Australia turning on Labor for ‘taxing everything kids might invest’

Added: 2026-05-24

[00:00:00]Well, a potential existential wipeout for the Liberals, that's a huge story.

[00:00:04]But the same polling that predicts the Labor Party's major political rival of the past 70 years will be decimated, also has the government losing 18 seats, which raises the question, how does Anthony Albanese manage to look this unpopular even as his main political opponent is busy reenacting the extinction of the dinosaurs? Now, I could try and explain it to you, but honestly, Labor Senator Ali Whitteker will do a much better job, so over to her.

[00:00:34]I'm going to talk about negative gearing and capital gains [music] tax the way that I would to my toddler. This is giraffe.

[00:00:41]And giraffe owns the house [music] that he lives in.

[00:00:44]He also owns a second house that he rents out to zebra.

[00:00:49]Okay, so we've got a giraffe, we've got a zebra, and if you're wondering where the goose is, well, she of course is the narrator.

[00:00:56]So at tax time, >> [music] >> giraffe is paying less tax on his income than zebra is on his income.

[00:01:05]Our changes [music] will make the system fairer so that giraffe pays a little bit [music] more tax on his investments to give zebra a real shot at owning his own [music] home.

[00:01:19]Well, there you go. Now you know what Labor caucus meetings are like. As for the magical process by which giraffe paying more tax helps zebra buy his own home, that part remains mysterious. Maybe it's explained in a later episode, right after Big Ted solves inflation and Jemima fixes productivity growth.

[00:01:36]While this West Australian senator was conducting economic policy with soft toys, the Prime Minister, well, he was addressing the Victorian Labor conference.

[00:01:45]Labor is the party of aspiration and we will not allow Australia to become a country where aspiration is only for some.

[00:01:56]Someone please Albanese the Melbourne Comedy Festival ended 4 weeks ago.

[00:02:01]Because taxing away the returns on everything my kids might invest in doesn't exactly scream reach for the stars.

[00:02:08]I'm not even sure the PM knows what aspirational means. Now, I'd ask Jim Rath to explain it, but since we've already wondered into comedy territory, let's hand the microphone to Dave Hughes.

[00:02:20]They didn't have a mandate for changing [music] capital gains tax. It's now the highest in the world.

[00:02:26]No one is going to want to invest in Australia. What the are you doing?

[00:02:31]When the country's artists are going public with their buyer's remorse, you know Albanese is in trouble.

[00:02:37]The capital gains tax, if I had have known they were going to do that, I wouldn't have voted for them. I voted for Elbow and Chalmers. The bumbling, fumbling, idiotic responses when questioned this week by both Elbow and Chalmers and every other minister in that stupid government just solidified the fact we need another election.

[00:02:57]Politics is often described as show business for ugly people. The danger for labor is that even the actual show business people have stopped applauding.