WEBVTT - #185 Peter Dutton: The Election Week Interview - The Coalition’s Policies & Australia’s Future with Labor 0:00:00.200 --> 0:00:03.239 Hi, my Boris and this is straight Talk. Peter Dutton. 0:00:03.400 --> 0:00:04.680 Welcome back to straight Talk. Mate. 0:00:04.680 --> 0:00:05.440 Great to be with you. Mark. 0:00:05.480 --> 0:00:06.840 Thank you been a bit hectic. 0:00:07.120 --> 0:00:09.959 It's been a bit on there's no sleep at the moment, 0:00:10.039 --> 0:00:12.319 but we're just going twenty four to seven until Poles 0:00:12.360 --> 0:00:13.320 closed on Saturday night. 0:00:13.640 --> 0:00:17.680 Did you ever have any concept of how I use 0:00:17.760 --> 0:00:21.680 it hectic? How sort of crazy this is like running 0:00:21.680 --> 0:00:24.560 for you know, the leader of the party as opposed 0:00:24.560 --> 0:00:25.640 to just your normal seat. 0:00:26.160 --> 0:00:27.120 Do you have any sense for it? 0:00:27.600 --> 0:00:30.320 Look, I've been around. I've served four Prime ministers, so 0:00:30.320 --> 0:00:32.280 I've seen different campaigns, and I've been in the leadership 0:00:32.320 --> 0:00:35.680 group and watched it pretty you know, sort of ringside 0:00:35.720 --> 0:00:38.479 for a long time. But until you're in the ring 0:00:38.680 --> 0:00:42.000 and you're just going round after around it, it can 0:00:42.000 --> 0:00:44.160 be exhausting. But it's also exhilarating, mate. I mean, we've 0:00:44.159 --> 0:00:46.959 met some just amazing people. We're up in towns full 0:00:46.960 --> 0:00:50.320 the other day on Anzac Day meeting with young diggers 0:00:50.400 --> 0:00:54.120 up there in the RSL and you know what, selfie's 0:00:54.120 --> 0:00:56.360 and all that sort of stuff, But you're standing there thinking, 0:00:56.360 --> 0:00:58.760 you know what this young blow twenty one, twenty two 0:00:58.800 --> 0:01:00.640 years of age has such a love for our country 0:01:01.160 --> 0:01:03.960 that he's prepared to trade his life to keep my kids, 0:01:04.440 --> 0:01:07.600 my grandkids safe in our country. And all of that 0:01:08.080 --> 0:01:09.880 provides you, I think, just with fuel and the tank 0:01:09.920 --> 0:01:11.680 to think, you know what, this is worth fighting for 0:01:11.760 --> 0:01:14.920 and we're in a great country and I need to 0:01:14.920 --> 0:01:17.600 step up and make sure we protect our country and 0:01:17.600 --> 0:01:18.399 get it back on track. 0:01:18.800 --> 0:01:19.760 You got the fight still in you? 0:01:19.800 --> 0:01:22.759 One hundred percent? Yeah, yeah, I never never give in, 0:01:22.880 --> 0:01:25.679 and I've always had that as my maximum over life, 0:01:25.680 --> 0:01:29.080 to make sure that you just double down and you 0:01:29.120 --> 0:01:32.120 stand up for what you believe in, and there's no 0:01:32.160 --> 0:01:34.039 sitting on the fence. You need to tell people and 0:01:34.120 --> 0:01:36.759 be clear about what your values are, what you stand for, 0:01:37.280 --> 0:01:39.280 and if you try and please everyone in this job, 0:01:39.800 --> 0:01:42.560 you end up, I think, standing for nothing. And there 0:01:42.560 --> 0:01:44.440 are good and bad people on both sides of politics, 0:01:44.480 --> 0:01:47.000 but the worst ones of those that get to the 0:01:47.080 --> 0:01:48.560 end of their career and nobody can tell you what 0:01:48.600 --> 0:01:51.320 they stood for or what they believed in. What's the 0:01:51.360 --> 0:01:53.800 point of public service if you can't stand up for 0:01:54.280 --> 0:01:58.200 the values that you really strongly believe in, and what 0:01:58.240 --> 0:01:58.840 are w'here to? 0:01:59.160 --> 0:02:00.400 Anything is surprised. 