Opened the debate
Waters argued that housing costs were a primary driver of recent inflation, driven largely by property investor activity. Waters stated that investor borrowing had reached record levels of $40 billion in the final quarter of the previous year, coinciding with the introduction of the five per cent deposit scheme. Waters contended that the capital gains tax discount disproportionately benefited the wealthiest one per cent of the population, with only four per cent of recipients being under 35. Waters called for the abolition of the capital gains tax discount and negative gearing in the upcoming budget to assist first home buyers and renters. Waters also urged the government to eliminate the fuel tax credit for mining companies, estimating this would free up approximately $8 billion annually for household cost-of-living relief.