Controversial tax changes that have drawn widespread opposition will guarantee aspiration and fairness for future generations, Labor says.
Treasurer Jim Chalmers introduced a landmark bill to parliament on Thursday that includes changes to capital gains tax and negative gearing, as well as a $250-a-year rebate for workers.
"This is a bill for workers, for first home buyers and for future generations," he told the House of Representatives.
"It will help ensure that aspiration and opportunity are the birthright of every Australian and not just some."
Labor has argued the changes will help young people who have been locked out of the housing market by a system that taxes income earned from labour at a higher rate than income derived from investments, including property purchases.