0:02:02.960 --> 0:02:06.800 Just the negative campaigns and the lies that have come 0:02:06.840 --> 0:02:09.360 from Labor in this campaign. As I said, I've been 0:02:09.360 --> 0:02:14.520 in Parliament almost twenty five years and the you know, 0:02:14.680 --> 0:02:17.760 I mean, politicians can be accused of telling FIBs or 0:02:17.880 --> 0:02:21.200 lies or whatever, but I've never seen a leader look 0:02:21.240 --> 0:02:24.799 down the barrel of the camera like this one and 0:02:24.440 --> 0:02:29.359 he just lies, just flat out tells people black is white, 0:02:29.560 --> 0:02:33.040 and even when he's pulled up on it, he dances around. 0:02:33.080 --> 0:02:36.639 And I mean, I've seen different Labor and Liberal leaders 0:02:38.240 --> 0:02:42.919 get caught out, and most of them respect the truth 0:02:42.960 --> 0:02:46.920 and adhere to that, but this is a different scenario. 0:02:47.000 --> 0:02:52.520 So I've been really surprised by the depth of the lies. 0:02:52.600 --> 0:02:55.880 And I think though, I've got an incredible faith in 0:02:55.919 --> 0:02:58.160 the Australian people, and I think over the last four 0:02:58.240 --> 0:03:00.120 or five days, people are starting to say, actually, you 0:03:00.160 --> 0:03:03.640 know what, that doesn't add up what he's saying, and 0:03:04.120 --> 0:03:05.600 I know that not to be true what I just 0:03:05.639 --> 0:03:07.920 heard him say. And we've seen it because we've had 0:03:07.960 --> 0:03:11.519 four debates now and people have done their research, and 0:03:11.560 --> 0:03:14.200 I think as we get closer to the election, momentum 0:03:14.280 --> 0:03:16.400 is starting to swing back towards the Liberal Party and 0:03:16.520 --> 0:03:20.079 I think that will by six PM on Saturday Night. 0:03:20.800 --> 0:03:23.920 See is in a very strong position in which I 0:03:23.919 --> 0:03:24.520 think we can win. 0:03:24.840 --> 0:03:25.400 This is funny. 0:03:25.880 --> 0:03:27.920 I've been through a lot of elections too, and not 0:03:28.000 --> 0:03:29.600 in the same capacity as you, but as a voter, 0:03:30.040 --> 0:03:33.880 and I don't think I've ever heard anybody be called 0:03:33.880 --> 0:03:37.920 a lie I don't think people have challenged a proposition 0:03:38.000 --> 0:03:42.640 that you know, opposing people have put up. But I 0:03:42.680 --> 0:03:43.440 don't really ever. 0:03:43.320 --> 0:03:45.160 Remember hearing anyone call anyone a liar. 0:03:45.560 --> 0:03:47.640 And actually, one of the things that has come out 0:03:47.640 --> 0:03:50.320 of this whole campaign from both sides is that I've 0:03:50.880 --> 0:03:55.000 actually heard you say that the Prime Minister is weak, 0:03:56.080 --> 0:03:58.520 yet he's somehow surged ahead of you guys in the 0:03:58.560 --> 0:04:00.800 polls so called post talk about that at a moment, 0:04:00.800 --> 0:04:02.680 but it looks as though at least the media of 0:04:02.760 --> 0:04:03.960 putting him as a winner. 0:04:05.400 --> 0:04:06.680 I can't reconcile that stuff. 0:04:07.320 --> 0:04:09.480 Well, I mean a couple of points. One is, you 0:04:09.520 --> 0:04:11.520 don't lead the left of the Labor Party for twenty 0:04:11.600 --> 0:04:13.920 years if you don't have some mungrel in you, so 0:04:13.920 --> 0:04:17.159 there's no question about that. But weak in the sense 0:04:17.200 --> 0:04:19.479 that he hasn't been able to stand up, for example, 0:04:19.480 --> 0:04:22.560 to Kevin Rudd, who wanted demanded to go to the 0:04:22.640 --> 0:04:25.839 United States as our ambassador and has been a failure. 0:04:25.880 --> 0:04:29.040 Really weak in the sense that he wasn't prepared to 0:04:29.120 --> 0:04:32.000 explain the detail of the Voice to the Australian people, 0:04:32.240 --> 0:04:34.000 even though it was promised, but he never had any 0:04:34.000 --> 0:04:36.960 intention of doing that. Weak in the sense that they've 0:04:36.960 --> 0:04:39.880 made decisions to spend a lot of money when they 0:04:39.880 --> 0:04:42.520 should have been taking the foot off the accelerator so 0:04:42.520 --> 0:04:45.720 that interest rates didn't stay as high as they have. 0:04:46.120 --> 0:04:48.360 They've gone up on twelve occasions, they've only come back 0:04:48.880 --> 0:04:51.360 once and that's only by point two five of one percent. 