Jim Chalmers

It used to be that when you sold something and you made money on it, you pay tax on half of it.

Now you'll pay tax on the real gain, so the bit that isn't inflation.

And so a different calculation, but still taxed at marginal rates, all of those sorts of features of the tax system, just calculating the discount differently.

And the really important thing to understand there is if you think about a couple of decades in between the Howard change in 99 and now, the average over a couple of decades, what it showed was

If you calculated the discount by indexation rather than the 50% flat, then what you see over that period is people who invested in existing homes got quite substantially overcompensated for their investments.

Why?

People piled in, prices come up, people crowded out of the market.

But units were not overcompensated and shares were not overcompensated on average over that 20-year period.

And so it's really about that big distortion that was created a quarter of a century ago and trying to address that and trying to address that in a way that benefits particularly young people.

We might take two more, Matt, because I saw some looks on faces when you said that was the last one.

So two more.

Well, the thing I'm most proud of is when you sit down and put the budget together, we've had this huge disruption from the war in the Middle East, right?

And a lot of governments would think, OK...

Huge volatility in the world.

We've got to do a fuel security package.

We've got to cut fuel taxes because people are under pressure.

We'll do some of that hard stuff later.

There's a real temptation to do that, if I'm honest.

And the thing that I'm proudest of and proudest of our colleagues about, from the PM all the way down, is that we resisted that temptation.

We didn't use the war in the Middle East as an excuse not to act on some of these intergenerational issues.