The changes in the budget are about better aligning the tax treatment of income earned from trusts with the taxes paid by ordinary workers, while limiting the restructuring costs at the same time. If you look at Treasury analysis from 2022-23, families with discretionary trusts faced an average tax rate around four percentage points lower compared with families with similar incomes who don't use a trust. The majority of trust income flows to the top-earning 10 per cent of families, and approximately 90 per cent of total private trust wealth is held by the wealthiest 10 per cent of households—with more than $2.3 million. So more than 95 per cent of individual tax filers will not be affected by these changes in any given year.

As I said at the beginning, Treasury is consulting on this legislation in the usual way. We will work through the feedback in the usual way. But, when it comes to the tax impost that those opposite want to put on ordinary working families in this country, they don't have a leg to stand on.