0:04:52.120 --> 0:04:55.120 And weak in the sense that he hasn't been able 0:04:55.160 --> 0:04:58.240 to stand up and make the decision to invest into 0:04:58.680 --> 0:05:01.159 keeping us safe as a community, and people feel less 0:05:01.160 --> 0:05:04.120 safe in their communities. And I think we're less safe 0:05:04.120 --> 0:05:07.159 as a country because the government's taken money out of 0:05:07.480 --> 0:05:10.839 defense as well in a very uncertain period. So I 0:05:10.880 --> 0:05:14.400 think there's that element to it if you step back though, 0:05:14.440 --> 0:05:16.880 as as best I can, and i'm as assay sort 0:05:16.880 --> 0:05:21.520 of in the arena. But what they've done is they 0:05:21.520 --> 0:05:26.359 have just plastered a negative campaign against us over the 0:05:26.360 --> 0:05:28.600 course of the last few weeks. Why would they do that? 0:05:29.200 --> 0:05:32.880 Their campaign can't be look vote for labor at this 0:05:32.920 --> 0:05:35.760 election because you're paying three hundred bucks a month less 0:05:35.800 --> 0:05:39.159 for your groceries, you're paying two hundred dollars less a 0:05:39.160 --> 0:05:41.920 month for your electricity bill, or two hundred and seventy 0:05:41.920 --> 0:05:44.440 five dollars less, or you're paying one hundred and fifty 0:05:44.440 --> 0:05:47.320 dollars less a month for your insurance premiums. Gas has 0:05:47.320 --> 0:05:49.560 gone up by thirty four percent, electricity is up by 0:05:49.560 --> 0:05:53.640 thirty two percent, groceries up by thirty percent, and people 0:05:53.720 --> 0:05:56.400 know in their own budgets that they're struggling to keep 0:05:56.400 --> 0:05:59.000 their heads above water. So they had to go negative 0:05:59.040 --> 0:06:02.000 because they can't talk the achievements of the last three 0:06:02.080 --> 0:06:04.160 years and how people are better off. Thirty thousand small 0:06:04.160 --> 0:06:06.840 businesses have gone broke. So that's why I think we've 0:06:06.880 --> 0:06:11.280 seen the level of negativity, the depth of that negativity, 0:06:11.400 --> 0:06:15.080 and the labor lies. It probably just talks about Medicare. 0:06:15.520 --> 0:06:18.680 Block building rates are down by eleven percent under his watch. 0:06:18.720 --> 0:06:21.520 People are paying forty three dollars out of pocket to 0:06:21.600 --> 0:06:24.560 go and see a GP. In some cases they're canceling 0:06:24.920 --> 0:06:26.919 or not making appointments to go to see a doctor 0:06:26.920 --> 0:06:29.599 because they haven't got the forty three bucks to fork 0:06:29.640 --> 0:06:33.480 out out of their budget for a doctor's visit, and 0:06:33.640 --> 0:06:36.520 you know, I mean that's if you listen to their campaign, 0:06:36.560 --> 0:06:39.000 they've been the greatest friend of medicare ever. It's just 0:06:39.040 --> 0:06:41.119 not the reality. 0:06:41.839 --> 0:06:44.240 But then, how does he is it a reflection on 0:06:44.279 --> 0:06:47.480 the voting population or how is it that he's able 0:06:47.520 --> 0:06:53.120 then to swap over the national poles which is different 0:06:53.120 --> 0:06:55.919 to seat by seat pole, but the national poles that 0:06:56.040 --> 0:06:58.600 the media keep trotting out. How's he been able to 0:06:58.640 --> 0:07:02.320 swap it over from the coalition being ahead, let's say 0:07:02.400 --> 0:07:06.839 beginning of January late last year, to accordingly according to 0:07:06.839 --> 0:07:07.480 the current. 0:07:07.279 --> 0:07:11.480 Position being looking as though that you're behind. Is he 0:07:11.600 --> 0:07:13.800 just a good politicians? 