Deputy Liberal leader Ted O’Brien now gets a chance on the big floor and he looks very pleased with himself as he asks Jim Chalmers:

Will the government rule out ever taxing unrealised capital gains on anything beyond superannuation?

This is all so ridiculous. We already tax unrealised capital gains. It’s land tax. You can build wealth on unrealised capital gains. That’s called equity. This is the unrealised capital gains for people who have more than $3m in their superannuation.

This is what the Coalition are focusing on. The tiny percentage of people who have obscene wealth and have used the vehicle meant for retirement to build more wealth for their children to inherit. If you are worried about your farm, don’t put your farm in your super fund!