Anthony Albanese visibly emotional after defending Labor’s capital gains tax and negative gearing changes

Prime minister launches impassioned argument in favour of much-maligned reforms announced in last week's federal budget

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A visibly emotional Anthony Albanese has launched an impassioned defence of Labor's proposed changes to negative gearing, the capital gains tax discount and family trusts, saying he will not allow Australia to become a country where aspiration is only for some".

The prime minister has faced sustained criticism to the reforms, which include limiting negative gearing to new-builds while grandfathering existing properties, changing how CGT is calculated and imposing a new 30% minimum tax on discretionary trusts.