0:07:13.880 --> 0:07:16.280 I think he's a tricky politician. I think he's demonstrated that. 0:07:16.520 --> 0:07:19.600 And the negative campaign has had an impact. I do 0:07:19.640 --> 0:07:21.880 think though over the last four or five days, and 0:07:21.880 --> 0:07:25.160 you can see this in the internal track polling, it 0:07:25.280 --> 0:07:28.120 is starting to shift and people are starting to see 0:07:28.160 --> 0:07:31.760 through the negative campaign. The campaign is starting to and 0:07:31.920 --> 0:07:34.280 momentum starting to come back. We've seen it on the 0:07:34.280 --> 0:07:38.360 pre pole as well. Talking to marginal seat members and 0:07:38.400 --> 0:07:41.920 candidates in our key seats. There's a really positive sentiment 0:07:42.000 --> 0:07:44.920 on pre polling since it's opened now, that'll be some 0:07:45.120 --> 0:07:49.440 Liberal Party voters coming out early, particularly older Australians, older 0:07:49.440 --> 0:07:53.520 Astralans who are really worried about unrealized capital gains tax, 0:07:54.360 --> 0:07:57.240 They're worried about where the economy is going. They're worried 0:07:57.280 --> 0:08:00.800 that kids and grandkids can't get housing. So there'll be 0:08:00.920 --> 0:08:04.480 that element to the voter sentiment at the moment. But 0:08:04.960 --> 0:08:06.920 there are still you know, a lot of people who 0:08:06.920 --> 0:08:08.840 are undersided, a lot of people who don't take much 0:08:08.840 --> 0:08:11.360 interest in politics at all, will start to switch on 0:08:11.440 --> 0:08:13.320 over the next few days. And I think there are 0:08:13.320 --> 0:08:15.720 a lot of people who have listened to the Labor 0:08:15.760 --> 0:08:18.400 Party pitch and may have been taken first up by it, 0:08:18.440 --> 0:08:20.440 but now realize, hang on it, that doesn't make sense. 0:08:21.760 --> 0:08:24.920 Medicare is not going to see a doctor, is not 0:08:25.000 --> 0:08:28.480 cheaper than it was a few years ago. And am 0:08:28.480 --> 0:08:31.200 I better off today than I was three years ago? Well, 0:08:31.240 --> 0:08:33.120 for a lot of families know, And it's not just 0:08:33.160 --> 0:08:36.120 a referendum. This election is not just a referendum on 0:08:36.520 --> 0:08:38.920 the campaign of the last few weeks and who's held 0:08:38.960 --> 0:08:43.120 more babies and you know, who's visited more seats or 0:08:43.360 --> 0:08:45.320 done more flights or anything like that. This is a 0:08:45.320 --> 0:08:48.200 referendum on the last three years, and I don't think 0:08:48.200 --> 0:08:50.800 people forget that. And it's also about, well, are you 0:08:50.880 --> 0:08:54.959 better off in three years time having re elected a 0:08:55.040 --> 0:08:58.160 labor Green's government, or are you better off with labor 0:08:58.520 --> 0:09:01.600 being out of power and the Liberals managing the economy 0:09:01.640 --> 0:09:05.000 effectively again and keeping us safe and realizing the dream 0:09:05.040 --> 0:09:05.960 of home ownership again. 0:09:06.240 --> 0:09:09.760 So I received a text last night, interesting enough and 0:09:10.000 --> 0:09:14.400 unsolicited and more random than anything from Jeff Wilson. 0:09:14.640 --> 0:09:15.760 And you're going to. 0:09:15.679 --> 0:09:19.400 Say, Clive Palmer for a second. 0:09:18.160 --> 0:09:19.720 I've got a few of those says. I haven't had 0:09:19.720 --> 0:09:22.600 a few of those trumble to Patriot once now. But 0:09:22.640 --> 0:09:24.640 I received this text from Jeff Wilson. Jeff Wilson runs 0:09:24.679 --> 0:09:26.960 a fund and he's a very successful guy here in Sydney. 0:09:27.520 --> 0:09:31.239 And he sent me a copy of a paper about 0:09:32.000 --> 0:09:37.760 unrealized gains capital gains in super funds and the proposed 0:09:37.800 --> 0:09:38.760 tax on those gains. 