Capital gains tax in Australia — the essential backstory

The Federal Government is hoping tax reform will help address the widening generational wealth gap and rebalance the tax system in favour of younger people.One policy being targeted for an overhaul in this year's budget is the 50 per cent capital gains tax discount.Australia started taxing capital gains in the mid-1980s to tackle tax avoidance and evasion which was a huge problem at the time.So why in 1999 did the Howard government introduce a discount on that tax? And why does the concession encourage investment in established housing stock? Guests:Chris Evans - Emeritus Professor UNSW Business SchoolPeter Martin - economist and presenter of The Economy StupidRick Krever - taxation law and policy specialist at UWACraig Emerson - economist and former Federal Labor MP Joe Aston - author and business journalistPeter Tulip - Chief Economist at the Centre for Independant StudiesRichard Holden - Scientia Professor of  Economics at UNSW Business School