Anthony Albanese has used a speech to Labor loyalists to defend his controversial budget, even getting emotional in front of the cheering Melbourne crowd.<\/p>\n
The prime minister has been under growing public and political pressure in the wake of last week’s federal budget, which included changes to negative gearing and the capital gains tax (CGT) discount.<\/p>\n
Mr Albanese defended the decisions, arguing that young Australians were being outbid by investors using the current generous tax breaks.<\/p>\n
Allan and Wilson eye 2026 Victorian poll<\/a><\/p>\n Victoria’s premier and opposition leader deliver their pre-election promises as both parties hold their state conferences.<\/p>\n “It’s not an equal process,” he told the Labor conference.<\/p>\n “Because if it’s a matter of an extra $20,000 to bid or $30,000 to bid, they know that they can do that in the comfort that that will be an increase in their tax deduction.”<\/p>\n As the crowd cheered, Mr Albanese became emotional, arguing he refused to “stand back” and blame a “broken system”.<\/p>\n He said the decision was “not the easy thing, but it’s the right thing”.<\/p>\n “Our changes are pro-aspiration and pro-supply, so we can help people get into a home of their own,” Mr Albanese said.<\/p>\n Taylor uses duelling speech to oppose federal budget<\/p>\n The CGT reforms wipe the current 50 per cent discount in favour of an inflation-adjusted model with a minimum tax rate of 30 per cent.<\/p>\n The existing model will remain an option for owners of new builds.<\/p>\n As the budget papers outlined, the change will apply to all assets, including shares and business when they are sold, which has sparked criticism, including AI-generated videos by businesses claiming it amounted to the prime minister getting a stake in their enterprise.<\/p>\n