0:09:39.600 --> 0:09:42.280 And I thought, wow, that's knowing I was. 0:09:42.240 --> 0:09:45.800 Seeing you today, that is a really important point I 0:09:45.880 --> 0:09:46.520 need to put to you. 0:09:47.000 --> 0:09:48.319 And I said to Jeff, I would put it to you. 0:09:48.320 --> 0:09:49.760 He's a good friend of mineus that have put to you, 0:09:49.760 --> 0:09:51.599 and he's actually prepared a white paper on it, or 0:09:51.640 --> 0:09:54.120 his organization prepared white paper on it, which I might 0:09:54.160 --> 0:09:59.360 actually send over to you. But where everyone's forgotten about this, 0:10:00.240 --> 0:10:02.720 you know, I think the amount is three million dollars 0:10:02.800 --> 0:10:05.280 if you have in your super fun because you've worked 0:10:05.280 --> 0:10:07.320 hard and you've been out to contribute over a million years, 0:10:07.600 --> 0:10:10.000 you know, enough money to get over three million dollars 0:10:10.000 --> 0:10:12.920 worth of assets, but you haven't sold them. 0:10:12.920 --> 0:10:13.920 They just value did that. 0:10:15.600 --> 0:10:18.880 Under the proposal by the Labor Party, which is what 0:10:19.559 --> 0:10:22.400 Jeff was bringing to my attention last night again, was 0:10:22.440 --> 0:10:24.960 that you'd be paying tax on that. And I don't 0:10:24.960 --> 0:10:26.880 know how you paid tax on an unrealized game. I 0:10:26.880 --> 0:10:28.600 don't we get the money from him to pay tax 0:10:28.640 --> 0:10:30.800 on something as unrealized because you don't have the cash 0:10:30.800 --> 0:10:34.079 because you haven't realized the game. Can what's the position 0:10:34.120 --> 0:10:36.319 of the Liberal Party of the coalition on this stuff? 0:10:37.080 --> 0:10:39.800 So, Mike, we opposed it straight away when the government 0:10:39.840 --> 0:10:44.000 proposed it, and they've tried now, I think, to sort 0:10:44.000 --> 0:10:46.120 of push the boundaries on this. They've done research on 0:10:46.640 --> 0:10:51.040 abolition of negative gearing and cutting out the discount on 0:10:51.080 --> 0:10:54.000 capital gains, tax on the sale of an asset held 0:10:54.040 --> 0:10:56.719 for longer than twelve months as well. So I think 0:10:56.760 --> 0:10:59.720 there is a broader issue here of credibility. So the 0:10:59.720 --> 0:11:02.840 prime went to the last election saying no changes to 0:11:03.040 --> 0:11:06.000 super tax, and of course this change then came in, 0:11:06.320 --> 0:11:08.560 and I equate it to you know, if you're a 0:11:08.600 --> 0:11:12.840 way journal, if you're a tradee or you working for 0:11:12.880 --> 0:11:16.920 a boss, it's like charging you tax, like you're having 0:11:16.920 --> 0:11:20.120 to pay the tax office the tax before you get 0:11:20.120 --> 0:11:24.320 paid your wage for that week. And if you're in 0:11:24.360 --> 0:11:28.760 a superfund and you've got a farm in that super fund, 0:11:29.200 --> 0:11:32.880 which many rural families do, or if you're a family 0:11:33.240 --> 0:11:38.440 maybe second third generation family with a block of shops 0:11:38.559 --> 0:11:42.280 or a couple of units, or if you've got shares 0:11:42.280 --> 0:11:44.720 that have just done really well, you've picked a couple 0:11:44.720 --> 0:11:48.760 of cracking shares that have taken off. For that twelve 0:11:48.800 --> 0:11:51.640 month period, you might have seen an increase in value 0:11:51.800 --> 0:11:55.200 in the block of flats or in the price of 0:11:55.240 --> 0:11:58.800 your shares, you haven't realized the gain. So if the 0:11:58.840 --> 0:12:01.680 price has gone from a all are up to five dollars, 0:12:02.920 --> 0:12:07.800 you're taxed on that capital gain, and the next twelve months, 0:12:07.840 --> 0:12:10.400 the shares might come back. There might be a crash. 0:12:10.440 --> 0:12:13.800 The valuation that you've had to pay for again for 0:12:13.880 --> 0:12:17.040 the building that you've got in your superfund might show 0:12:17.080 --> 0:12:19.960 that prices have come off, or perhaps you've got vacancies 0:12:20.559 --> 0:12:24.880 and the yield's gone down in relation to the shops 0:12:24.880 --> 0:12:27.720 that you've got to. It could be anything, right. You 0:12:27.720 --> 0:12:31.640 could have a development application that's approved. You've sunk a 0:12:31.640 --> 0:12:34.440 lot of money into getting the development application and it 0:12:34.559 --> 0:12:36.319 increases the price of the