bleed policies. I hope the minister will tell us that he lectured to Mr Rudd about supply side. I hope that he told him about supply side.
Mr Barr: Certainly supply side is a key feature, Mr Smyth, rest assured.
MR SMYTH: You did speak to Mr Rudd about these things—confirmation, thank you. I hope you warned Kevin Rudd, Kevin07, against saying that we have to have capital gains and land tax—not one but two slugs from the planning minister—on the family home. It will be interesting, because we all know that Mr Rudd has big-spending promises out there, but he has not told anybody where the money is coming from. Now we know. He has spoken to Mr Barr. Mr Barr has said, “Capital gains and land taxes need to be looked at.”
MR SPEAKER: Order! Direct your comments through the chair. This is not a conversation, it is a debate.
MR SMYTH: Certainly, Mr Speaker. I know that Mr Barr is embarrassed, so I will talk to you, Mr Speaker.
MR SPEAKER: I do not think he ought to be.
MR SMYTH: I know you will understand how Canberrans will react to a Kevin Rudd federal government that will introduce capital gains and land taxes. So, we need Mr Barr to rule this out, that he has not talked about supply side, increasing taxes, to
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