00:00We're delivering a fairer tax system for workers, first-time buyers and young people.
00:05This will help rebalance a system which is more generous to assets than it is to labour,
00:11and help rebalance a system where house prices have decoupled from incomes.
00:15Since 1999, house prices have risen over 400 per cent, more than twice as fast as average
00:23incomes.
00:24Our tax changes will help about 75,000 Australians achieve the dream of home ownership.
00:30We'll limit negative gearing for residential property to new builds from July next year.
00:36And we're replacing the 50 per cent capital gains tax discount with inflation-adjusted
00:41indexation to restore the taxation of real gains.
00:46These changes will be prospective, and new builds will retain the option to use the 50
00:51per cent discount.
00:53We'll also introduce a minimum 30 per cent tax rate on capital gains from July next year,
00:58and on discretionary trust from July the year after.
01:02This is about better aligning the taxes paid on these types of income with the taxes paid
01:08on wages.
01:10These changes will level the playing field for workers and first-home buyers, and support
01:14investment in productive assets, including new housing supply.
01:22You
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