block of land that you're 0:12:36.320 --> 0:12:38.280 holding or whatever it is. You're going to pay tax 0:12:38.679 --> 0:12:41.080 under Labour's model, and it raises a few billion dollars, 0:12:41.080 --> 0:12:43.360 so they know that it's really going to hurt. And 0:12:43.920 --> 0:12:46.640 if you're in a superfund and you haven't got much 0:12:46.679 --> 0:12:49.000 cash in the super fund, if you are a farmer, 0:12:49.040 --> 0:12:51.400 for example, and you've got limits as to how much 0:12:51.400 --> 0:12:53.920 money you can put on depending on how old you 0:12:53.920 --> 0:12:55.360 are as to how much money you can put into 0:12:55.400 --> 0:12:58.040 that fund, you might be forced into a position where 0:12:58.040 --> 0:13:01.760 you've got to sell the asset to pay the tax bill. 0:13:02.280 --> 0:13:05.960 And it just it's I just think it's unjust and 0:13:06.000 --> 0:13:09.160 it's unfair and it's also nonsense. Well, it's absolutely it is, 0:13:09.200 --> 0:13:11.320 but it captures like people might say, now, oh, you 0:13:11.320 --> 0:13:13.200 know three million bucks and you're super fund if only, 0:13:13.679 --> 0:13:17.839 but this will capture with inflation people over the coming years. 0:13:17.880 --> 0:13:19.840 It's not not index, so the three million doesn't go 0:13:19.920 --> 0:13:22.160 up each year, so this will capture more and more 0:13:22.320 --> 0:13:25.520 tax payers each year. And as I say, if you're 0:13:26.880 --> 0:13:29.000 if you've inherited some money and you've put it into 0:13:29.000 --> 0:13:31.679 your super or you've just listened to the financial advisors 0:13:31.679 --> 0:13:34.160 who have said, okay, pile as much money as you 0:13:34.200 --> 0:13:38.400 can into super because it's a safe asset class. You're 0:13:38.720 --> 0:13:41.080 you're now going to come within scope over the course 0:13:41.080 --> 0:13:43.280 of the next few years. Like we've fought really hard 0:13:43.320 --> 0:13:46.640 against this, Labor and the Green strongly support it. And 0:13:46.840 --> 0:13:49.040 again I think it gives a window into Labour's thinking. 0:13:49.160 --> 0:13:53.680 It's it's that we can take money away from you 0:13:53.760 --> 0:13:57.280 because we think you've done too well. And that's sort 0:13:57.320 --> 0:13:59.800 of the socialism that's at operation. That's at the heart 0:13:59.800 --> 0:14:03.439 of the operation of Labor and Green's parties. That it's 0:14:03.520 --> 0:14:07.800 well three distribution. And Jeff Wilson, who I know well 0:14:07.960 --> 0:14:10.839 also I'm in one of the smartest financial minds in 0:14:10.880 --> 0:14:14.120 the country. He's horrified by all of this, and most 0:14:14.160 --> 0:14:18.000 financial advisors are poor keating, poor keeting would be he 0:14:18.040 --> 0:14:21.400 wouldn't he wouldn't recognize it in terms of what the 0:14:21.440 --> 0:14:25.080 Labor Party's proposing here. And it provides a disincentive as well, 0:14:25.120 --> 0:14:27.800 because a lot of financial advisors will be saying to 0:14:28.120 --> 0:14:30.880 younger people, look, actually I wouldn't be putting that much 0:14:30.920 --> 0:14:35.080 money into supernow because it's just risky. We don't know 0:14:35.600 --> 0:14:37.160 whether the three million is going to be brought down. 0:14:37.200 --> 0:14:40.400 If Labor needs to create more tax and more revenue, 0:14:40.560 --> 0:14:42.560 maybe they'll drop the three million down to two million 0:14:42.560 --> 0:14:45.200 dollars and you'll be captured by that. So the whole 0:14:45.200 --> 0:14:48.280 idea of that Super is that it's a safe place 0:14:48.320 --> 0:14:50.840 to invest and it's going to provide for your retirement. 