Anthony Albanese has taken to social media to answer people’s questions about his government’s housing plan, after a fortnight where he has been used in memes by start-ups and small businesses worried about the capital gains tax changes.
The Prime Minister’s video on Friday is the latest in a concerted effort from Labor MPs and ministers to steer debate about the budget back onto housing.
“You’ve sent in some questions about our housing plan. Let me help to answer a couple,” Mr Albanese says in the video posted on Friday.
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He goes on to answer: “How are you changing the tax system for housing?” “‘How do your changes help first home buyers?” and “Shouldn’t we be doing more than just changing housing tax breaks?”
“You’re absolutely right,” he says in response to the latter.
“The system simply isn’t working. We know it’s broken. We’re changing the way that tax breaks like negative gearing and capital gains can be used so there’s less competition for first-home buyers.”
The budget measures replace the 50 per cent discount for tax on capital gains with an inflation-based discount and a 30 per cent minimum rate on the taxable portion.
Negative gearing will be limited to new housing stock only.
Out of Mr Albanese’s 59 Instagram posts since the May 12 budget, 24 are solely about explaining the government’s housing and tax plans. Two were about Delta Goodrem at Eurovision.
He has a similar proportion relating to housing on the X platform.
Housing Minister Clare O’Neil has also been using her social media to directly answer questions and explain the capital gains tax changes, as have many backbenchers.
WA senator Ellie Whiteaker’s efforts to talk through the plans “the way that I would to my toddler” have also attracted widespread attention.
Labor MPs have been concerned about the poor reception to the budget, although they say the aspects aimed at housing have landed well once people get past the concerns of small businesses.
In fact, some expected far more backlash to the changes to negative gearing and capital gains tax discounts for investment properties than has eventuated.
Business groups the Australian Chamber of Commerce and Industry, the Business Council of Australia, and Ai Group are calling for the changes to be limited to property investments only.
The government is consulting on how to minimise the impact on low-capital high-growth businesses like start-ups and junior miners, but Mr Albanese warned on Thursday that people shouldn’t expect it to make large changes when they come later in the year.
“The fundamentals will stay there, the integrity of the system will stay there. And what we don’t want to do is to shut down some loopholes and create others,” he said.
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