Page 3221 - Week 09 - Wednesday, 21 August 2019
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Those opposite very publicly claim, as a great achievement of their time in federal administration, that the Australian public sector is smaller. We are seeing the ACT’s service export industries growing very strongly. Higher education and tourism, for example, are setting all-time records in terms of their economic contribution and their level of employment within our economy. It is important to acknowledge, through any change process, that there are winners and there are losers. Any change process will involve such an outcome. It is impossible to change tax settings that will see everyone better off, while seeking to maintain the same level of revenue.
What I want to focus on in the remaining time is the personal circumstances particularly of younger Canberrans, who often go for years without even having a meal out, in order to save the money necessary for home deposits and, previously, to have to pay stamp duty. This is a section of our community who, according to the Grattan Institute, are going to be worse off than their parents. We will see, for the first time in Australian history, that the generation younger than us will be worse off. They will have accumulated less wealth and will be financially worse off than their parents. They will be the first generation to go backwards unless something is done to assist that generation.
One of the things I am most proud of is our work to abolish stamp duties for first homebuyers and to undertake these reforms in order to support the next generation of Canberrans, to give them some opportunities and a leg-up, because I do not think it is acceptable that the next generation will be worse off than the current generation. I think that is unacceptable. It will be the first time in our nation’s history that the generations that follow those who are currently in power will be worse off. If we do not do something to address this, it will be a major national catastrophe, and it does need addressing. The Grattan Institute has absolutely identified this as an issue of national priority, and I agree.
There are many things that can be done to assist younger Canberrans and younger Australians—some wage growth, increasing the rate of Newstart, abolishing stamp duties, supporting more education and training investment, and giving younger Canberrans and younger Australians more opportunities. There is a particular benefit of these reforms. I want to ensure that younger Canberrans do not miss out on the wonderful opportunities that this city can offer. This is an important reform that delivers those opportunities for younger Canberrans.
There are many lenses through which we can view taxation reform. One of them is intergenerational. It is important that governments across the nation do something to address this significant problem—that is, that younger Australians are being burdened with an extraordinary level of debt from their education, and that they are facing a housing market that is much more difficult to enter into than was the case for generations older than them. Governments at the moment, particularly at the state and territory level, by levying stamp duties are making it even harder for those young people to enter into the housing market.
I say to Mr Coe that, for those Canberrans who never get to go out because they are saving every cent for their home deposit—or what used to be the case, to have to pay
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