0:14:51.320 --> 0:14:53.640 But if you take away that certainty, younger people are 0:14:53.640 --> 0:14:56.280 just going to say, well, actually, no, I'm not going 0:14:56.320 --> 0:14:59.600 to tip money into Super. And you know, we sold 0:15:00.560 --> 0:15:03.240 you know, a car or a boat instead of spending 0:15:03.240 --> 0:15:05.680 that money, we're going to dump it into Super. Those 0:15:05.720 --> 0:15:08.360 people stopped doing that, and I think that's you know, 0:15:08.400 --> 0:15:11.080 I think that that is a really bad outcome. Not 0:15:11.200 --> 0:15:13.680 enough people are talking about it, and as I say 0:15:13.760 --> 0:15:17.040 it also then says, well, if Anthony Albanezi told you 0:15:17.080 --> 0:15:19.680 before the last election that there were no not going 0:15:19.720 --> 0:15:22.400 to be any tax changes around super he's saying the 0:15:22.400 --> 0:15:24.760 same thing now around the family home. But we know 0:15:24.840 --> 0:15:27.520 that they've done the work on what negative gearing abolition 0:15:27.600 --> 0:15:31.920 looks like and what the abolition of the CGT fifty 0:15:31.960 --> 0:15:35.480 percent discount looks like as well, So that you know, 0:15:35.600 --> 0:15:38.240 I think gives a window into the thinking of the 0:15:38.280 --> 0:15:41.200 Labor Party and that they'll always want a tax more 0:15:41.200 --> 0:15:43.080 because I always want to spend more. But that's what 0:15:43.120 --> 0:15:44.440 puts interest rates up as well. 0:15:45.480 --> 0:15:46.760 I hope you don't mind if I just I don't 0:15:46.800 --> 0:15:50.480 want to labor this this point, but it's quite important 0:15:50.480 --> 0:15:55.680 to someone like me. I think about the kids, the 0:15:55.720 --> 0:15:58.000 twenty year old kids, let's call them, even the fifteen 0:15:58.040 --> 0:15:59.800 year old kids, but maybe they're not voting. But let's 0:15:59.800 --> 0:16:03.960 say your grandkids or my grandkids in my case, or 0:16:04.440 --> 0:16:06.680 we could be thinking about young people who are just 0:16:06.720 --> 0:16:09.040 turning twenty getting the first job they're going to work 0:16:09.080 --> 0:16:11.520 for forty five years, and they're going to be putting 0:16:11.560 --> 0:16:13.320 the money into this great thing that look, you know, 0:16:13.440 --> 0:16:15.040 let's give it a keyping a great thing that the 0:16:15.120 --> 0:16:18.000 Keyting came up with in the nineties, a great thing, 0:16:19.000 --> 0:16:22.880 and it's about building up enough wealth so you can 0:16:22.920 --> 0:16:25.720 retire comfortably, because every Australian works their butt off and 0:16:25.720 --> 0:16:31.080 they deserve to retire comfortably. And the whole regime about 0:16:31.080 --> 0:16:36.680 this is having concessionary concessional tax rates on your superfund 0:16:37.000 --> 0:16:40.760 and the money the super fund made. That's the whole premise. 0:16:42.640 --> 0:16:46.560 A kid who's twenty in forty five years time will 0:16:46.600 --> 0:16:49.160 probably will have to have more than three million dollars 0:16:49.160 --> 0:16:50.320 worth assays it's be. 0:16:50.280 --> 0:16:52.440 Able to live comfortably, no doubt about that. 0:16:52.520 --> 0:16:56.480 And so that person right now want to get their 0:16:56.760 --> 0:16:58.440 act together and think about what they're going to do, 0:16:58.520 --> 0:17:02.600 because if this goes through, this is a next extential 0:17:02.680 --> 0:17:08.840 threat to what was originally designed by Jim Chalmers's greatest 0:17:09.400 --> 0:17:11.640 person in his life, Paul Keating. And I just can't 0:17:11.680 --> 0:17:15.200 believe that they're actually even talking about it or considering it. 0:17:15.240 --> 0:17:17.320 Is this a real risk of getting a pass by 0:17:17.320 --> 0:17:18.000 it through Parliament? 