Awkward Albo moment says it all about CGT as NZ PM describes controversial new tax as ‘wrecking ball’
Anthony Albanese was put in an awkward spot as New Zealand’s prime minister explained why his country had taken a different approach to tax.
An awkward moment between Anthony Albanese and New Zealand’s prime minister has reignited the debate over capital gains tax on both sides of the Tasman.
The Labor government controversially removed the 50 per cent CGT discount for almost all assets in the federal budget.
Aussies who sell shares, businesses or farmland will now be slapped with a minimum 30 per cent tax on their indexed capital gain, or their marginal tax rate of up to 47 per cent.
Nicola Willis, the finance minister in New Zealand — which doesn’t have CGT — waded into the backlash last month, telling Australians, “Where the bloody hell are you? Come over.”
“This is a government that isn’t planning to raid you with more taxes,” Ms Willis, a member of the country’s National-led coalition government, said.
On Saturday, the Minister’s cheeky message was raised at a press conference given by New Zealand Prime Minister Christopher Luxon and Mr Albanese in Noosa, where the pair are meeting for annual talks.
In fact, it was the first question put to the two leaders.
A reporter asked if Mr Luxon supported the call from his Finance Minister, and also wanted to know what Mr Albanese thought about it.
Christopher Luxon said a CGT would be a ‘wrecking ball’ to the recovering New Zealand economy. Picture: Supplied/RNZ
Anthony Albanese made light of the question, referencing the Warriors NRL team. Picture: Supplied/RNZ