0:17:18.040 --> 0:17:22.119 Well, yes, and again it wasn't. Nothing was mentioned about 0:17:22.119 --> 0:17:25.240 it before the election. It's one of the key broken 0:17:25.280 --> 0:17:28.760 promises And to your point too, which I think is 0:17:28.800 --> 0:17:32.199 really well made, that the reason that we've got a 0:17:32.200 --> 0:17:35.080 concessional taxation arrangement that is people paying low attacks in 0:17:35.280 --> 0:17:39.159 SUPER when the money's compounding and you're earning and building 0:17:39.200 --> 0:17:42.640 that nest eck up is because it's your money ultimately, 0:17:42.720 --> 0:17:44.600 Whilst the boss takes it out before you see it 0:17:44.600 --> 0:17:46.920 and sends it off to your super fund, it's your 0:17:46.960 --> 0:17:50.840 money and you can't access it. So the price that 0:17:50.960 --> 0:17:55.520 we as a government are saying to you for putting 0:17:55.560 --> 0:17:57.080 that money aside not being able to use it to 0:17:58.119 --> 0:18:00.000 buy a boat or go on a holiday or whatever 0:18:00.040 --> 0:18:01.800 it might be, is that we're going to tax you 0:18:01.800 --> 0:18:04.240 at a lower rate because we want you to be 0:18:04.280 --> 0:18:07.320 self sufficient in retirement because we've got an aging population, 0:18:07.800 --> 0:18:11.919 more people on pensions, and your point is spot on, 0:18:11.960 --> 0:18:14.360 where you've worked your guts out your whole life. We 0:18:14.400 --> 0:18:17.320 want you to be able to enjoy your retirement and 0:18:17.400 --> 0:18:19.520 SUPER is part of the way in which you're going 0:18:19.560 --> 0:18:21.600 to be able to do that. But the government just 0:18:21.680 --> 0:18:24.040 up ends all of that logic and thinking that keeping 0:18:24.119 --> 0:18:27.359 first had in mind, and it's just a tax grab. 0:18:27.840 --> 0:18:31.040 And it's even worse than that because you're saying to somebody, Okay, 0:18:31.040 --> 0:18:33.359 we're going to have to pay a valuer during the 0:18:33.400 --> 0:18:36.080 course of every financial year to work out whether the 0:18:36.080 --> 0:18:38.440 asset's gone up or down during the course of that year. 0:18:38.600 --> 0:18:42.520 Then the cost of valuers for real estate, they charge 0:18:42.520 --> 0:18:43.919 a percentage of the valuation, well on. 0:18:44.000 --> 0:18:47.399 Thousands and thousands of dollars. So the values will be 0:18:47.440 --> 0:18:50.640 happy because they're going to be paid to do these 0:18:50.680 --> 0:18:53.560 desktop audits or whatever. I don't know the level of detail. 0:18:53.600 --> 0:18:56.359 The government hasn't released how much money you'd have to 0:18:56.400 --> 0:19:00.399 spend in an average super fun to comply with the 0:19:00.440 --> 0:19:04.520 new change. And there are as I say, like that 0:19:04.640 --> 0:19:07.840 you get fluctuations in different assets that you've got in 0:19:07.840 --> 0:19:11.280 your superannuation, whether it's shares or whether it's real property 0:19:11.359 --> 0:19:15.239 or whatever it might be. So I think there's a 0:19:15.280 --> 0:19:18.680 real problem here, and I think it shows the difference 0:19:18.680 --> 0:19:20.719 between the two parties. The Liberal Party will always be 0:19:20.720 --> 0:19:23.399 better economic managers because most of us come from a 0:19:23.400 --> 0:19:26.920 business background. Most of us know how to manage money. 0:19:27.000 --> 0:19:31.720 We've started businesses, we've worked really closely in my case 0:19:31.760 --> 0:19:37.200 with with Peter Costello and with John Howard. And part 0:19:37.200 --> 0:19:39.320 of the reason that the economy suffering at the moment 0:19:39.400 --> 0:19:41.600 is because there are now four budgets where the government 0:19:41.920 --> 0:19:44.719 has made decisions that have just made life much harder, 0:19:44.720 --> 0:19:46.960 and people feel that in their own household budgets. 0:19:47.240 --> 0:19:50.320 When we talk about that tax on. 0:19:51.880 --> 0:19:55.880 Assets of a super inneration fund, I feel as I'm 0:19:55.880 --> 0:19:57.760 playing a game of Monopoly and i just landed on 0:19:57.800 --> 0:20:00.640 the chance square and I've left it up my chance 0:20:00.680 --> 0:20:04.879 card and it says pay tax. It's like a prosperity taxes. 0:20:05.000 --> 0:20:07.879 It's like I've been prosperous for the twelve months as 0:20:07.920 --> 0:20:10.080